(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, give a much-needed boost to the construction industry.

(b) In its diligence to assist first-time homeowners, I Liheslaturan Guåhan finds that Congress, through the enactment of the 1984 Tax Reform Act, authorized a Mortgage Credit Certificate Program. More importantly, I Liheslaturan Guåhan finds that the purpose of the Mortgage Credit Certificate Program is to provide housing assistance to families of low and moderate income. I Liheslaturan Guåhan finds that the intent of the Mortgage Credit Certificate Program is to reduce the amount of Federal income tax paid by the homeowner, thereby giving him more available income to qualify for a mortgage loan and assistance with house payments.

2017 NOTE: Subsection designations added/altered pursuant to the authority of 1 Guam Code Ann. § 1606.