By Gemma Q. Casas
Variety News Staff

The Northen Marianas Housing Corp. is now required to remit payments on its $10 million loan to the Marianas Public Lands Trust following the enactment into law of a bill lifting the moratorium on its debt payment.
Governor Benigno R. Fitial signed House Bill 15-197, which is now Public Law 15-48, on March 13.
The bill was authored by Vice Speaker Justo S. Quitugua, D-Saipan, Speaker Oscar M. Babauta, Covenant-Saipan, and Rep. Ray N. Yumul, Ind.-Saipan.
Quitugua said the new law is necessary to compel NMHC to remit payments to MPLT, the investment arm of the Department of Public Lands.
MPLT, in turn will remit NMHC’s loan payments to the cash-strapped government’s general fund.
“If (NMHC) starts paying MPLT there is going to be more money for MPLT to put into the general fund,” said Quitugua in an interview yesterday.
He said NMHC will not be burdened by the lifting of the loan payment moratorium because homeowners remit their dues to the agency.
The new law repeals portions of two prior laws which allowed NMHC to suspend payments on its debt to MPLT.
MPLT lent NMHC $10 million in 1996. In subsequent years, the principal loan was refinanced and subsequent short-term loans were given to NMHC which in turn lent the money to homeowners.
“The loan made to NMHC by MPLT pursuant to Public Laws 10-29 and 12-27, including the various subsequent short-term loans made by MPLT to NMHC, plus the additional $3.8 million, which total $10 million shall be repaid by NMHC without further moratorium,” according to the new law.