***Cites visionary foundation, strong political will as success factors

LAGOS State Mortgage Board, in charge of Lagos Home Ownership Mortgage Scheme (LagosHOMS), has declared that it has allocated over 20, 000 housing units.

It explained that the Lagos State Mortgage Board is the agency inaugurated in 2014 to bridge the housing deficit in Lagos State by allocating houses to residents. It stated that since inception, over 20,000 families in Lagos have benefitted from the scheme.

Following a survey that revealed a huge housing deficit, it said Lagos took a step to solve the problem by looking inward to see the best way to reduce the deficit. It agreed that the cash-and-carry approach would not be of any advantage to the low- and middle-income earners.

As a result, it noted that the state came up with the idea of embarking on a mortgage scheme and a rent-to-own scheme for the low- and middle-income earners, where beneficiaries would be required to pay a particular percentage of the asking price of the property, and make repayment over a ten-year period.

This was revealed by the General Manager/Chief Executive Officer of Lagos State Mortgage Board, Mr Bayowa Foresythe, during the celebration of his 60th birthday with members of staff in his office.

Foresythe stated that, so far, his agency has allocated housing units in all five divisions of Lagos, known as IBILE, made up of Ikeja, Badagry, Ikorodu, Lagos Island, and Epe.

“On the Island, we have Sangotedo Phase 1 and Phase 11; in Surulere, we have 36 units; in Ikorodu, we have in Igbogbo 360 units, and Ibeshe 420 units; in Epe we have about 360 units; in Ogba, we have 96 and 144 units in Sir Anthony Enahoro Housing Scheme; in Ilupeju, we have Oba Mufutau Olatunji Hamzat Housing Estate, we have 120 units; and over 400 units in Ajara, Badagry. We also have units in Odonosa and Idale, among others. We are still building more.”

Asked when Lagos hoped to finally bridge the housing deficit, he said: “Lagos is attractive, and people come in to Lagos on a daily basis, and obviously, if you come to Lagos and you don’t go back, you will need shelter. The demand for accommodation is high, and it continues to make the deficit to remain high. It’s not static.

“So, the challenge is supply, and it will always be supply as long as people continue to flock into Lagos. Someone who comes into Lagos needs shelter immediately. So the supply side has always been the challenge, and the financial side as well. In building, the government can’t do it alone. So, we have to resort to private partnership at the end of the day to be able to increase the supply. In summary, the demand is high, and for the supply to meet the demand is the challenge, because the demand is not static; it keeps shooting up.
He gave a number of reasons why the project has continued to record success.

“First and foremost, I would like to thank God Almighty for sparing my life to this particular age of sixty and for wisdom to carry on. The point is that we enjoy the grace of God. We recognise that he is keeping us alive to do what we are doing.

I sincerely thank President Bola Ahmed Tinubu, and Governor of Lagos State, Babajide Olusola Sanwo-Olu. I thank the Deputy Governor, Dr Obafemi Hamzat, who is the incoming governor. He was the Commissioner for Works and Infrastructure who supported the agency when it was inaugurated.

He said the policy was made favourable for people to participate in, citing the payment of reduced equity contribution, reduced interest rate, and the payment of the balance over a period of ten years as well.

He also said Governor Sanwo-Olu recently made it simpler for the beneficiaries by saying that they could pay off the total sum after six years of payment instead of ten years. He, however, said such payment is optional and conditional, explaining that the beneficiary must have a record of uninterrupted payment for over a period of six years.

Again, Foresythe attributed the success of the programme to the policies in place for sustainability, that is, life and fire insurance, facilities management, and support given to the LagosHOMS beneficiaries by the agency
“Citizens should have faith in government. The government is ready to help its people in the area of welfare, and part of that social welfare is shelter. They have done it before, and they are still doing it.

He further advised the beneficiaries of LagosHOMS to put in more effort into meeting their financial obligations as at when due so that other residents who are yet to benefit will also benefit from the schemes.

He encouraged everyone to keep paying their taxes and believe in the government, assuring them that the state government is making more efforts in providing affordable homes for its residents.