Marianas Variety

THERE were no takers for the two properties in San Roque and Kagman in an auction last held in June.

Palacios was referring to the properties in San Roque and Kagman worth $68,000 and $49,000 respectively.

The house and lot in San Roque is approximately 900 sq. m.

The one in Kagman measures about 800 sq. m., said Palacios.

He told Variety that should anyone express interest in the said properties, NMHC may once again issue an advertisement.

“We cannot deal with them directly and will let the public know that we are selling the property,” said Palacios adding that the sale would be coursed through an auction.

Back in June, Variety reported that Palacios was given the directive by the NMHC board to prioritize auctioning off properties that the agency bought from the U.S. Department of Agriculture – Rural Development program.

NMHC in 2010 bought back from USDA-RD 32 properties worth $1.18 million due to loan defaults.

Of the 32 properties bought by NMHC, 12 were occupied while 20 have long been abandoned.

As of June, 13 of the 32 properties had already been offloaded.

Since NMHC acquired the properties, the housing agency has had five auctions.

Proceeds of the auctions go to the housing agency’s cash reserve for loan guaranty.

According to last available information, NMHC had $1.8 million in reserve which it would use to cover for loan defaults should RD call on their guaranty.

NMHC, Variety learned, is making the effort to keep building this reserve.

For those interested to buy or lease properties, may call NMHC at 234-6866.

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