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 fix rentals or charges for dwelling accommodations at low rents, in consonance with the purpose of providing safe, decent and sanitary housing for families of low income, and that it shall not operate such housing projects for profit or as a source of revenue to the government of Guam. To this end, the Authority shall fix the rentals or charges for dwellings in such housing projects at rates no higher than those it shall determine to be necessary to produce revenues which, together with all other available moneys,

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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY

revenues, incomes and receipts of the Authority, from all sources, including federal financial assistance provided to maintain the low-rent character of the housing projects, will be sufficient to:

(a) Pay, as they become due, the principal and interest on bonds and obligations of the Authority issued to finance the housing projects;

(b) Establish and maintain such reserves as may be required to assure the payment of such principal and interest, as they become due;

(c) Meet the cost of, and to provide for, the maintenance and operation of the housing projects, including necessary reserves therefor, and for costs of insurance protection, as well as the administrative expenses of the Authority; and

(d) Make payments in lieu of taxes as provided for in this Chapter. Rentals and charges for dwellings shall be established, and the housing projects shall be administered, to the greatest degree possible, so as to assure that any federal financial assistance required shall be in the minimum amounts and periods necessary to maintain the low-rent character of the projects.

SOURCE: GC § 13907.

2013 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters were altered to adhere to the Compiler’s alpha-numeric scheme.