The government of Lagos is planning to deliver 14,187 housing units before 2020, to bridge the housing deficit gap.
Commissioner for Housing Gbolahan Lawal revealed this at a ministerial press conference to mark the third year anniversary of Governor Akinwunmi Ambode.
According to Lawal, the proposed housing units would be in joint partnership under its housing programme, tagged: “Lagos Affordable Public Housing “(LAPH), initiative, aimed at injecting private funds into housing provision.
Lawal said, “This initiative is implemented through a Joint Venture arrangement between the State and the private investor/Joint Venture Partner.
“Under this initiative, the State provides land, the documentation in terms of permits, approvals, registration of documents and stamping as its own contribution to the Joint Venture while the Joint Venture Partner provides funds and construction expertise as its contribution.
“In line with the investment policy of LASG and for the purpose of creating an investment data base, title to the project site is vested in IBILE Holdings Limited, the investment agency of the state government which will in turn grant a deed of sublease of the unexpired residue of its interest to the special purpose vehicle/project company to be incorporated for the purpose of execution and management of the project.”