The Commonwealth Development Authority vowed to prioritize housing loans this year to ensure that homeless people still get the chance to own a house despite the Northern Marianas’ economic difficulties, according to CDA Board Chairman Juan S. Tenorio.<\/p>\n
CDA’s allied agency, the Northern Marianas Housing Corp. or NMHC, will carry out the goal through its various housing loan programs.<\/p>\n
“Right now, I’m pushing for more housing loans. I think it would be to the community’s advantage to have an equity on housing loans,” Tenorio said.<\/p>\n
A housing loan borrower automatically builds up an equity. After 10 years, he becomes eligible to borrow at least 10 percent of the total value of his assets said Tenorio.<\/p>\n
“The assumption is that people will work harder and prefer to have a stabilized employment because they have an obligation to meet. When you put up homes, you build up equity. After 10 years, you can borrow a portion of that equity. Assuming your loan is $100,000, you can borrow up to $10,000,” the CDA chief said.<\/p>\n
Although NMHC is constantly besieged with home loan applications, Tenorio said most have yet to realize the agency caters to people from all walks of life.<\/p>\n
“The perception in the past was that MIHA is only for the underprivileged and so-called locals. That is no longer the case. It’s not only for the low-income. It’s for everybody,” Tenorio said.<\/p>\n
NMHC also provides housing loans to lease holders and private land owners, provided they are US citizens. It aims to enable at least a thousand more families have their own houses by year 2000.<\/p>\n
The government has no exact figure of homeless locals and island-based dwellers. But observers estimate them to be in the thousands who are constantly burdened in raising the necessary rental fees.<\/p>\n","protected":false},"excerpt":{"rendered":"
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