Lagos State Expands Homeownership Initiative for Residents

Lagos State has announced the expansion of its homeownership drive through the Lagos State Mortgage Board, adding a new set of beneficiaries to its mortgage scheme. Mr. Bayowa Foresyth, the Chief Executive Officer of the Lagos State Mortgage Board, delivered a keynote address during the fourth exit ceremony for beneficiaries of the Lagos Home Ownership Mortgage Scheme.

The initiative aims to bridge the housing gap and provide affordable housing opportunities, particularly for low-income residents. Since its inception, the scheme has benefited 30,000 Lagos residents, known as the Rent-to-Own scheme, which includes individuals from diverse age groups, professions, genders, and socio-economic backgrounds.

The eligibility criteria ensure transparency and fairness, with no discrimination based on tribe. The fourth batch of beneficiaries successfully completed their mortgage tenure, with some taking advantage of redemption policies ahead of schedule.

The program is part of the housing reform initiatives under the administration of President Bola Tinubu and Governor Babajide Sanwo-Olu, with continued support from Deputy Governor Dr. Kadri Hamzat.