NMHC’s loan program benefits 126 families

The Northern Marianas Housing Corporation over the weekend announced that it is persistently providing assistance to the public with respect to mortgage servicing.

Under the NMHC-MPLT Loan Program, NMHC was able to accommodate a total of 126 recipients with a total aggregate amount of $8,581,59.20, according to Gov. Pedro P. Tenorio.

The additional amount infused into the economy came in time with the setup of loans being purchased by the Bank of Hawaii and Bank Pacific. NMHC recently received a portion of the remaining funds ($2,233,000.00) from the original amount of $10 million.

Other loans like the “Direct Loan Program” also made a large impact. NMHC managed to scrape a total of $2,092,525.24 from payments received in making affordable housing available. Thirty-Three (33) families benefited from this funding alone, the NMHC noted.

Since the inception of the Loan Purchase Agreement with Bank Pacific, the Housing Corporation has either sold or transferred 91 loans, 11 are either for closing or under construction with a combined amount of $8,540,863.38.

NMHC acts a Trustee for the USDA Rural Development under the Section 502 Loan Program. In line with the Adjusted Income Limits and the Interest Assistance Agreement, 58 clients with a total amount of $3,815,887.69 were assisted under this very low to moderate-income category. Also, in August of last year, NMHC extended the loan program with the Rural Development; NMHC under the terms and conditions of the Housing Preservation Grant Agreement have agreed for $40,000 through low interest loans for a maximum of 15 years.

The NMHC also said its agreement with Hong Kong and Shanghai Banking Corporation Limited to provide the purchasing and servicing of loans for the Koblerville Expansion Project is in its final stage. Approximately over $4.3 million was pumped for the construction of the housing units alone. Vender, contractors, shipping companies, employment opportunities as well as the government also got a piece from this project. This does not include infrastructure cost on this modern subdivision.

The 42 units at Sugar King II Subdivision is almost completely sold out. The estimated amount from the loans that the NMHC has closed as well as those pending is around $3,199.680. The average renovation cost for these units is between ten to fifteen thousand dollars.

The Bank of Guam has committed to purchase a total of seven ($511,000) in loans and eventually an additional of seven ($586,000), and Bank of Hawaii-Committed forty-Five (45) with an estimated amount $3,602,204.

NMHC’s loan programs have not only assisted the general public, but serves as a catalyst in keeping the CNMI economy going through jobs and infusion of funds within the private sector.

Those interested in building or renovating their homes should contact the NMHC during regular business hours.