Due to the economic downturn, Governor Akinwunmi Ambode of Lagos State has slashed price regime of houses under Lagos Home Ownership Mortgage Scheme, Lagos HOMS, to allow residents apply for the scheme specifically when rent-to-own scheme commence December 9.
Vanguard gathered that the scheme which commenced under the previous administration was yet to be fully subscribed, even with the introduction of raffle and other strategies earlier. With the reduction, two-bedroom flat, which was N7.2 million has been reduced to N3.5 million, while the one bedroom reduced to N2.3 million. Also, the room and parlour unit has also been reduced to N1.5 million.
Ambode, who announced the review in prices while inspecting Sir Micheal Otedeola Housing Estate in Odoragunshin, Epe and other ongoing construction within the axis on Monday, added that over 1,000 additional housing units have been injected into the pool of housing units earlier provided by the state government.
He explained that due to economic recession, his administration felt the need to review the housing policies, saying it was the reason for the new policies which we aimed to ensure that housing is affordable to Lagosians. Commissioner for Housing, Gbolahan Lawal, stated that the social welfare policy of the present administration in the face of the current economic downturn necessitated the need for the rent-to-own policy.