Home ownership tough for locals, says Guam Housing Corporation - KUAM.com-KUAM News: On Air. Online. On Demand.

Home ownership tough for locals, says Guam Housing Corporation

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"Land Rich but Cash Poor" - that's according to the president of Guam Housing Corporation, the reality for many Guamanians who dream of home ownership. In particular, on Chamorro Land Trust property. Addressing Rotarians, he says they're working to make housing affordable.  

If you've ever dreamed of owning a home but the price tag was too steep, Guam Housing says they're working to make housing affordable. "I also like to call this, 'Son, move out of my house home'. A lot of us on Guam we have a lot of property, but not a lot of cash," professed Chris Duenas.  "If they were to buy a three-bedroom at $75,000 and finance it over 25 years, it's probably the same as buying a new car," he shared.

A project with BW24 Corporation, they're shipping containers to Guam from Korea to build single family 3 and 4 bedroom homes. The cost? Half the price of the average $250,000 house.  "This is the four bedroom model and this will be at or below $100,000 all complete," Duenas demonstrated.

The homes would total 980 square feet, with metal walls, and a semiconcrete roof. According to Duenas his office currently has hundreds of applications, for potential first time home-owners, 50% who would be approved if the office had more resources.

As one of the only lenders for Chamorro Land Trust Property, Duenas adds they want to build cheap and sturdy homes on CLTC land. "The metal is twice the gauge of container metal and it's engineered really well we believe this is going to transform Guam's market," he said. "This is the category of those folks who don't really have no other real  opportunity for a suitable structure either on a piece of property that they have or if they're eligible under Chamorro Land Trust, so we think that this is gonna be a game changer."

In fact, private partners are already jumping on the bandwagon to start construction. "Of course, this is available for private development as well not just Chamorro Land Trust, this is a building system for the people of Guam," he said.

Duenas anticipates the first model will be built by the end of the year.

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