Title 12 — Autonomous Agencies

An Interest Free Loan shall not exceed Fifty Thousand Dollars ($50,000). The total Loan to Value Ratio of the combined GHC loan and the Interest Free Loan shall not exceed Ninety-Five Percent (95%) of the appraised value of the Home.

There are hereby established the following Interest Free Loan Schedules to which this Article applies. The maximum loan amount shall depend in each instance on the prevailing GHC Rate at the time a loan is made. (a) Interest Free Loan Schedule I. GHC Rate Maximum Interest Free Lo…

The mortgagor must pay off the Interest Free Loan if, during the term of the loan, the Home secured by the mortgage for which the loan was granted is: (a) transferred or conveyed; (b) sold; (c) occupied exclusively by individuals other than the mortgagor (s) or their children; or…

All Interest Free Loans under this Article shall be funded by the Trust established in § 4209 of Article 2 of this Chapter.

Proceeds from the Trust shall be for Interest Free Loans in participation with an underlying mortgage by GHC. The Interest Free Loans shall be subordinate to the underlying first mortgage by GHC but shall not be subordinate to any other debt or debenture.

The Interest Free Loan shall be repaid monthly by the mortgagor in an amount equal to the loan amount divided by the number of monthly periods until maturity. The priority for payment of this loan in the event the loan is in arrears is after GHC’s requirements and before other Tr…

To qualify for the Interest Free Loan program, an individual “or family must show evidence of rejection from three (3) commercial mortgage lending institutions and be unable to qualify on the basis of income for GHC’s regular lending program. Applicants under this section are not…

The definitions set out in § 4200, Article 2 of this Chapter shall apply to this Article 4.

GHC is hereby authorized to create the Guam Housing Corporation Mortgage Insurance Corporation (GHMIC). GHMIC shall be a public corporation owned in its entirety by GHC. The Board shall be the board of directors of GHMIC. The Board shall create by-laws and promulgate rules and re…

To qualify for the program set out in this Article, the applicant must be a qualified resident and First-time Home Owner as defined in this Chapter. Applicants must demonstrate that they will not be able to obtain first mortgage loans from mortgage lending institutions on the bas…

There is hereby created a Government Loan Guarantee Fund (GLGF). GLGF shall be managed by GHC. Proceeds from GLGF shall be used for the purpose of capitalizing GHMIC. All investment income from GLGF shall remain the property of GHMIC.

GHMIC shall be operated as follows: (a) Separate Records Required. GHC shall keep separate records and financial statements and shall in no way consolidate the finances of GHMIC with its own finances. (b) Limitations of Program Finances. Administrative support services for GHMIC …

GHMIC shall be exempt from all laws and regulations which give the Director of Revenue and Taxation, as the Commissioner of Banking and Insurance, control over the private insurance industry. Private mortgage insurers who reinsure policies underwritten by GHMIC shall also be exem…

The definitions set out in § 4200 of Article 2 of this Chapter shall apply to this Article 5.

All applicants for the programs set out in Articles 2, 3 and 4 of this Chapter shall be U.S. citizens or permanent resident aliens who have been residents of Guam for a period of not less than five (5) years immediately preceding the date of application. An applicant who has not …

As the purpose of the programs contained in Articles 2, 3 and 4 of this Chapter is to assist families and individuals who are lacking the necessary resources for the Down Payment or loan qualification requirements, the qualifying amount of the assistance under such programs shall…

GHC shall develop rules and regulations for the programs set out in Articles 2, 3 and 4 of this Chapter under the provisions of the Administrative Adjudication Law.

Corporation. The Public Defender Service Corporation is hereby authorized to represent, at no cost notwithstanding the Home buyer’s income, any Home buyer under any programs set out in this Chapter in any dispute with the Home builder, real estate broker, title insurance company,…

Contracts for the construction of Homes under the programs authorized by this Chapter shall require the builder to post one hundred percent (100%) performance and payment bonds, or the equivalent in securities, the beneficiaries of which shall be the Home Owner, the Financial Ins…

Any prepayment of a loan, which prepayment shall be at the option of the borrower, under any of the programs authorized by this Chapter, shall be applied to the first or second mortgage, at the option of the borrower.

No funds appropriated towards the program established in this Chapter shall be released by GHC unless one (1) of the following conditions are satisfied: (a) Local Financial Institutions submit in writing to GHC their intention to participate in one (1) or more of the programs; or…

As used in this Article: (a) Eligible mortgagors means persons and families eligible under the criteria of §143 of the Internal Revenue Code of 1986 to receive mortgage loans financed with the proceeds of bonds the interest on which is excludable from gross income for Federal inc…

In addition to the powers of the Housing Corporation set forth elsewhere, in this Chapter, and notwithstanding any restrictions, requirements or limitations set forth in Articles 1, 2, 3, 4 and 5 of this Chapter, the Housing Corporation shall have the power to make, purchase, mak…

The Guam Housing Corporation (GHC) shall develop, implement, and administer the First-time Homeowner Assistance Program (Program) to provide assistance to first-time homeowners toward the purchase or construction of a home in accordance with this Act.

For purposes of this Act, except as otherwise specifically provided, the following words and phrases, together with all of the common derivatives thereof (i.e. verbs, plurals, gender, etc.), shall have the meaning ascribed to them in this Section. (a) Accredited means as recogniz…

(a) Entitlement to Assistance. (1) Assistance is payable on an application under this Act if: (A) the applicant complies with the eligibility criteria; and (B) the transaction for which the Assistance is sought is an eligible transaction. (2) Only one (1) First-time Homeowner Ass…

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 inte…

(a) Certificate of First-time Homeownership. GHC shall issue a Certificate of First-time Homeownership (Certificate) to an applicant if the applicant meets all the eligibility requirements set forth in this Article. (1) This Certificate shall not be transferable, except between j…

Funding for the First-time Homeowner Assistance Program shall be provided through the Housing Trust Fund established pursuant to § 41004 (a), Article 10, Chapter 4, Title 12 of the Guam Code Annotated. ---------- ARTICLE 8 MORTGAGE CREDIT CERTIFICATION PROGRAM SOURCE: This Chapte…

This Act shall be cited and referred to as “The Mortgage Credit Certificate Program Act of 2000.”

(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, while at the same time, gi…

For purposes of this Article, the following words and phrases are defined to mean: (a) Eligibility means those persons meeting the following requirements: (1) the buyer’s household income must fall within a specified limit set aside by the Internal Revenue Service; (2) the mortga…

(a) Establishment. There is hereby established within the Guam Housing Corporation (“Corporation”) a Mortgage Credit Certificate Program (“Credit Program”). The expectation of the Credit Program is to provide assistance to qualified and eligible first-time homeowners in obtaining…

The Corporation shall within forty-five (45) days upon enactment promulgate the necessary rules and regulations with regard to implementing the Mortgage Credit Certificate Program and the Corporation’s participation with any financial institution, currently licensed and doing bus…

If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of this Law which can be given effect without the invalid provisions or application, and to t…

This Article shall be known and shall be cited as “The Lease-to-Own Housing Program Act of 2000.”

(a) I Liheslaturan Guåhan finds that in 1997, Guam Housing Corporation announced a bid for the design, building and financing of infrastructure requirements for Lada Estates. As a result, Maeda Pacific Corporation (“Maeda”) the selected bidder, was granted a contract to design, b…

(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…

For purposes of this Act, the following words and phrases are defined to mean: (a) “Affordable housing unit” shall mean a single family dwelling unit inclusive of land, built in accordance with the Uniform Building Code or its successor codes as adopted by Chapter 67 of Title 21,…

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…

The Corporation may contract to acquire and may acquire a mortgage loan or loans made by a bank, or other financial institution, to a seller who has entered a lease-to-own contract with an eligible Tenant-Purchaser for the property which is the subject of and security for such mo…

The Corporation is empowered to purchase or build, as well as incur debt to achieve same, residences which the Corporation would own and lease under the Program established herein. (a) The lease-to-own contract shall contain: (1) a lease of the residence, or in the case of cooper…

(a) (1) The mortgage loan documents, with respect to a mortgage loan(s) in effect prior to the Tenant-Purchaser’s purchase of their respective units, shall provide there shall be retained over the Tenant-Purchaser’s lease term an amount held as additional security for such loan(s…

(a) Disbursement of Escrow Account. At the closing of the transfer of title to the residence to the Tenant-Purchaser to the lease-to-own contract, the Corporation shall disburse the escrow amount to or for the account of the Tenant-Purchaser. (b) Insurance. At such closing the Co…

The Corporation shall establish such requirements with regard to lease-to-own contracts, lease-to-own residence, the qualifications of Tenant-Purchaser and the Corporation’s participation in any lease-to-own program, as may be deemed appropriate by the Corporation to achieve the …

If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of this Law which can be given effect without the invalid provisions or application, and to t…