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HOME INVESTMENT PARTNERSHIP PROGRAM
(HOME)
HOMEOWNER'S REHABILITATION LOAN PROGRAM
The Guam housing and Urban Renewal Authority (GHURA),
a public body, corporate and politic as organized pursuant
to Public Law 135 of the Sixth Guam Legislature (Chapter
12, Title XIV, Government Code of Guam), has been authorized
to undertake the development and implementation of a
Homeowner Rehabilitation Loan Program. Funds have been
made available to GHURA by the US Housing and Urban
Development (HUD), under the HOME Investment Partnership
Program) as created by the National Affordable Housing
Act of 1990 (NAHA).
With this financial assistance provided by HUD it
will allow families and individuals who meet the eligibility
criteria to rehabilitate substandard conditions of their
primary residence. The ultimate goal and objective of
this program is to provide rehabilitation assistance
to qualified families or persons in an effort to promote
safe, decent and sanitary housing. Although conventional
methods of financing are available for home rehabilitation,
many of our residents lack the resources to utilize
them. It is therefore essential that programs like this
provide the vehicle for families or individuals who
would not otherwise qualify to be able to improve the
conditions of their primary shelter.
How does the program work?
The homeowner rehabilitation program provides loans
to qualified families or individuals for the purposes
of rehabilitating their substandard homes. The home
to be rehabilitated must be the primary residence of
the borrower. It must be either fee simple or leasehold
with the original term of lease not less than ninety-nine
years. The home after rehabilitation must meet the property
rehabilitation standards (PRS) as prescribed by GHURA.
These standards must comply with all applicable ordinances
adopted by the territory of Guam. GHURA will inform
you of what rehabilitation costs can be included in
the loan. There are primarily two categories direct
costs and indirect costs. Direct costs are related to
the actual construction and indirect costs are costs
related with the construction and loan costs.
Who is eligible?
There are several requirements that an applicant must
meet in order to participate in the program. The primary
consideration is the composition of the household income.
Allowable household income cannot exceed 80% of the
median income, based on the number of household members,
for the territory as prescribed by HUD. Another consideration
is that all homes rehabilitated must be the primary
residence of the borrower. The value of the home being
rehabilitated (after rehabilitation) cannot exceed 95%
of the median home price for the territory.
GHURA has established a list of priorities from which
an individual or family may qualify to participate in
the program. These priorities are aimed on three (3)
different target populations for the community. Priority
(I) being given the highest preference, followed by
Priority (II) and priority (III) respectively.
Priority I : Homeowners that are 62 years of age
or older or homeowners who are persons with disabilities.
Priority II: Any homeowner that resides in one of
the GHURA 500 housing projects.
Priority III: Any homeowner with limited financial
resources to rehabilitate their primary residence.
This means that any subsequent priority may only be
implemented based on availability of funds.
How can I find out if I am eligible?
You must fill out the preliminary application made
available by the authority and submit with all supportive
documentation required. Please remember that the preliminary
application is strictly a pre-qualification screening
process. Other requirements must be met in order to
determine final approval.
For more information, please contact GHURA, Community
Development Division at 475-1302/18/19/21.
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