Housing Corporation Guarantee Fund

(a)The “Finance Agency Guarantee Fund” heretofore created and existing pursuant to former §§ 20002, 20003 and 20003.1 of the Government Code of Guam is hereby redesignated “Housing Corporation Guarantee Fund” and the same is hereby transferred to the Housing Corporation and set aside as a separate and special revolving fund of this Housing Corporation.

(b)The Housing Corporation shall have the power to insure and guarantee, as to principal or interest or both, and upon such conditions, rules and regulations as it may prescribe, but only from the aforesaid Guarantee Fund, the repayment in whole or in part of any loan made by any public or private lending agency authorized to do business in Guam.