Definitions

As used in this Article:

(a)Eligible mortgagors means persons and families eligible under the criteria of §143 of the Internal Revenue Code of 1986 to receive mortgage loans financed with the proceeds of bonds the interest on which is excludable from gross income for Federal income tax purposes, or if such section is no longer effective or is materially modified, such criteria as may be established by the Board to further the purposes of this Article.

(b)Home means any single family detached home, townhouse, condominium unit or two, three and four family dwelling that is to be purchased or improved by an eligible mortgagor and that is located in Guam.

(c)Home mortgage means an interest-bearing loan that is made to an eligible mortgagor, which finances the purchase or improvement of a home, is secured by a mortgage, and has an original principal amount not greater than the then current limit for mortgage loans for homes in Guam under the United States Department of Housing and Urban Development mortgage insurance programs authorized under §§ 203(b) or 203(k) of the National Housing Act, or if such programs are no longer in operation to insure new mortgages, such limit as may be established by the Board to further the purposes of this Article.

(d)Lending institution means any public or private entity or governmental agency approved by the Housing Corporation and authorized by law to make or participate in making residential loans in Guam. COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION

(e)Mortgage means a mortgage, deed of trust or other security instrument which shall constitute a lien on real property in fee simple or on a leasehold under a lease having a remaining term of a duration necessary to protect the interest of the mortgagee thereunder, as determined by the Housing Corporation.

(f)Mortgage-backed security means any security, whether guaranteed or not, backed by one

(1)or more home mortgages or pools consisting of home mortgages.