12 Guam Code Ann. § 4903
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Terms Used In 12 Guam Code Ann. § 4903
- Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(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 and closing costs. To effectuate additional housing programs, I Liheslaturan Guåhan in its wisdom wishes to hereby establish a “”Lease-to- Own Housing Program””. Said Program shall afford opportunities for the private and government sector to invest in affordable housing developments, particularly those that offer lease to own provisions with options to exercise purchase within three (3) to five (5) years. This would encourage public and private collaboration in the search for the suitable financing mechanism or mechanisms which could benefit the families who can afford to purchase homes given financial assistance for closing costs and down payment. I Liheslaturan Guåhan wishes to encourage the participation of the private sector working through the authority vested in the Guam Housing Corporation through this Act. Furthermore, I Liheslaturan Guåhan recognizes the opportunity for certain lending institutions and lenders of capital to assist families in purchasing or building their first home on their lot or purchasing homes available in the market. I Liheslaturan Guåhan also wishes to recognize that the programs contained herein are Community Reinvestment Act qualified, and in conformance with various housing programs administered by the Guam Housing Corporation, particularly
those which can accommodate the concept of “”lease-to-own””
residential units of various sorts.
(b) I Liheslaturan Guåhan encourages the granting of any Guam Economic Development Authority also qualifying certificate benefits to the developers involved in the Lada Estates project, as well as other similar housing projects. In the case where a government entity is the developer, such benefits may be passed on to the participating contractors provided that such incentive would decrease the overall unit cost of housing in the respective project.
2017 NOTE: Subsection designations were added to adhere to the
Compiler’s alpha-numeric scheme pursuant to the authority granted by 1
GCA § 1606.