CLTC land subdivided for construction of affordable homes
In an effort to help residents attain the Guamanian Dream, the Calvo Administration broke ground today on land where more than 100 families will be able to own their own home.
By KUAM Newsby Mindy Aguon
Guam - In an effort to help residents attain the Guamanian Dream, the Calvo Administration broke ground today on land where more than 100 families will be able to own their own home. The Chamorro Land Trust Commission is in the process of turning 81 agricultural lots in Yigo into162 affordable homes through a U.S. Department of Agriculture program that provides low interest rates.
Governor Eddie Calvo said, "When you're looking at numbers 2.5% to 3% interest and you're looking at amortization between 40-75 years, all of a sudden an affordable home for your children and your grandchildren becomes reality."
CLTC administrator Monte Mafnas says the Commission will ask the Land Use Commission to rezone the property for residential use as well as one commercial lot and provide three bus stops. Mafnas said, "We will infrastructure this whole lot. A request for proposal will be initiated to identify a developer for a public-private partnership so we can build the 162 homes."
The project is inline with Governor Calvo's vision for 3,000 affordable homes. Guam Housing Corporation president Martin Benavente meanwhile also mentioned today that several lawmakers will introduce a bill to do away with the system development charge that he says hinders many residents from owning their own home.