$36.6M in low income housing tax credits approved for 64 affordable housing units

1344
Guam Housing and Urban Renewal Authority (PNC file photo)

Governor Lou Leon Guerrero and Lieutenant Governor Josh Tenorio welcome the recent awarding of Low Income Housing Tax Credits to build as many as 64 affordable housing units in Radio Barrigada.

The award was approved during the Guam Housing and Urban Renewal Authority (GHURA) Board meeting on Friday, November 26, 2021, and amounts to $36,635,260 over a 10-year compliance period.

Loading the player...

Summer Breeze I, LLC has been awarded the contract, and its developer is Core Tech Development, LLC. The project will consist of six single-bedroom, eighteen two-bedroom, thirty three-bedroom, and ten four-bedroom units.

“Last week, our Administration unveiled Investment Para Hamyo, our comprehensive plan to maximize and mobilize all our financial resources to build back a stronger, more resilient island,” said Governor Leon Guerrero. “With this GHURA award, this plan is already in motion, and we are that much closer to our goal of utilizing up to $66 million in tax credits to finance construction for families who qualify.”

“The foundation of a safe and prosperous community is the availability of sufficient housing to provide homes for our people. We look forward to breaking ground on these affordable units and providing greater stability for families who are most impacted by limited inventory and high housing costs,” said Lt. Governor Tenorio.

“GHURA is excited to be a part of the Governor’s vision to build back stronger together. Even prior to the pandemic, we recognized a shortage of affordable housing for our people, which is why my team has never taken its foot off the gas. As a result, more affordable homes will be made available to Guamanians who are income-eligible. The Board has also directed me to review remaining federal tax credits and explore options to award these credits as soon as practicable. I want to personally thank Core Tech Development, LLC, who has been a great partner toward building affordable homes over the last decade.” said Ray Topasna, GHURA Executive Director.

GHURA is the State Housing Finance Agency that administers federal housing tax credits. The housing authority started awarding credits in 2005 and has constructed 1,187 low-income affordable homes.

##