The U.S. Department of Agriculture has approved housing payment relief for homeowners in the CNMI who were affected by Super Typhoon Yutu.
A moratorium on USDA home loans provides immediate but temporary assistance by suspending borrower payments for up to 24 months.
Gigi Jones, Rural Development state director for Hawaii, American Samoa, and the Western Pacific, announced the moratorium yesterday, saying the USDA may consider and grant a moratorium when an event is deemed temporary and beyond the borrower’s control.
The destruction created by Super Typhoon Yutu severely impacted the livelihoods and property of CNMI residents.
“USDA stands with the residents of CNMI and our thoughts and prayers go out to them during these very challenging and difficult times,” Jones said. “The moratorium will allow homeowners with USDA loans to focus on recovery and getting their lives back in order without the added stress of a mortgage payment.”
Moratorium letters have been issued to borrowers whose accounts were in good standing prior to the impact of the typhoon.
USDA Rural Development officials will also visit Saipan to meet with homeowners and talk about the moratorium and other loan servicing options that may benefit affected borrowers.
Affected borrowers can also call USDA officials in Guam at (671) 472-7490 to get answers to questions they may have about their loans.
The Department of Agriculture also offers a variety of program flexibilities and other assistance to help repair and rebuild infrastructure, essential community facilities and businesses.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high- speed internet access in rural areas. For more information, visit www.rd.usda.gov/hi. (PR)