Lease-to-Own Program; Establishment;

Authorization to Participate. The Guam Housing Corporation (“Corporation”) is hereby authorized to participate in lease-to-own programs described in this Act. The purpose of a lease-to-own program is to provide mortgage financing for a residence occupied as a primary residence by a prospective mortgagor pursuant to a lease-to-own contract with the owner of such property. The lease-to-own contract shall provide for the eventual purchase by the resident of the residence and an interim lease of the residence prior to the closing of the purchase thereof.