LASG has perfected plans to introduce monthly payment plan on its Home Ownership Mortgage Schemes popularly called Lagos HOMS across the State.
The State Governor, Mr. Akinwunmi Ambode, stated this after embarking on an extensive inspection tour of projects across the State. He said his administration has decided to scale up the rent-to-own policy by introducing monthly payment plan whereby people can pay monthly instead of being compelled to make a down payment of 30 percent of the total cost or pay for one year.
Governor Ambode said the State Government has taken time to review its mortgage schemes vis-à-vis its financial flow. He also added that many ongoing housing schemes have reached advanced stages of completion and that they would be rolled out in a matter of months.
He stressed that his government, in partnership with private sector, is making arrangement to transform the scheme into a live, work and play environment.
The Governor inspected the Illubirin Housing Scheme in Lagos Island and also the ongoing construction of a lay-by and slip road into Isheri Olowora at Berger bus-stop.
LASG:Illubirin Project Not Abandoned
On his part, the State’s Commissioner for Housing, Mr. Gbolahan Lawal, debunked insinuation that the Illubirin Housing Scheme had been abandoned, saying that government was rather working to improve on the project which is sitting on 28 hectares.
He recalled the project started under the previous administrations is now been expanded. According to Lawal, about five hectares of the Illubirin scheme would be dedicated for leisure, while there would also be commercial activities, as well as flyover which would be constructed.
He said the State Government is already working with the Federal Ministry of Works and the Ministry of Waterfront in that regard, adding that the flyover would be on another phase.
He also said that all the phases of the scheme are expected to span between five to seven years, but that there would be a lot of improvement on the project before May 2019.