Guam § 4903 - Legislative Policy.

§ 4903. Legislative Policy.

(a) I Liheslaturan Guåhan in its continuing effort to

promote affordable housing programs for the people finds that

for many individuals and families the primary obstacle to

homeownership is their inability to save money for the initial

cost of buying a home, such as down payment and closing costs.

To effectuate additional housing programs, I Liheslaturan

Guåhan in its wisdom wishes to hereby establish a “Lease-to-

Own Housing Program”. Said Program shall afford

opportunities for the private and government sector to invest in

affordable housing developments, particularly those that offer

lease to own provisions with options to exercise purchase within

three (3) to five (5) years. This would encourage public and

private collaboration in the search for the suitable financing

mechanism or mechanisms which could benefit the families who

can afford to purchase homes given financial assistance for

closing costs and down payment. I Liheslaturan Guåhan wishes

to encourage the participation of the private sector working

through the authority vested in the Guam Housing Corporation

through this Act. Furthermore, I Liheslaturan Guåhan

recognizes the opportunity for certain lending institutions and

lenders of capital to assist families in purchasing or building

their first home on their lot or purchasing homes available in the

market. I Liheslaturan Guåhan also wishes to recognize that the

programs contained herein are Community Reinvestment Act

qualified, and in conformance with various housing programs

administered by the Guam Housing Corporation, particularly

COL9/7/2021

those which can accommodate the concept of “lease-to-own”

residential units of various sorts.

(b) I Liheslaturan Guåhan encourages the granting of any

Guam Economic Development Authority also qualifying

certificate benefits to the developers involved in the Lada Estates

project, as well as other similar housing projects. In the case

where a government entity is the developer, such benefits may

be passed on to the participating contractors provided that such

incentive would decrease the overall unit cost of housing in the

respective project.

2017 NOTE: Subsection designations were added to adhere to the

Compiler’s alpha-numeric scheme pursuant to the authority granted by 1

GCA § 1606.