The Commonwealth may soon see a growth in the construction sector, following a residential financing arrangement reached between the government’s Northern Marianas Housing Corporation and the Bank of Guam.<\/p>\n
Under the agreement, Bank of Guam shall provide guaranteed loans to borrowers for purposes of home construction and renovation, as well as for the purchase of single family residential homes.<\/p>\n
The Guaranty Agreement and Loan Purchase Agreement were executed yesterday between NMHC Board Chair Juan S. Tenorio, Executive Director MaryLou S. Ada and Bank of Guam president Anthony Leon Guerrero.<\/p>\n
Mr. Tenorio said the execution of the agreements will allow the NMHC to enhance residential loans assistance to borrowers for purposes of new home construction and improvements.<\/p>\n
He said NMHC remains to be swamped with residential loan applications, with demands for residential financing exceeding NMHC’s supply of available funding.<\/p>\n
CDA has been receiving an average of 20-40 housing loans every month.<\/p>\n
Government figures noted an increase in total money loaned out by private banks in the CNMI during the fourth quarter of 1998 which amounted to $304.71 million, compared with the previous year’s $279.98 million.<\/p>\n
Bank experts attributed the big bulk of increase in total money loaned out to the real estate sector which posted some $21 million growth, from $32.9 million in 1997 to $54.7 million last year.<\/p>\n
Despite its limited funding, NMHC was able to commit over $4 million for the construction and rehabilitation of public housing, and landscaping of grounds in 1996.<\/p>\n
Ms. Ada said NMHC’s partnership with private lending institutions such as Bank of Guam helps to stretch limited government funds to assist many new home owners.<\/p>\n
“The construction activities that will come as a result of this collaboration with the Bank of Guam will help generate jobs and stimulate economic growth; will employ local labor; and use a vast array of locally available services and products,” she said.<\/p>\n
In January 1979, the Bank of America had guaranteed residential loans to many families who sought assistance from NMHC’s predecessor, the Mariana Islands Housing Authority. (Aldwin R. Fajardo)<\/p>\n","protected":false},"excerpt":{"rendered":"
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