Nigeria, April 25, 2016 – Commissioner for Housing, Prince Gbolahan Lawal today said that the State Government plans to build 50 houses in every local government before the end of tenure of Governor Akinwunmi Ambode.
He said the state hopes to give out the houses on rent-to-own to make the houses more accessible and affordable particularly to low and medium income earners in both the formal and informal sectors.
Lawal who was speaking at the ministerial press briefing said under the arrangement, individuals would be required to pay just 5 per cent of the value of housing unit as commitment fee and payment is spread over 10 years at 6 per cent interest rate.
Lawal also disclosed that the houses will help to tackle the housing deficit.He said that government would also go into partnership with private sector to deliver affordable housing units, and also facilitate mortgage finance with the view to addressing the challenges in the housing value-chain.
