A new loan program will be made available to Commonwealth residents from the Northern Marianas Housing Corp.<\/p>\n
The NMHC board approved in its recent meeting the Housing Finance Loan Program, allowing for $1 million to be available for the loan. <\/p>\n
\u201cWe have that $1 million to loan out for new construction, or you can purchase and rehabilitate, or just to rehabilitate your existing house,\u201d corporate director Jesse Palacios said.<\/p>\n
According to Palacios, the $1 million, which comes from the corporation\u2019s own funds, will be divided between the three islands. <\/p>\n
For Saipan, $500,000 will be allotted, while Tinian and Rota will get $250,000 each.<\/p>\n
A $100,000 limit was set per loan agreement especially for new construction, which is higher than the maximum for their current HOME program, which has a limit of $57,000 plus $20,000 supplemental.<\/p>\n
However, NMHC said they might prioritize applicants who are under their waiting list. Only Tinian currently doesn\u2019t have a wait list for loans.<\/p>\n
\u201cWe have already a waiting list for our HOME program. I think we need to take care of them first,\u201d Palacios said, \u201cThat $1 million will be gone rather quickly.\u201d<\/p>\n
Palacios said they wished they could give out more but they don\u2019t have enough funds. <\/p>\n
\u201cThat\u2019s the only money we have. We wish to loan out more but we don\u2019t have,\u201d Palacios said.<\/p>\n
The funds to be loaned out are a portion of the funds that NMHC provides as a guarantee to the U.S. Department of Agriculture-Rural Development. It came from collections from renting and selling their properties, and as the funding is not federal money, Palacios said they can go above the HUD income limits. <\/p>\n","protected":false},"excerpt":{"rendered":"
A new loan program will be made available to Commonwealth residents from the Northern Marianas…<\/p>\n","protected":false},"author":51,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[8895,1713,1714,1120],"class_list":["post-221080","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-home","tag-hud","tag-jesse-palacios","tag-nmhc"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/221080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=221080"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/221080\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=221080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=221080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=221080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}