Title 2 — Natural Resources
53 chapters · 858 sections in this title.
2 CMC § 40301 Title
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40301. Title. This chapter shall be known and shall be cited as “The Lease-to-Own Housing Program Act.” Source: PL 12-15, § 2, modified. Commission Comment: PL 12-15 that created this chapter took effect August 25, 2000. PL …
2 CMC § 40302 Definitions
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40302. Definitions. For purposes of this chapter, the following words and phrases are defined to mean: (a) “Affordable housing unit” shall mean a single family dwelling unit inclusive of land, built in accordance with the Un…
2 CMC § 40303 Lease-to-Own Program; Establishment; Authorization to Participate
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40303. Lease-to-Own Program; Establishment; Authorization to Participate. Northern Marianas Housing Corporation (NMHC) is hereby authorized to participate in the lease-to-own programs described in this chapter. The purpose o…
2 CMC § 40304 Authorization to Acquire Mortgage Loans
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40304. Authorization to Acquire Mortgage Loans. NMHC may contract to acquire and may acquire a mortgage loan or loans made by a bank, or other financial institution, to a seller who has entered a lease-to-own contract with a…
2 CMC § 40305 Lease-to-Own Contract
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40305. Lease-to-Own Contract. NMHC is empowered to purchase or build, as well as incur debt to achieve same, residences which NMHC would own and lease under the program established herein. (a) The lease-to-own contract shall…
2 CMC § 40306 Tenant-Purchaser Escrow Account
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40306. Tenant-Purchaser Escrow Account. (a) The mortgage loan documents with respect to a mortgage loan acquired by NMHC pursuant to this chapter shall provide that there shall be retained as additional security for the mort…
2 CMC § 40307 Closing of Transfer of Title
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40307. Closing of Transfer of Title. (a) Disbursement of Escrow Account. At the closing of the transfer of title to the residence to the tenant-purchaser to the lease-to-own contract, NMHC shall disburse the escrow amount to…
2 CMC § 40308 Rules, Regulations, and Limitations
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TITLE 2: NATURAL RESOURCES DIVISION 4: LAND RESOURCES § 40308. Rules, Regulations, and Limitations. NMHC shall establish such requirements with regard to lease-to-own contracts, lease-to-own residence, the qualification of tenant-purchaser, and NMHC participation in any lease-to-…