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NMHC weighs new loan program
The Northern Marianas Housing Corp. is looking at offering a new loan program to families in need.
According to NMHC corporate director Jesse Palacios, the proposed program was discussed during their ad-hoc meeting this month. He said the ad-hoc committee agreed to set aside a portion of the funds that they provide as a guarantee to the U.S. Department of Agriculture-Rural Development to be able to give out loans to Saipan, Tinian, and Rota.
“The loan amounts are going to be higher than our current HOME program maximum, which is $57,000, and we have another $20,000 as supplemental. So it’s going to be higher than the $77,000 loan,” Palacios said.
Palacios said they are looking at about $1 million to be able to give out 10 loans or so for those who need it either for new construction or rehabilitation.
“We still need to come out with our own provisions on who can avail of this program. We’re looking at how we can maybe assist more families out there by going beyond HUD maximum income,” he said.
Palacios said the fund that will be used came from collections from renting and selling their properties. Because the funding is not federal money, Palacios said they can go above the HUD income limits.
The discussions during the ad-hoc meeting will be brought to the NMHC board at their next meeting in January for approval.
