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New law funds escrow savings account for affordable housing on Guam




By Pacific Island Times News Staff


Gov. Lou Leon Guerrero has signed into law a bill appropriating $500,000 to the Guam Housing Corp. to fund and maintain the GHC-Rural Housing Service Escrow Savings Account for affordable housing.


Sen. Joe San Agustin introduced Bill 107-37 to assist the housing corporation with fulfilling a memorandum of understanding with the U.S. Department of Agriculture Rural Housing program.


The bill is now Public Law 37-75.


Currently, Chamorro Land Trust families are offered two forms of financial loan assistance with the Guam Housing Loan Program and the Native American Veteran Program.


The GHC, CLTC and USDA are drafting an updated MOU that will expand the financial opportunities for land trust families with this third financial program.


“This new opportunity allows our CLTC families to go from renting to home ownership. I wanted to find a way to help uplift our people with the opportunity to become homeowners," San Agustin said.


"As a leader deeply rooted within the community, I stand committed to finding ways to provide our island residents with the essential tools for growth and create a lasting impact,” he added.




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