by Ken Quintanilla

Guam - The Guam Office of Public Accountability has issued a clean audit of the Guam Housing Corporation. According to the report GHC ended Fiscal Year 2012 with an increase in net assets of a half million dollars mainly attributed to the transfer of ten abandoned properties in Sagan Linahyan from the Department of Land Management.

However, as revenues got better, the GHC has an overall delinquency rate of 15%. According to auditor Clariza Roque, that's considered high for the industry. She told KUAM News, "There were 61 delinquent loans that were recognized in Fiscal Year 2012, which was an increase in seven loans. There was also a recurring significant deficiency for the allowance for loan and lease losses and there were also three recurring deficiency and internals control relative to loan documentation and also with the rental policy and stale-dated checks."

She does add however that the GHC's revenues did increase by $350,000 from sundry and rental income whereas expenditures meantime decreased as a result of the Lada Estates court settlement.