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53 chapters · 855 sections in this title.
2 CMC § 40301 Title
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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 12-15 contained legislative findings and purposes, severability…
2 CMC § 40302 Definitions
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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 Uniform Building Code and in consonance with the CNMI zoning and …
2 CMC § 40303 Lease-to-Own Program; Establishment; Authorization to Participate
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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 of a lease-to-own program is to provide mortgage financing for a…
2 CMC § 40304 Authorization to Acquire Mortgage Loans
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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 an eligible tenant-purchaser for the property which is the subje…
