The Rent to Own policy would target low income earners in both formal and informal sectors.
Mr Gbolahan Lawal, the Commissioner for Housing, said at a news conference in Alausa that the policy was in response to the yearnings of residents for affordable and decent housing.
He said that the `Rent to Own’ policy would target low income earners in both formal and informal sectors, while the `Rental Housing’ policy would cover the working class.
According to him, the `Rent to Own’ policy will also cover those with regular income, with the rent deducted from source.
He said that the government would kick-start the project with over 1,000 units out of the 3,192 units earmarked in the first phase.
Lawal said the first phase of the project would be sited in the following areas: Epe, Agbowa, Ojokoro, Alimosho, Igbogbo, Igando, Iponri, Surulere, Eti-Osa, Ajara and Badagry.
He said that five per cent value of the housing unit would be paid as commitment fee on the Rent to Own Policy, while the balance would be spread for 10 years.
On the Rental Housing policy, Lawal said that rent would be collected on monthly basis, and tenants were required to pay one month deposit, according to the prevailing rent in each location.
According to him, rented apartments are not transferable.
Lawal said that applicants must be primarily residents in the state and would be required to submit a copy of their Lagos State Residents Registration Card.
He said that applicants must be first time home buyers, must be 21 years old and above, as well as be tax compliant, among others.
The commissioner urged members of the public to make enquiries online on www.lagoshoms.gov.ng or visit the ministry.
He assured that the selection process for both policies would be credible, fair and transparent.