by Ken Quintanilla
Guam - The Guam Housing and
Urban Renewal Authority approved close to $400,000 in additional Low-Income
Housing Tax Credits for two developers building affordable housing rental units
locally. According to acting GHURA director Mike Duenas, he says Tower 70 was
awarded an additional $330,000 in tax credits along with $60,000 in tax credits
for great homes.
Tower 70 and great homes were awarded $2.5 million and $2.9
million in tax credits in 2011. Duenas says the board approved the tax credits
due to both developers demonstrating changes to their original construction
resulting in additional costs. Both parties have indicated to GHURA that they
have secured the interim financing to cover the construction costs.
Both projects are expected to build close to 200 affordable homes
by 2014.
