Administration

(a)Certificate of First-time Homeownership. GHC shall issue a Certificate of First-time Homeownership (Certificate) to an applicant if the applicant meets all the eligibility requirements set forth in this Article.

(1)This Certificate shall not be transferable, except between joint holders of an original Certificate, and it shall not be transferred to a new and separate home.

(2)In case of the death of the holder of an original Certificate, the Certificate shall terminate, unless the home covered by the Certificate becomes the home of the decedent’s heirs, and they acquire the title to the property within two

(2)years of the death.

(b)Amount of Assistance. The amount of the First-time Homeowner Assistance is up to Ten Thousand Dollars ($10,000) of the eligible transaction.

(c)Payment of Assistance. First-time Homeowner Assistance shall be paid by electronic funds transfer, by check, or in any other way the GHC finds appropriate.

(1)First-time Homeowner Assistance shall be paid to the financial institution authorized by the GHC and selected by the applicant to which a mortgage loan or construction loan, or both, has been approved for the applicant toward his or her eligible transaction.

(2)The GHC shall develop and maintain, on a semiannual basis, a list of authorized financial institutions as identified in this Section, and shall be made readily accessible to the public.

(d)Payment in Anticipation Occupancy Requirement. of Compliance with

(1)The GHC may authorize payment of First-time Homeowner Assistance in anticipation of compliance with the occupancy requirement. If the occupancy requirement is not complied with, the applicant must, within fifteen

(15)days after the relevant date, give written notice of that fact COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION to the GHC and repay the amount of assistance.

(2)The relevant date is the earlier of the following:

(A)the end of the period allowed for compliance with the occupancy requirement; or

(B)the date on which it first becomes apparent that the occupancy requirement will not be complied with during the period allowed for compliance.

(3)Where the first-time homeowner fails to comply with the occupancy conditions and does not repay the amount of assistance, the GHC may approve, by resolution, a Memorandum of Understanding between the GHC and the Department of Revenue and Taxation to garnish the income tax refunds of recipients of the First-time Homeownership Assistance. The GHC shall adopt a policy to govern the referral of such tax refund garnishment requests to the Department of Revenue and Taxation.

(e)Development of Rules and Regulations. Within ninety

(90)days after enactment of this Act, the GHC shall adopt such rules and regulations as may be necessary to implement the provisions of this Act and Subsection

(f)of § 4103.

(f)Repayment of Assistance.

(1)A first-time homeowner shall repay to the Firsttime Homeowner Assistance Fund an amount equal to the total assistance received by the homeowner with interest at the rate of ten percent (10%) per annum if, within five

(5)years after receipt of the assistance, the home is:

(A)transferred or conveyed;

(B)sold; or

(C)occupied exclusively by any individual or individuals other than the homeowner or the homeowner’s children.

(2)The funds that were disbursed on behalf of such an applicant that are repaid shall be deposited back into the Housing Trust Fund. COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION

(3)The funds from the ten percent (10%) penalty shall be deposited into the GHC’s bank account(s) for operational uses.