(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 Assistance is payable for the same eligible transaction.

(b) Eligibility Criteria for Applicants.
(1) An applicant for first-time homeowner assistance must be a natural person.

(2) Applicant must be a United States citizen or permanent resident alien who is a Resident of Guam. However, unless advised otherwise by the Attorney General of Guam, Guam Housing Corporation shall satisfy demand by U.S. citizens before considering permanent resident aliens who are residents of Guam for the program.

(A) Subject to Subsection (B), an applicant for first-time homeowner assistance must be a United States citizen or permanent resident alien who has been a resident of Guam for a period of not less than five (5) years immediately preceding the commencement date of the eligible transaction for which the applicant is applying;

(B) An applicant who has not been a five (5) year resident for the period immediately preceding the commencement date of the eligible transaction for which the applicant is applying, may qualify for these programs if the applicant’s residency change was due to active service in the United States Armed Forces or for attendance, on a full-time basis, at an off-island institution of higher education; provided, that the applicant was a five (5) year resident for the period immediately preceding the start of such active duty or education.

(3) Applicant must certify, under penalty of perjury, of being a First-time Homeowner in accordance with § 4702 of this Act, and must receive a Certificate of First-time Homeownership.

(4) Applicant must receive clearance from the Director of Revenue & Taxation that all income tax returns, business privilege tax returns and withholding tax returns which are due from the applicant have been filed (or an extension has been approved or granted thereon by the Director of Revenue & Taxation, which extension has not expired), and that all taxes thereon have been paid or arrangements have
been made with the Director for payment thereon and such arrangements are current.

(5) Applicant must attend and complete a home ownership education program and/or workshop or other similar program, as approved or provided by the GHC.

(6) Applicant or (applicant’s spouse) must not have received earlier assistance under this Program:

(A) Subject to Subsection (B), an applicant is ineligible if:

(i) the applicant or the applicant’s spouse has been a party to an earlier application under this Act; and

(ii) assistance was paid on the application.

(B) An applicant is not ineligible if the assistance was paid but later paid back to the GHC under the conditions on which the assistance was made, unless payment back to the GHC was due to fraud or other illegal acts.

(c) Occupancy Requirement. Applicant must occupy the home to which the application relates as the applicant’s principal place of residence within six (6) months after completion of the eligible transaction. Payment of Assistance shall be paid pursuant to § 4705(c) of this Act.

(d) Eligible Transactions. An eligible transaction is:

(1) a contract made for the purchase of a home in Guam not to exceed Three Hundred Seventy-five Thousand Dollars ($375,000), and shall not include down payment and closing costs;

(2) a comprehensive home building contract made by the owner of land in Guam, or a person who will on completion of the contract be the owner of land in Guam, to have a home built on the land not to exceed Three Hundred Seventy-five Thousand Dollars ($375,000), and shall not include down payment, land, and closing costs;

(3) an eligible transaction shall include all the money paid, or to be paid, by a homeowner or the construction cost, inclusive of the land value, for the home.

(e) Commencement Date. The commencement date of an eligible transaction is:

(1) in the case of an applicant purchasing a home, the date when the contract is signed between the buyer and seller; or

(2) in the case of an applicant building a home, the date when the construction contract for which the home is to be built is signed.

(f) Eligible Transaction. An eligible transaction is completed when:

(1) in the case of an applicant purchasing a home:

(A) the purchaser becomes entitled to possession of the home under the contract; and

(B) if the purchaser is to obtain a registered title to the land on which the home is situated, the necessary steps to obtain registration of the purchaser’s title have been taken.

(2) in the case of an applicant building a home, the building is ready for occupation as a place of residence as identified by the issuance of a certificate of occupancy by the Guam Department of Public Works, or the execution of the contract for the purchase of a home, whichever occurs first.

(g) Eligible Transaction Amount Adjustment. The Board shall from time to time, conduct a study to determine the cost of the median price of housing on Guam, and shall by resolution adopted by the Board increase or decrease the amount of the eligible transaction to reflect changes in market price.

SOURCE: Added by P.L. 24-180:3 as 12 Guam Code Ann. § 4603, codified by the
Compiler as § 4703. Repealed and reenacted by P.L. 31-166:2 (Jan. 4,
2012). Subsection (d)(1) and (2) amended by P.L. 34-100:1 (May 16,
2018); and P.L. 36-029:1 (June 11, 2021), effective retroactively to Jan.
1, 2020. Subsection (g) amended by P.L. 36-029:2 (June 11, 2021),
effective retroactively to Jan. 1, 2020.

2018 NOTE: Subitem designations altered/added in subsection (a)
pursuant to 1 Guam Code Ann. § 1606.