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A proposed resolution to remove the interest rate of the $15 million loan program for housing development is to be entertained by OEK in their upcoming regular sessions.
The discussion is that the government will take care of the interest rate so that the homeowner or borrower will just pay the principal of the loan. Discussion attempts to enable more people to have access to home loans.
According to Minister Baklai Temengil-Chilton, the Executive committee supports the resolution as it stands. A legislation will provide guidelines for the program implementation.
On a related matter, Delegate Isechal questioned the status of the initial $5 million for housing development and was informed that the funds went to Palau Housing Authority to address the needs of the displaced residents and is being implemented by Palau Housing Authority. (L.N. Reklai)