Since last year, NMHC has recorded high delinquency rates.
House Bill 17-15 would allow NMHC to meet its guarantor obligation in home loans given to low income and moderate income borrowers who are now facing foreclosures due to delinquent payments.
It would also allow NMHC to continue to be a conduit for loan programs such as the U.S. Department of Agriculture’s Rural Development 502 home loan program.
“The relief provided NMHC will allow the corporation ample time to secure more long-term solutions such as a loan package with the Marianas Public Land Trust or other entities,” the bill stated.
The bill did not specify how much funds NMHC needs.
The bill, which Saipan Republican Rep. Ray N. Yumul and nine others sponsored, got 14 “Yes” votes.
Four Republican members voted “No” — Trenton B. O’Conner of Tinian and Saipan’s House Minority Leader Diego T. Benavente, Reps. Ramon A. Tebuteb and Antonio P. Sablan.
Saipan Independent Rep. Stanley T. Torres abstained while Covenant Rep. Sylvester I. Iguel of Saipan was absent.
If the bill, which now heads to the Senate, is enacted into law, the governor is empowered to have unlimited authority to reprogram funds for FY 2010 available under the continuing budget resolution of $148.5 million.
He is also authorized to reprogram funds available to all public corporations, agencies and entities of the commonwealth government unless such funds are restricted to be reprogrammed by federal or local laws.
MPLT’s trust funds and appropriations made to the legislative and judicial branches are protected from the reprogramming authority given to the governor.
