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NMHC gets $315K home loan grants
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Posted on Jul 02 1999
The Northern Marianas Housing Corporation has received $315,000 in grants from the Federal Home Loan Bank of Seattle, boosting its development of the Koblerville expansion project which will be the main beneficiary of the funds.
Marylou S. Ada, NMHC corporate director, said this will provide “tremendous savings” for homeowners of the 45 housing units to be constructed soon by the housing agency.
This is the first assistance granted to the CNMI since it admitted as member by the Federal Home Loan Bank last year.
“We are pleased and proud that we have been awarded this grant,” Ada explained. “It’s a great news that comes at a great time.”
The money will be used by NMHC to develop infrastructure at the $7 million-housing project. “Hopefully, it will be the beginning and we will keep on top of future programs and grants so that we can improve all our housing programs,” the corporate director said.
The Koblerville project has been awarded to Telesource, but NMHC is still awaiting compliance by the contractor on several requirements before it starts.
According to Ada, there are still some issues that need to be resolved with Telesource, and thus no contract has been executed by the housing corporation.
Last April, the contractor won over nine other construction firms that submitted proposals to NMHC after almost six months of deliberation to undertake the project, which has been viewed as a measure to spur the slumping economy.
The Koblerville expansion is intended to provide housing units to first time homeowners who will pick among the 19 models designed by a Honolulu-based architectural firm.
According to the housing agency, the subdivision is designed to be an innovative and ideal community for local families, but with restrictive agreements to be implemented to ensure that high standards are maintained.
More than 100 applications were received by NMHC. Out of the 45 eligible families, five will qualify for the two-bedroom house, 25 for the three-bedroom house and 15 for the four-bedroom units.
