by Mindy Aguon
Guam - Agat Housing Partners is waiting on Superior Court Judge Vern Perez to determine whether the Guam Housing and Urban Renewal Authority made the right decision when it allocated $2.4 million in tax credits to Ironwood Heights Guam, LLC. As we reported last year, Agat Housing Partners alleged GHURA violated the Low-Income Housing Tax Credit Program by accepting solicitations from Ironwood Heights Guam, LLC that allegedly wasn't a legal organized entity at the time they received the award.
In January the judge denied GHURA's motions to dismiss the suit and said he would review the agency's decision making process in awarding the tax credits. GHURA was also ordered to desist from further proceedings concerning the LIHTC program.
GHURA legal counsel Mark Smith says a decision must be made soon, otherwise Guam could lose out on the project financing.