Definitions

For purposes of this Act, the following words and phrases are defined to mean:

(a)“Affordable housing unit” shall mean a single family dwelling unit inclusive of land, built in accordance with the Uniform Building Code or its successor codes as adopted by Chapter 67 of Title 21, Guam Code Annotated, and in consonance with the Guam zoning and subdivision laws whose selling price meets the criteria set forth in the Guam Economic Development Authority Rules and Regulations pertaining to “affordable housing” adopted pursuant to Public Law Number 24-266.

(b)“Corporation” shall mean the Guam Housing Corporation created pursuant to § 4101 of Title 12 of the Guam Code Annotated.

(c)“Residence” shall mean a single family home, a condominium housing unit or a housing unit owned by a cooperative housing cooperation.

(d)“Seller” shall mean the party to the lease-to-own contract who is the seller of the residence.

(e)“Tenant-Purchaser” shall mean the prospective person who is a party to the lease-to-own contract.