The Governor of Lagos State, Babatunde Fashola (SAN) recently announced a new policy that would enable residents of Lagos State to own their homes, after paying rents for a specified period. This policy, known as “Rent to Own” would encourage more residents to participate in the state housing scheme.
The Governor observed that most people in the informal sector could afford the scheme, going by their income. This observation was made during an interactive session in the state. He said, "I urge you to apply for your choice homes in the scheme because government will, through the Lagos Mortgage Board, ensure that artisans benefit from the scheme. The board will allocate blocks of flat to you in accordance with your monthly income and profit to enable you take part in the scheme. What we need to do now is to help you order your record keeping in order for you to qualify. This is a new policy that is slightly different from the mortgage scheme itself, but will ultimately lead to mortgage. Your money will be saved monthly and put in the scheme."
"Whenever the opportunity presented itself, I have bought real estate. Like my family before me, I used my first home as a stepping stone to buy bigger and more valuable pieces of property". - Danielle Kennedy,
The History & Preservation of Home ownership