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FOR FIRST-TIME HOMEOWNERS
$282K released to Guam Housing Corp. Trust Fund
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Posted on Aug 29 2016
HAGÅTÑA, Guam—Bill No. 293-33 (COR), now Public Law 33-168, replenishes the Guam Housing Corp.’s Housing Trust Fund by $760,000.
As of last week, $282,000 of the $760,000 has been released to the Guam Housing Corp. This will help approximately 30 families fulfill their dreams in owning their first homes. It is expected that these funds will stimulate the economy by about $17,500,000.
For the second time, Speaker Judith Won Pat authored public laws that transferred escheated funds to the Guam Housing Corporation’s Housing Trust Fund. The Guam Housing Corp.’s Housing Trust Fund was established in 2012, as part of P.L. 31-166, 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.
In the 32nd Guam Legislature, Speaker Won Pat authored P.L. 32-36 which transferred $2.1 million to fund the first-time home ownership program. These grants yielded over $53 million in Real Estate, Banking, Escrow, Appraisers, and Title Insurance activity. It provided 289 families homes.
Speaker Won Pat will continue to fight for the remaining balance that was appropriated to the fund which will help additional families fund their homes.
