LagosHOMS sets to partner developers, takes 42 families off housing market

Barring any new development, the Lagos State Mortgage Board (LMB), promoters of the state Home Ownership Mortgage Scheme (LagosHOMS) will, in the next few months, unveil a new blueprint that will set the tone for a robust partnership between the mortgage board and private real estate developers.

The partnership will see the LMB delegate its construction responsibilities to select private real estate developers who will deliver schemes in different parts of the state.

Disclosing this to journalists at the May edition of the LagosHOMS draw, Akinola Kojo Sagoe, CEO, LMB, explained that the board was also looking to embark on Public Private Partnerships (PPP) to enable it offer products that would capture every segment of the property market.

Sagoe was upbeat that even in the face of economic downturn in the country, the scheme had recorded immense success as over 400 winners who have completed the necessary documentation have successfully been handed keys to their respective apartments since March 2014.

He also assured on the sustainability of the initiative, explaining that rather than terminate the scheme, the Governor Akinwunmi Ambode administration would offer new products that would attract more homebuyers to the platform.

During the May draw, a total of 80 applications were received, but only 60 pre-qualified for the 12 schemes on offer.

The schemes on offer included Alhaja Adetoun Mustapha and Hon. Olaitan Mustapha estate in Ojokoro, Hon. Sontonwa and Oba Adeboruwa Estate in Ikorodu, Sir Michael Otedola Estate in Epe, Chief Anthony Enahoro Estate phase I & II Ogba, Igando Gardens in Alimosho, Choice Gardens in Lekki, Ajah, Mushin Scheme and Sangotedo in Ajah

Suliaman Yusuf, Special Adviser to former Governor Babatunde Fashola on Project Implementation and Monitoring Unit, who represented Fashola, reaffirmed the state’s commitment to the scheme, explaining that construction was currently ongoing in 26 different sites across the state and they included Omole Phase I & II, Oko-Oba in Agege, Ajara in Badagry just to mention a few.

Yusuf encouraged residents to participate in the initiative, adding that it was also important that they paid their taxes so that government could continue to grow the state’s housing stock.

Raqmat Adetutu, winner of one bedroom apartment in the Mushin Scheme, expressed her excitement, noting that the entire process was seamless.

Adetutu urged other residents of the state to participate in the initiative, adding that the 10-year mortgage plan encouraged people to cultivate a good saving habit.

ODINAKA MBONU