GHURA awards add'l low-income tax credits

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.