Lagos govt revokes state-allocated housing units left vacant for more than two years

The Lagos State Government has announced the revocation of state-allocated housing units left unoccupied for over two years.

This decision is part of efforts to ensure equitable distribution of housing resources.

It was disclosed by the Commissioner for Housing, Moruf Akinderu-Fatai, in a statement issued by the Director of Public Affairs, Ganiu Lawal, on Wednesday, as reported by the News Agency of Nigeria.

“The Lagos State Government has announced the revocation of unoccupied housing units allocated to subscribers left vacant for over two years,” the NAN report read in part.

The report noted that the enforcement of this directive took place at the Lagos State Housing Estate in Sangotedo, Lekki, where Akinderu-Fatai emphasized the importance of reallocating these units to individuals in genuine need of accommodation.

He explained that the initiative aligns with the state government’s efforts to address the housing challenges in the state.

“The Lagos State Government Housing Units are meant for those who actually need them, not speculators,” he stated.

Akinderu-Fatai criticized the prolonged vacancy of units allocated through schemes like Rent-To-Own, which are intended for those in desperate need of housing.

He warned that such neglect could lead to the deterioration of estate infrastructure and undermine the government’s housing efforts.

What you should know

The Lagos State Government’s efforts at bridging the housing gap have led to the introduction of the Rent-To-Own Program and the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) to provide affordable housing options for residents.

• The Rent-To-Own Program enables prospective homeowners to make a 5% down payment, take immediate possession of their homes, and pay the remaining balance as rent over a 10-year period.

• This initiative aims to make homeownership accessible to more residents who may not typically afford to own a property. To qualify for the program, applicants must be Lagos State residents with a valid Lagos State Residents Registration Card, first-time buyers aged 21 or older, and tax compliant with proof of tax payment.

• They must also make the 5% commitment fee payment, pass an affordability test, and ensure that monthly repayments do not exceed 33% of their income.

• The Lagos HOMS, managed by the Lagos Mortgage Board, supports first-time buyers with accessible mortgage financing for affordable homes.

• Applicants contribute up to 30% of the property’s value as equity, with the balance spread over 10 years through monthly repayments capped at 30% of their income.

The scheme prioritizes equitable homeownership, prohibits subletting, and ensures transparency through a pre-qualification and draw process.