There is a distinct shortage of affordable housing on Guam, with much of the low-income housing properties in disrepair. There is an even greater shortage of community-based programs and recreational activities for seniors and low-income families. CBO Financial funded $5.0M in New Markets Tax Credit financing for the Summer Town Estates Commercial Center.
Guam housing project featured in industry publication
September 28, 2017
The new Summer Town Estates community features 240 affordable homes for Guam’s income-qualified seniors, 20 homes targeted to persons with disabilities, 139 homes for low- and moderate-income families, state-of-the-art recreational amenities as well as a neighborhood medical and retail project located inside the community.
The rental community is no longer just a construction site as it has become a place for the Wilwayco family to call home. Michael and Gwyneth Wilwayco along with their children Seren and Camden Michael are the first residents of Summer Green. "We're just really, really excited about it coming from an older building this is just heaven for us. It's so pretty, everything like the kitchen appliances - everything is new! It's like a dream come true," said Gwyneth.
GHURA breaks ground on final phase of 399-unit housing project
March 15, 2017
According to GHURA Executive Director Michael Duenas, the project is funded by Low-Income Housing Tax Credits which, as Guam's housing authority, GHURA awards to applicants. The chosen applicants and their investors sell the credits in the financial markets to fund housing projects aimed at providing low-income families with affordable housing options.
Guam's first private and affordable residential community made specifically for senior citizens officially opened its doors on Wednesday. CoreTech president Ho Eun says the development is more than just actual housing but providing a standard for our man'amko.
The Summer Town Estates started out as affordable housing for citizens over 55 years old. With the addition of Summer Town Estates II, affordable housing became available to low-income families as well, regardless of age.
Ribbon Cut on “Summer Green” Project; 72 Low Income Rental Apartments
August 10, 2014
The apartment interiors are equipped with energy efficiency dishwashers, refrigerators, and stoves. Summer Green also has a half basketball court, a covered pavilion, mailboxes for postal service delivery, child play and barbeque areas as well as an open recreational area.