Lagos mortgage scheme allocates 20,000 homes since inception

The Lagos State Mortgage Board, which manages the Lagos Home Ownership Mortgage Scheme (LagosHOMS), has allocated more than 20,000 housing units to residents since its launch in 2014. Inaugurated to tackle the housing shortage in the state, the scheme has benefited over 20,000 families, according to the Lagos State Mortgage Board.

A survey had revealed the extent of the housing deficit, prompting the state to take action internally to reduce it. The board introduced a mortgage scheme and a rent-to-own option for low- and middle-income earners, with repayments over a 10-year period. CEO Bayowa Foresythe revealed that the agency has allocated housing units across all five divisions of Lagos, including Ikeja, Badagry, Ikorodu, Lagos Island, Epe, Surulere, Igbogbo, Ibeshe, Sir Anthony Enahoro Housing Scheme, Ilupeju, and Ajara-Badagry.

The board is still constructing more units. Foresythe attributed the scheme's success to policies that promote affordability and sustainability, including life and fire insurance, facilities management, and support for beneficiaries. The Lagos housing deficit remains high due to a continuous influx of people into the city, and the challenge lies in meeting the ever-growing demand for accommodation.