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12 23Thu11272014

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10 affordable homes available soon

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AT LEAST 10 affordable housing units will soon be available for sale to low-income individuals and families who are buying homes for the first time, according to the Guam Housing and Urban Renewal Authority.

GHURA Executive Director Michael Duenas said the agency has already closed the deal for eight existing houses, which the government acquired from private owners.

“We are renovating these houses and it will take about 60 days to complete the renovation,” Duenas said. “We are working with realtors to acquire two more houses.”

The project is funded through a $1 million grant awarded by the Department of Housing and Urban Development under the Home Investment Partnership Program.

The new homes, which are expected to be on the market before Christmas, will be offered to low-income individuals and families for prices ranging from $120,000 to $160,000.

“This program will help qualified working families and individuals to become first-time homebuyers,” GHURA said.

Putting low-cost housing units on the market is part of the government’s goal to build 3,000 affordable homes by 2017.

Pre-applications at the GHURA Community Planning and Development Office began Oct. 16 and will run until Nov. 14.

Eligible applicants are individuals and families whose total household incomes do not exceed 80 percent of the median income limits as established by the Department of Housing and Urban Development.

Eligibility is based on the following household income limits: single-person household, $34,400; two-person household, $39,300; three-person household, $44,200; four-person household, $49,100; five-person household, $53,050; and six-person household, $57,000.

Eligible applicants are also required to complete GHURA’s Homeownership Education and Counseling Program.

For more information: Log on to GHURA's website at www.ghura.org or call 475-1316/9.

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