Title 12, Autonomous Agencies

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…

The Legislature declares and finds: (a) The Declaration of Housing Policy contained in the Housing Act of 1949 (P.L. 171, 81st Cong. 1st Sess.), as amended, and its goals of a decent home and a suitable living environment for every American family expresses the sense of this Legi…

(a) As used in this Article, unless it is otherwise provided or the context requires a different construction, application or meaning: COL4122017 (1) Authority means the Guam Housing and Urban Renewal Authority referred to in § 5103. (2) Federal Government means the United States…

(a) There is hereby created a public body corporate and politic to be known as the “Guam Housing and Urban Renewal Authority.” The Authority shall constitute a “public housing agency” within the meaning of the United States Housing Act of 1937, as amended, and a “local public age…

The Authority shall have all the powers necessary and convenient to carry out and perform the purposes and provisions of this Chapter, except the power to levy and collect taxes or special assessments, including the following, in addition to other powers granted in this Article, …

(a) The Authority is empowered and authorized to participate in the programs of the Federal Government and its agencies including the Farmer’s Home Administration and the Department of Housing and Urban Development in the fields of housing for low-income families, elderly residen…

(a) Notwithstanding the provisions of this Article relating to rentals of, preferences or eligibility for admission to, or occupancy of dwellings in housing projects, during the period when the Authority determines that there is an acute need in its area of operation for housing …

Disclose; Violation. COL4122017 (a) During his tenure and for one (1) year thereafter, no Commissioner, officer or employee of the Authority shall voluntarily acquire any personal interest, direct or indirect, in any project or in any property included or planned to be included i…

to be Considered. It is declared to be the policy of the government of Guam that the Authority shall manage and operate housing projects established for low- income families in the most economical and efficient manner consistent with applicable requirements, so as to enable it to…

Subject to such requirements as the Federal Government may impose with respect to federally aided low-rent housing projects, which shall in any event prevail, the Authority, in the operation and management of low-rent housing projects, shall observe the following criteria: (a) (1…

(a) It is declared to be the policy of Guam to undertake and pursue an active urban renewal program for the elimination, and for the prevention of the development or spread of slums and blight in Guam, within the contemplation of the Housing Act of 1949, as amended, and of any ot…

Plans. (a) An urban renewal project for an urban renewal area shall not be planned or initiated unless the Authority has determined, with the approval of the Governor, that such area is a slum area or a blighted area or a combination thereof and that the area is appropriate for a…

Subject to such requirements and procedures as the Federal Government may impose with respect to federally aided urban renewal projects, which shall in any event prevail: (a) The Authority may sell, lease or otherwise transfer real property or any interest therein acquired by it,…

The owner of an interest in any real property acquired by the Authority in a condemnation proceeding may, by expressly waiving any COL4122017 right to a priority purchase of any real property within an urban renewal or community development area, become eligible to receive govern…

(a) Where the Legislature, by resolution, finds and determines that an area is in need of redevelopment or rehabilitation as the result of a major disaster, the Authority is hereby authorized and empowered to plan, undertake and carry out under the provisions of this Article an u…

(a) The Authority shall have the power to issue bonds, from time to time, in its discretion, for any of its corporate purposes. The Authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it. The Authority may issu…

Involving Bonds. (a) Bonds of the Authority shall be authorized by its resolution, may be issued in one or more series and shall be offered, awarded and executed in such manner, bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceed…

In connection with the issuance of bonds or the incurring of obligations, and in order to secure the payment of such bonds or obligations, the Authority, in addition to its other powers, may: (a) Pledge all or any part of its gross or net rents, fees or revenues, to which its rig…

An obligee of the Authority, in addition to all other rights which may be conferred on such obligee, subject only to any contractual restrictions binding upon him, may, by a civil action: (a) compel the Authority and the Commissioners, officers, agents or employees thereof to per…

(a) The Authority may by its resolution, or by declaration of trust, trust indenture, mortgage, lease or other contract confer upon any obligee COL4122017 holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), u…

Obligations. Notwithstanding any restriction on investments contained in any laws of Guam, the government of Guam, all public officers and other public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan as…