Will Lagos plan to tackle housing deficit work

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As part of its plans to tackle the problem of housing deficit in Lagos, the State Government launched the Lagos State Home Ownership Mortgage Scheme (HOMs) and at the same time inaugurated the State Mortgage Board which will administer the management of the scheme.

The Governor presiding over the occasion announced that the scheme is being launched, with a total of 4,260 homes consisting of 1,104 completed homes and 3,156 at different stages of completion will be up for allocation in open draws. He noted that lucky winners would have satisfied the conditions of registering with the Lagos State Residents Registration Agency (LASRRA) and have upto date taxes records for the last five years.

He stated that in terms of pricing, the main focus is about affordability and accessibility and that the state are seaching dilgently for solutions that will reduce the cost of construction, and ensure that they meet the goal of the project.

He added that the sustainability of the entire project depends on the Lagos state government's ability to build more houses at break-even cost, this is a huge challenge in a market where there is increasing inflation, fluctuating exchange and interest rates and also a high dependence on building materials that are imported and priced in US Dollars against a struggling local currency”, he added.