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Lagos Plans Homes For Low Income

Earners

The Lagos State Government is working out a modality that will allow low income earners to own houses through mortgage facilities.
The commissioner for Housing, Dr. Dele Onabokun told the News Agency of Nigeria in an interview on Monday that the arrangement would be announced before the end of May.

He said,”To ensure low income earners have access to decent accommodation government is considering payment options that will allow allotees to make a token down payment and spread the outstanding for a period of 10 years.

“The ministries of Housing, Finance and Justice are working on the necessary modalities for the payment formula.
“The new scheme will be unfolded in the next few weeks.”
Onabokun said the scheme was the least the government could do to assist low income earners to own houses in the state.

He expressed optimism that the plan would work saying,”Although building materials are costly, there is no way the cost of finished houses will be cheaper.

Source: Punch, Tuesday, May 11, 2010

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