Guam § 4704 - Application for First-time Homeowner Assistance.

§ 4704. Application for First-time Homeowner Assistance.

An application for the First-time Homeowner Assistance is

to be made to the GHC. An application must be in a form

approved by the GHC, and must contain the following:

(a) whether the applicant intends to purchase or

construct a home;

(b) the legal description of the property intended for

the home;

(c) if the applicant intends to construct a home,

applicant must submit the following:

(1) a certificate of title, policy of title insurance,

warranty deed or other evidence of fee simple title, or

lease to a Chamorro Land Trust lot, to the unimproved

land intended for construction; and

(2) construction plans and specifications certified

by a licensed professional engineer or architect

authorized to practice on Guam by the Professional

Engineers, Architects, and Land Surveyors Board of

Guam; and

(3) a completed construction contract with

construction cost of the home to be built.

(d) If the applicant intends to purchase a home,

applicant must submit the following:

(1) an executed contract for the purchase of a

home with selling price; and

(2) certificate of title, warranty deed, policy of

title insurance or other evidence of ownership by the

intended seller.

(e) An applicant must provide the GHC with any

further information the GHC requires to decide on the

application.

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(f) Information provided by an applicant in or in

relation to an application must, if the GHC so requires, be

verified and supported by other evidence required by the

GHC.

(g) An application can only be made on or after the

commencement date of the eligible transaction to which the

application relates and before the eligible transaction is

completed.

(h) An applicant may, with the GHC’s consent,

amend an application.

(i) Any applicant who intentionally supplies false

information on the application for assistance under this Act

shall automatically be disqualified from the First-time

Homeowner Assistance Program. In the event that funds are

disbursed on behalf of such an applicant, the applicant shall

be assessed a penalty of ten percent (10%), in addition to

repaying the amount disbursed by the GHC. The funds that

were disbursed on behalf of such an applicant that are

repaid shall be deposited back into the First-time

Homeowner Assistance Fund. The funds from the ten

percent (10%) penalty shall be deposited into the GHC’s

bank account(s) for operational uses.

(j) In the case where an applicant is denied

assistance, the GHC shall provide the applicant a written

denial notice within thirty (30) days of the submission of

the application.

(k) Appeal. An applicant may appeal a denial of

application within thirty (30) days of receipt of the written

denial notice. The applicant shall submit to the GHC Board

appropriate documentation disputing the basis of the denial.

The Board shall render a decision within fifteen (15) days

after receipt of an appeal, or at the next meeting of the

Board following the denial, whichever is sooner. The

decision of the Board shall be final.

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