For the purposes of this Act: (a) “Department” means the Department of Land Management (DLM) of Guam. (b) “Affordable housing” means housing units designated for families earning between 30% and 150% of the Area Median Income of Guam. (c) “Land Use Restriction Agreement (LURA)” means a deed restriction that ensures that the property remains designated for affordable housing, and meets U.S. Department of Housing and Urban Development (HUD) 30% and 150% of the Area Median Income as per HUD Designated High-Cost Living Area. A LURA executed under this Act shall require the affordability designation to remain in effect for a period of thirty (30) years from the date of issuance of the certificate of occupancy, in compliance with Federal Housing Administration (FHA) lender underwriting requirements.”
COL 2026-04-23