Guam § 41004 - Funding for Authorized Programs.

§ 41004. Funding for Authorized Programs.

Funding for authorized programs shall be identified by the

GHC pursuant to § 41003 of the Housing Trust Fund Act, and is

subject to appropriate legislative authorization and approval. I

Liheslatura may, from time to time, make appropriations to the

Fund to be used for programs authorized by the GHC Board of

Directors, and approved by I Liheslatura in accordance with this

Act. I Liheslatura may enact laws specifically designating

revenue sources, which shall be deposited directly into the Fund.

(a) Authorized Program #1 - Funding for the First-time

Homeowner Assistance Program.

(1) The GHC shall provide the funding source for

the First-time Homeowner Assistance Program within

the Fund, pursuant to the Housing Trust Fund Act,

from its current operating and/or non-operating

revenues and/or income.

(2) In the fiscal year of the enactment of the

Housing Trust Fund Act, Five Hundred Thousand

Dollars ($500,000) is hereby appropriated from the

GHC’s annual operating and/or non-operating revenues

and/or income to the Fund as seed capital for the

Programs authorized in § 41003 of the Housing Trust

Fund Act.

(3) If, in the fiscal year of the enactment of the

Housing Trust Fund Act, the GHC’s annual operating

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and/or non-operating revenues and/or income are not

sufficient to fully fund the seed capital, such seed

capital of Five Hundred Thousand Dollars ($500,000),

or the difference between such amount and what is

appropriated from the GHC’s operating and/or non-

operating revenues and/or income, is hereby

appropriated from the GHC’s fund balance or its

equivalent.

(4) For the fiscal years thereafter, up to Two

Hundred Fifty Thousand Dollars ($250,000) is hereby

appropriated from the GHC’s annual operating and/or

non-operating revenues as needed to ensure the

reserved balance of the Fund required in Subsection (6)

is at least Two Hundred Fifty Thousand Dollars

($250,000) at the beginning of each fiscal year through

Fiscal Year 2017. For Fiscal Year 2018, the amount

appropriated and reserved balance at the beginning of

the fiscal year shall be reduced to Fifty Thousand

Dollars ($50,000). The requirements of this Subsection

shall be repealed on September 30, 2018.

(5) If, in the fiscal years thereafter, the GHC’s

annual operating and/or non-operating revenues and/or

income are not sufficient to provide the funding

necessary to fulfill the requirements set forth in §

41004(a)(4), the difference between what is required

and what is appropriated from the GHC’s annual

operating and/or non-operating revenues and/or

income, is hereby appropriated from the GHC’s fund

balance or its equivalent. The requirements of this

Subsection shall be repealed on September 30, 2018.

(6) The funds authorized for the First-time

Homeowner Assistance Program shall be reserved

within the Housing Trust Fund, and shall only be

authorized for the use of the First-time Homeowner

Assistance Program, and for no other program.

(b) Continuing Appropriation. The appropriations

made to the Fund shall not lapse and shall continue until

fully expended for the purposes pursuant to this Act.

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(c) The funds transferred to the Fund under this Act

shall not be subject to I Maga’lahi’s transfer authority.