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$3.4M loan for Kobler project okayed
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Posted on Jan 17 2001
The Northern Marianas Housing Corporation yesterday disclosed it will seal a $3.5 million loan agreement with the Hong Kong and Shanghai Bank, which will be used as additional funding for the Koblerville expansion project on Saipan.
The approved loan will be was closed today at the Commonwealth Development Authority. The loan funds would serve as interim financing for the 45 unit residential housing subdivision located at the southern part of Saipan.
The housing project, which has 2-, 3- and 4- bedroom units, including three that are designed for people with disabilities, is anticipated to be completed in April 2001.
The subdivision is totally developed with paved roads, public power and water distribution and sewer systems. Residents of the subdivision would have to adhere to restrictive covenants in order to maintain the attractiveness of the houses and the common areas of the subdivision.
The future residents of the subdivision have been pre-qualified by private and government lending institutions, such as the Department of Veterans Affairs under the Native American Direct Loan Program.
The $3.5 million loan would be repaid following the loan closings of the permanent financing for the houses.
The firm of SSFM International designed and managed the construction of the project with the assistance of it’s main office located in Honolulu, Hawaii.
Housing Executive Director Marylou S. Ada disclosed majority of the units have already been pre-qualified to interested families and that NMHC expects to officially award the units soon after construction work is completed in three months.
Housing units in CNMI have registered an increasing trend which reflect the increased demand for housing by a growing population and a prospering economy.
More than half of all housing units in the Northern Marianas were built between 1980 and 1995, a period of high growth in population and economic development throughout the islands.
