Guam § 4802 - Legislative Findings and Policy.

§ 4802. Legislative Findings and Policy.

(a) In its continuing efforts to create incentives for first-time

homeowners, it is the intent of I Liheslaturan Guåhan to create

incentives for first-time homeowners to purchase their dream

homes aimed at enhancing the general welfare of our residents,

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while at the same time, give a much-needed boost to the

construction industry.

(b) In its diligence to assist first-time homeowners, I

Liheslaturan Guåhan finds that Congress, through the enactment

of the 1984 Tax Reform Act, authorized a Mortgage Credit

Certificate Program. More importantly, I Liheslaturan Guåhan

finds that the purpose of the Mortgage Credit Certificate

Program is to provide housing assistance to families of low and

moderate income. I Liheslaturan Guåhan finds that the intent of

the Mortgage Credit Certificate Program is to reduce the amount

of Federal income tax paid by the homeowner, thereby giving

him more available income to qualify for a mortgage loan and

assistance with house payments.

2017 NOTE: Subsection designations added/altered pursuant to the

authority of 1 GCA § 1606.