Guam Housing Corporation earns clean audit in FY2024 despite net loss and rising costs

The Guam Housing Corporation received a clean audit for Fiscal Year 2024, even as operating costs rose and its net position declined.

Independent auditors issued an unmodified opinion with no deficiencies or management letter.

GHC reported a net loss of $430,000, attributed to increases in salaries, retirement contributions, and health benefits.

Operating revenues rose by $224,000, while operating expenses jumped by $1.1 million.

GHC’s loan portfolio grew by nearly $800,000, and loan delinquencies declined from 9 to 8%.

Despite challenges in housing inventory and construction costs, GHC continues to push for homeownership and plans to renovate more Lada Gardens units in FY2025.