The CNMI needs $500 million to fund its developmental plans, including projects on Tinian, Rota and the Northern Islands.
To address the issue, the report said the government is asking the private sector to help provide some of the infrastructure.
However, the report added, due to the CNMI’s landownership system, some investors are “turned off” by the fact that they cannot own property they would want to develop.
Local lending institutions are also unable to provide large long-term loans for developments on leased land, the report said.
It added that these factors “limit the size of the market for land acquisition, thereby artificially keeping land values low throughout the commonwealth.”
The projects that need funding include the water and wastewater system, a sanitary landfill on Rota, public school facility repairs and maintenance, Commonwealth Health Center building repairs/improvements, and public housing.
