Northern Marianas Housing Corp. credit and mortgage division manager Jesse Palacios confirmed to Variety, “We’ll hold an auction maybe by first week of February.”
Palacios said these properties were part of the 32 accounts that the NMHC bought back from the U.S. Department of Agriculture- Rural Development program.
The properties total value is $205,800.
These properties to be auctioned off include a 929 sq. m. property in Kagman II, 767 sq. m. property in Sadog Tasi, 929 sq. m. Kagman II property, 892 sq. m. Dandan property, and 797 sq. m. Kagman III property.
NMHC was able to offload in its Nov. 29 auction three properties in Chinatown, Koblerville and San Vicente worth $180,000 but failed to sell its San Jose, Tinian property.
These four properties auctioned off were part of the 32 properties worth $1.18 million that NMHC bought back from USDA-RD.
Palacios told Variety that the proceeds of the auction go to the housing agency’s reserve account which the agency uses to buy back loans from USDA-RD in the event that loans default and RD has to call on NMHC’s guaranty.
The housing agency’s reserve account is currently about $1.8 million including proceeds from the Nov. 29 auction.
Palacios said, “We’re still trying to build our reserves.”
For more information on properties for sale and housing loans, call the housing agency at 234-6866/9447/7670/7689.
