(a) after a period of one (1) year from the date of purchase of a lot or home pursuant to this Article, any grantee(s) may sell, convey or otherwise transfer the lot or home to that person’s family member who is without fee title to any real property of that person’s own, and whose income does not exceed the limits established for a low or medium income family or a head of a household residing in low rent housing projects operated by the Authority; provided, that in case of a sale, the prospective purchaser shall secure approved loan or financing for the construction or purchase of a residence, or a conditional letter of intent or the equivalent. In case the prospective purchaser is a lessee of a Chamorro Land Trust residential lot, the applicant shall, immediately upon the purchase of a property or an affordable home in the As-Tumbo Subdivision, cancel or surrender that person’s lease of the residential lot with the Chamorro Land Trust Commission.

(b) After a period of five (5) years from the date of purchase of a lot or home pursuant to this Article, any grantee(s) may sell, convey or otherwise transfer the lot or home to a first-time homeowner who is a resident of Guam and whose income does not exceed the limits established for a low or medium income family or a head of a household residing in low rent housing projects operated by the Authority; provided, that in case of a sale, the prospective purchaser secures approved loan or financing for the construction of a residence, or a conditional letter of intent or the equivalent. In case the prospective purchaser is a lessee of a Chamorro Land Trust

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residential lot, the applicant shall, immediately upon the purchase of a property or an affordable home in the As-Tumbo Subdivision, cancel or surrender the applicant’s lease of the residential lot with the Chamorro Land Trust Commission.

SOURCE: Added by P.L. 25-129:7.

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