Lagos Allocates 20,000 Homes Through Mortgage Scheme

Since its inception in 2014, the Lagos State Mortgage Board has allocated over 20,000 housing units to residents through the Lagos Home Ownership Mortgage Scheme (LagosHOMS). The agency aims to bridge the housing deficit in Lagos, which has been exacerbated by a high demand for accommodation due to continuous migration to the state.

Mr. Bayowa Foresythe, General Manager/Chief Executive Officer of the Lagos State Mortgage Board, stated that the scheme offers mortgage and rent-to-own options for low- and middle-income earners, allowing beneficiaries to pay a percentage of the property price and repay the balance over ten years. The allocated housing units span all five divisions of Lagos, including Ikeja, Badagry, Ikorodu, Lagos Island, and Epe, with specific allocations detailed for various locations.

Foresythe acknowledged the ongoing challenge of meeting housing demand and emphasized the need for public-private partnerships to increase supply.