The Northern Marianas Housing Corp. board has decided to begin its own housing loan program, starting with some $225,000 capital.
NMHC board member Tom Glen Quitugua said yesterday that the board of directors will begin with two housing projects per municipality.
Eligible applicants, he said, can apply for up to $50,000 housing assistance.
“The board was able to identify funding to start our own board of directors’ housing program to allow more assistance to residents. The idea is to spread it equally among municipalities,” said Quitugua.
He said the seed money came from the NMHC’s revenues from housing fees and other payments derived from the housing program.
At the same time, Quitugua said that the board intends to discuss housing loan matters with CNMI banks to ensure that terms and conditions are uniform for NMHC clients.
“We are discussing the details of our loan programs. We are getting standard loan agreements with banks since we are dealing with low-income clients,” he said.
He said NMHC acts as guarantor for each housing loan with the local banks.
“We are trying to strengthen and try to cut the red tape,” he said. (Liberty Dones)