Ogun expands housing projects, financing options for prospective homeowners
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Ogun State is expanding affordable housing projects and flexible financing options, including rent-to-own, to improve access to homeownership for residents.
The Ogun State Government is expanding its affordable housing programme through new housing projects, flexible financing and community regeneration initiatives as it seeks to improve access to homeownership for residents.
The State Commissioner for Housing, Jamiu Omoniyi, disclosed this during an X community conversation focused on affordable housing, financing and housing opportunities in Ogun State, in which more than 2,500 people participated.
Omoniyi said high construction costs and the inability of many prospective homeowners to pay for properties outright remain major barriers to homeownership. The state is therefore combining housing delivery with financing arrangements designed to spread the cost of acquiring a home.
One of the initiatives highlighted by the commissioner is the proposed Prince Court Estate at Kobape Phase IV, where the government is working with Gateway Mortgage Bank on a rent-to-own scheme.
Under a rent-to-own model, prospective homeowners occupy a property while making agreed payments towards ownership over time. The arrangement is intended to provide an alternative for eligible residents who cannot afford to purchase a property through a single upfront payment.