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Back Local News Bill identifies funding for first-time homeownership

Bill identifies funding for first-time homeownership

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A MEASURE introduced by Speaker Judith T. Won Pat is proposing the transfer of dormant and unclaimed bank account funds from the Treasurer of Guam to the Guam Housing Corporation’s Housing Trust Fund as a possible source of funding for the first-time homeownership program.

Prior to the introduction of Bill 79-32 (COR), a first-time Homeowner Assistance Program Act was enacted in January 2012, which recognized that the cost of a single-family home continues to be out of reach for a number of potential first-time homeowners.

The existing law also recognized that “additional legislation might be required, specifically designating revenue sources for the program, in order to assist as many qualified borrowers as possible.”

The Housing Trust Fund was established along with the First-Time Homeowner Assistance Program Act to support the affordability and accessibility of housing for residents of Guam and to finance support services that assist low-income households in obtaining and maintaining affordable housing.

According to GHC, approximately 70 families were awarded up to $10,000 each in first-time homeownership grants since the enactment of the housing act, producing at least $12 million in construction and home purchase activity in Guam’s economy within the last year.

Won Pat said the bill is another step forward to help residents realize their dream of owning a home.

She added the legislation continues the serious conversation about how the government can help residents buy a home, as the cost of a single-family home continues to be out of reach for many of Guam’s families.

“The measure will improve GHC’s ability to fund additional homeownership application to the benefit of families. This will also help achieve Gov. (Eddie) Calvo’s goal of providing up to 3,000 new homes for first-time buyers,” Won Pat concluded.

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