Grant: Establishment of Special Fund

There is authorized to be appropriated the sum of Two Hundred Fifty Thousand Dollars ($250,000) to the Guam Housing and Urban Renewal Authority (GHURA) for the purpose of subsidizing directly home purchasers under Preferences 1 and 2 due to insufficient income, who would not otherwise qualify for home mortgage financing. In no case shall such grant exceed Seven Thousand Dollars ($7,000) per purchaser. A special fund shall be established to account for the subsidies herein authorized under rules and regulations adopted therefor by the Guam Housing and Urban Renewal Authority. Such rules and regulations shall include, among other things, provisions setting forth the criteria for eligibility to the subsidies.