GHC moves ahead with affordable housing plan - KUAM.com-KUAM News: On Air. Online. On Demand.

GHC moves ahead with affordable housing plan

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by Mindy Aguon

Guam - The Guam Housing Corporation is moving forward with the Calvo Administration's vision to provide affordable housing to thousands. Chairman Frank Florig says homes owned by the GHC are being refurbished to possibly rent out or put them on the market for future purchase.  He says the biggest challenge is obtaining affordable funding to lend out at an affordable rate.

"And as you know, the mortgages today the banks today got very competitive rates, so we need to look at where we can get borrowed money so we can give it to first time home owners who cannot get conventional loans from banks for whatever reason and get it to them at a very affordable interest rate," said Florig.

He added that with partnerships with GHURA, the Chamorro Land Trust Commission and the Department of Land Management, achieving those numbers is very much possible.

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