NMHC receives $315K in federal grants
The Northern Marianas Housing Corp. will now be able to begin construction of some 45 houses in Koblerville after it received a $315,000 grant from the Federal Home Loan Bank of Seattle under its Affordable Housing Program
It is the first Affordable Housing Program Grant received by NMHC. According to John S. Tenorio, board chairman of the NMHC, the AHP funds are competitive grants meant to help residential regions with lower-income households, earning 80 percent or below the median income for the area. NMHC applied for the housing grant with the
Federal Home Loan Bank of Seattle through BankPacific, formerly Guam Savings and Loan Association.
The Koblerville expansion project, intended for first-time homeowners, is designed to be an innovative and ideal community for local families as restrictive agreements are to be followed to ensure maintenance of high standards.
More than 100 applications were received by NMHC for the Koblerville housing project but only 45 families were chosen. Of these, five will qualify for the two-bedroom house, 25 for the three-bedroom house and 15 for the four-bedroom units. The homeowners will choose the type of house they want among the 19 models designed by a Honolulu-based architectural firm.
The housing program agreement was executed yesterday between Mark Fish, BankPacific’s senior vice president, and Marylou S. Ada, executive director of NMHC, and Tenorio.
The board chairman expressed his appreciation to the support extended by BankPacific, especially Fish, who broached the idea of applying for the AHP grant from the Federal Home Loan Bank of Seattle.
BankPacific has been NMHC’s private partner in home ownership programs since the early ’90s allowing the housing corporation to provide nearly 100 residential loans, totaling almost $7 million.
The NMHC is expanding its home ownership loan programs to provide families from all income levels the opportunity to own a house. Tenorio said he hopes that the business relationship between BankPacific and the NMHC will continue to thrive and expand home ownership opportunities for many hardworking families.
“The awarding of the AHP funds is much welcomed, especially in these days when funds are hard to come by. The Koblerville Expansion Project will help generate jobs and stimulate economic growth, employ local labor and use a vast array of locally available services and products,” said Ada.
Among the projects being handled by the NMHC is the construction of the domestic violence shelter for families, a community center in Tinian, several pavilions on the beach in Rota, a community center in Kagman and renovation of the gym in Rota.
