By Pacific Island Times News Staff
The Guam Housing and Urban Renewal Authority has completed the sale of two newly constructed homes through the Renewal Affordable Homes Program.
Housing officials said one of the two homes is located in Dededo, and is now owned by a family of five for a purchase price of $285,000. The other unit in Agat was sold for $268,396 to another family of five.
These units bolster the availability of affordable homes for purchase in Guam. Each dwelling boasts three bedrooms, two bathrooms, a carport, fencing, and a cozy living area spanning 1100 square feet.
"This initiative is made available through the U.S. Department of Housing and Urban Development under the HOME Investment Partnerships Program," GHURA said.
Since its launch in 2015, the housing agency said, the program has assisted 36 families with a total of $1.5 million in sales price reductions, and approximately $8.7 million in acquisition and construction costs.
These units were financed under U.S. Department of Agriculture’s Section 502 Loan Program.
The Renewal Affordable Homes Program was designed to support eligible working families and individuals in achieving their dream of becoming first-time homebuyers.
The program acquires or constructs homes that are subsequently made available to eligible purchasers with sales prices tailored to the financial capacity of each applicant. This typically included a reduction in the sales prices of up to 20 percent.
"GHURA maintains its unwavering commitment to ensuring access to affordable housing and fostering pathways to homeownership through the pursuit of innovative strategies, the provision of housing counseling and collaborating with local lenders," the agency said.
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