12 Guam Code Ann. § 5405
Terms Used In 12 Guam Code Ann. § 5405
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) First preference shall be given to those families who were, on August 25, 1978, residing within the subdivision area under a Land Management Land Use Permit and continue to reside there, or
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to families who reside under a Land Management Land Use Permit or Department of Agriculture Land Use Permit on government land which has been designated as a water conservation area as indicated on the Bureau of Planning Land and Water Natural Resources Map who are without fee title to any real property, in or out of the territory, and whose income does not exceed the limits established for a low-income family or a single person residing in low rent housing projects operated by the Authority.
(b) Second preference shall be given to those families or heads of a household, as defined by the U.S. Internal Revenue Code, who are, pursuant to a Land Management Land Use Permit, residing on government land designated as a low density area on the Bureau of Planning Land and Natural Resources Map, are without fee title to any real property in or out of the territory, and whose income does not exceed the limits established for a low-income family or a head of a household, as defined by the U.S. Internal Revenue Code, residing in low rent housing projects operated by the Authority.
(c) Third preference shall be given to the other eligible families residing on government land under a Land Management Land Use permit who are without fee title to any real property in or out of the territory, and whose income does not exceed the limits established for a low-income family or a head of a household, as defined by the U.S. Internal Revenue Code, residing in low rent housing projects operated by the Authority.
(d) Fourth preference shall be given to tenants of low-rent housing programs operated by the Guam Housing Corporation or the Authority who are without fee title to any real property in or out of the territory, and whose income does not exceed the limits established for a low-income family or a head of a household, as defined by the U.S. Internal Revenue Code, residing in low rent housing projects operated by the Authority.
(e) Except for those families who were on August 25, 1978, residing within the As-Tumbo Subdivision, in carrying out the provisions of this section, the Authority shall require a sworn statement from each applicant except first preference applicants as to such applicant’s ownership of land in Guam or elsewhere. Each deed shall be subject to a right of reverter to the Authority if
(1) such statement on non-ownership was false or
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(2) the grantee(s) sells or leases to a third party any of the property after the date of execution of the deed.
(f) Families who reside in water conservation areas under the First Preference, and those eligible under the Second, Third and Fourth Preferences set out in this Section 13944 shall be chosen by lottery to be conducted no later than June 30, 1990.
SOURCE: GC § 13944, as added by P.L. 14-138. Amended by P.L. 20-113:1.
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.