Legislative Policy

(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-toOwn 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 COL9/7/2021 CH. 4 GUAM HOUSING CORPORATION 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.