the General Manager/Chief Executive Officer of the Lagos State Mortgage Board, Mr Bayowa Foresythe.
The Lagos State Mortgage Board, which oversees the Lagos Home Ownership Mortgage Scheme, also known as LagosHOMS, has allocated over 20,000 housing units to residents since its inception in 2014.
The agency explained in a statement on Thursday that the Lagos State Mortgage Board was inaugurated to bridge the housing deficit in the state by allocating houses to residents, adding that over 20,000 families had benefited from the scheme since its inception.
Following a survey that revealed a huge housing deficit, it said Lagos took steps to address the problem by looking inward for ways to reduce the deficit. It said the state recognised that the cash-and-carry approach would not benefit low- and middle-income earners.
As a result, the state introduced a mortgage scheme and a rent-to-own scheme for low- and middle-income earners, under which beneficiaries are required to pay a particular percentage of the asking price of the property and repay the balance over a 10-year period.
