Hagåtña – For the fifth consecutive year, the Guam Housing Corporation (GHC) “received an unmodified (clean) opinion on its Fiscal Year (FY) 2017 audit from independent auditors, Ernst & Young, LLP” as stated by the Office of Public Accountability’s financial highlights for Guam Housing Corporation’s (GHC) FY 2017 Financial Statements. The OPA goes on to commend GHC for its fifth consecutive year without “material weaknesses and significant deficiencies in its Report on Compliance and Internal Control.”
GHC was created in order to promote the general welfare of Guam residents by improving housing standards, supply, and affordability.
“I thank the hard-working and devoted staff and management of GHC for their continued efforts and professionalism in our many successes in the face of numerous financial challenges. This fifth year of a clean audit signifies the Corporation’s commitment to excellent in service to the people of Guam,” Chris Duenas, President of Guam Housing Corporation, stated. “Our Corporation remains focused in providing services for the moderate to low income families and we’ll continue our efforts to provide affordable housing for all our people who are striving to reach their ‘Guamanian Dream of Homeownership’.”
Report Highlights:
Income Increased by $115,000
GHC’s total operating revenues increased by 5%, or $116,000 from $2.4 million in FY 2016 to $2.6 million in FY 2017. This increase was due to the gain on sale of foreclosed asset and administrative fees collected, which offset the decrease in rental income and interest income from investments.
Expenses Decreased by $302,000
GHC’s total operating expenses decreased by 10%, or $302,000 from $2.9 million in FY 2016 to $2.6M in FY 2017.
This was mainly due to the decrease in retirement contributions, maintenance, impairment loss on foreclosed assets, and miscellaneous expenses.
First Time Homeowners Assistance Program (FTHAP) Disbursements Increased
The FTHAP provides 4%, or up to $10,000 for down payments and closing costs for home purchase or construction. In FY 2017, there were 83 grants disbursed amounting to $613K, an increase of 30 grants or $257K disbursed than in FY 2016.
Loan Portfolio Increased
GHC’s loan portfolio included 392 loans amounting to $30.0 million in FY 2017, a slight increase from FY 2016 by $463,000 but decreased by nine loans.
President Duenas goes on to say, “As President of Guam Housing Corporation, I would like to acknowledge the legacy and continue the work of our past President, the late Martin C. Benavente. His work ethics and principles, as well as his dedication to provide the much needed services to the public, will remain with GHC well into the future.”
