In a bid to cushion the effects of economic recession in the country, the Lagos State Government has perfected plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes popularly called Lagos HOMS across the State.

The State Governor, Mr. Akinwunmi Ambode, who stated this after embarking on an extensive inspection tour of projects across the State, said his administration has decided to scale up the rent-to-own policy by introducing monthly payment plan whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year.

He said: “We believe strongly that people should be able to pay one month rent and live in our housing schemes. We don’t think in a recession, we should be having a situation where we allow people to come and buy when they don’t have money or to come and pay one year rent. We think the way to move forward is to allow these our younger ones to just pay one month deposit and pay one month rent and move into the houses and then more or less play up our rent-to-own scheme,” Governor Ambode said.

While speaking on the pocket-friendly initiatives of his administration on housing, Governor Ambode said the State Government has taken time to review its mortgage schemes vis-à-vis its financial flow, adding that many ongoing housing schemes have reached advanced stages of completion and that they would be rolled out in a matter of months.

The Governor, who inspected the Illubirin Housing Scheme in Lagos Island, said government, in partnership with private sector, is making arrangement to transform the scheme into a live, work and play environment.

“In addition to that, the other housing projects that we are doing are on course and I want to assure Lagosians that in the next few months, we will be seeing a whole lot of housing units being rolled out,” the Governor said.

On his part, the State’s Commissioner for Housing, Mr. Gbolahan Lawal, debunked insinuation that the Illubirin Housing Scheme had been abandoned, saying that government was rather working to improve on the project which is sitting on 28 hectares.

He recalled how the project started under the administration of former Lagos State Governor, Asiwaju Bola Ahmed Tinubu with sand filling, while his predecessor, Mr. Babatunde Fashola carried on with the project.

He said: “Now, under the administration of Governor Ambode, we want to scale it up and the idea is to make this place a live, play and work environment and so we are projecting 500 units instead of the 1,260 that the scheme was formerly designed for. We believe government funds should be deployed to some other sites that we are working on and to also come up with new designs and new buildings and so instead of government to recapitalize this project, we are working with the private sector and the investor that has come up is investing about $500 million.”

According to Lawal, about five hectares of the Illubirin scheme would be dedicated to leisure, while there would also be commercial activities, as well as flyover which would be constructed.
He said the State Government is already working with the Federal Ministry of Works and the Ministry of Waterfront in that regard, adding that the flyover would be on another phase.

He also said that all the phases of the scheme are expected to span between five to seven years, but that there would be a lot of improvement on the project before May 2019.
Governor Ambode also inspected the ongoing construction of a lay-by and slip road into Isheri Olowora at Berger bus-stop.

http://thenationonlineng.net/recession-lagos-introduce-monthly-payment-housing/

This is only possible for government owned properties. I think the government should ensure that privately owned homes should abide to the policy.
How I wish homes in Port Harcourt will adopt this law

Nice one, Ambode.

..

Correct ambo

One hopes that the minimum rent is not N200,000 per month, then no hope for the common man.

Useless government.

How possible is that?

Nice one HD movies is here

As good and nice as it sounds...i doubt if it will be implemented or sustained.
We keep on dishing out laws and orders that are not enforced.
Unless you are talking about the government housing project,but not those landlords that have made themselves lords over their tenants.

Demanding money left and right,making unnecessary and wicked increment with nothing to show for it.
A house that its value is not changed,the rent keeps going up.....if you ask them ,they will tell you it is their sweat.

Till date landlords collect 2years rent...some are even agitating for 3 years- afterall if you cant pay you pack out of his house.

Before the government goes ahead,i need to ask why there is no law working effectively....these days there's so much lawlessness in Lagos.

anyway most of you making these laws are landlords,living comfortably in your houses......so you have nothing to worry about.

cool

Meanwhile Adekunle Ciroma Chukwuma has finally passed WAEC

2sides to a coin.
This may not be too good for the tenants/ landlords if flexibility is not attached.

Keneking:
One hopes that the minimum rent is not N200,000 per month, then no hope for the common man.

Useless government.

That's very possible my brother

Lagos is wrking, but how much will be the rent?

Good move by my Governor

1 MONTH RENT KE

WHEN SOME LANDLORDS ARE ALREADY THINKING OF REQUESTING FOR 5YEARS RENT

KUDOS TO HIM IF IT CAN BE ACHIEVED

Funny

I never believe in you from the inception but you have really convince me...

you doing a great job man.

Wow
ambode surprising since day 1

I am come not and undastand o!

Houses were demolished in some parts of the state yesterday na. Are the victims involved in this one?

Lagos always leading the way

They're just blessed by good leaders who do well in their first tenure and loots with the second.. I just hope the present government wouldn't end like that

BTW very nice initiative and I would suggest the mortgaging shouldn't be done through agents but by the government directly to cushion the effects of the hardship of kickbacks before getting one

Keneking:
One hopes that the minimum rent is not N200,000 per month, then no hope for the common man.

Useless government.

Hian

Oga oooooo!!!

Theoretically, this is a noble idea. For real, the project is not for folks without hyperloop connection.

Ensure or pleade with the government to create subsidies for the price of building materials, if you know what the price of building materials is these days, then you wouldn't advocate for payment on monthly basis, tenants will even find it difficult paying monthly, though.

ourema:
This is only possible for government owned properties. I think the government should ensure that privately owned homes should abide to the policy.
How I wish homes in Port Harcourt will adopt this law

I wouldn't support this

I hope the whole of this say will work out like it has been said.....LSG should also enforce this to those selfish lanlord making life miserable for tenant.

Infact the kind of policy lagos landlords practise this days ehn....life as a tenant is hell.

it is not meant for all houses. lagos HOMS IS a project by the lagos state project (Home Ownership Mortgage Schemes).

The State Governor, Mr. Akinwunmi Ambode, who stated this after embarking on an extensive inspection tour of projects across the State, said his administration has decided to scale up the rent-to-own policy by introducing monthly payment plan whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year

He said: “We believe strongly that people should be able to pay one month rent and live in our housing schemes. We don’t think in a recession, we should be having a situation where we allow people to come and buy when they don’t have money or to come and pay one year rent. We think the way to move forward is to allow these our younger ones to just pay one month deposit and pay one month rent and move into the houses and then more or less play up our rent-to-own scheme,” Governor Ambode said.

this is a good initiative by the govt for its housing schemes. this is not meant for the houses built by residents. it is meant for the ones built by Govt. under the lagos homs project

ressession is hitting everywhere now

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