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Senators push for $20M home, business loans
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Posted on Apr 30 2005
Senators are calling for a constitutional amendment to authorize the Marianas Public Land Trust to make available $10 million for home loans and another $10 million for business loans for indigenous individuals.
Authored by Sen. Luis P. Crisostimo, Senate Legislative Initiative 14-10 mandates that the funds be given to the Marianas Public Lands Authority specifically for the two loan programs.
The initiative is endorsed by Standing Committee Report 14-10, which was signed by eight of the nine senators: Joseph Mendiola, Paterno Hocog, Diego Songao, Paul Manglona, Henry San Nicolas, Pete P. Reyes, Thomas Villagomez, and Crisostimo.
The report, addressed to Senate President Joaquin G. Adriano on April 5, said the funds should be used to help those of Northern Marianas descent “as these monies are entrusted to MPLT from leases of public lands for the benefit of the Northern Marianas descent.”
SLI 14-10 said that many homesteaders are unable to comply with homestead requirement or are forced to build temporary tin or wooden houses just to secure the lot.
“The end result is that many homestead residences become eyesores and hazards during typhoons,” the initiative said.
Likewise, it said that many indigenous people are unable to obtain or have been deprived of obtaining loans for business or commercial purposes.
SLI 14-10 cited that MPLT receives land lease proceeds from MPLA.
“MPLT, therefore, should assist Northern Marianas’ decent whose money from the lease of the public lands are given to MPLT to be held in trust,” it said.
The proposed home financing loan, it said, would enable every homesteader “to build a safe, decent, sanitary, and permanent home.”
The initiative aims to amend Article 6, section 5 of the CNMI Constitution for the MPLA’s use of money for home loan financing and Article 12, section 4 for the business financing program.
If approved by both houses of the Legislature, the initiative shall be placed on ballot in the next general election, to be approved or rejected by voters.
