CNMI receives nearly $275,000 for mortgage assistance

(PNC file photo)

Governor Ralph DLG. Torres and Lt. Governor Arnold I. Palacios, through the Northern Marianas Housing Corporation (NMHC), announce that the CNMI has been allocated $274,635 for Community Emergency Housing Assistance by the US Department of Housing and Urban Development (HUD) under the Community Development Block Grant CARES Act fund (CDBG- CV).

Governor Torres noted that the funding will be used for mortgage assistance to assist qualified homeowners and households who have been impacted by the COVID-19 pandemic.

“This unprecedented pandemic has impacted all of us, and this has severely affected our housing issues. In addition to the Emergency Solutions Grants program to prevent homelessness, the CDBG-CV will assist homeowners with their mortgages. We thank NMHC for their hard work in securing this funding to assist households and families,” said Governor Torres.

CDBG-CV Mortgage Assistance for qualified households will be an amount up to $900 per month for a maximum of three months and is on a first-come, first serve basis.

If a household is more than three months delinquent with their mortgage, they must first pay the outstanding balance above the three months’ delinquency amount before the assistance is given. NMHC will pay the lending institution directly.

Eligible applicants must be US Citizens or Qualified Aliens and must have a gross household income less than 80% of the CNMI median income for FY 2020 as determined by HUD. They must present documentation of how COVID-19 has impacted their lives, such as being furloughed, having work hours reduced, or receiving unemployment benefits such as Pandemic Unemployment Assistance (PUA).

HUD or NMHC Assisted Loan Borrowers (e.g. HOME Program, Neighborhood Stabilization Program) will not qualify as this will be considered a duplication of benefits.

(CNMI Office of the Governor Release)