There really is only one entity on this island doing anything of scale to help reduce the constantly-rising costs of rent and homeownership. Thanks to Core Tech International’s development of hundreds of homes in partnership with federal housing tax credits over the years, the cost of living hasn’t been as burdensome for its tenants and customers. Last month, Core Tech started construction on yet another affordable housing development, this time in Radio Barrigada.
Core Tech owner Ho Eun invited island dignitaries to the February 1 ground breaking of the company’s newest development that will have six single-bedroom, 18 two-bedrooms, 30 three-bedrooms, and 10 four-bedrooms units. The homes will be available for rent at below-market rates; prices made possible through the leveraging of the federal Low Income Housing Tax Credits administered by the Guam Housing and Urban Renewal Authority.
Governor Lou Leon Guerrero, Barrigada mayor June U. Blas, Speaker Therese Terlaje, GHURA deputy director Elizabeth Napoli, and others celebrated the win for Guam’s housing inventory.
Mr. Eun announced, “Within a few months, you will see the completion of this project.”
Sinajana Mayor Robert Hoffman said officials must “consider that cost of living has increased, so even with employment, those in [the] low income bracket are still unable to get over the hump. With rental increases and fewer available units, the market is created that keeps people unable to afford rent. The house down the street has gone from $1500 a month, now it’s $2700 a month due to demand. Some landlords are now being selective and until there is a right-sizing of the market, the problem will continue. We need to come to a point to lower costs, but even with the governor’s utilities help, at the end of the assistance people will need to find how to cope with costs.” The assistance he referred to was the Guam Emergency Rental Assistance program, which is on its final leg.
According to the governor’s news release about the Core Tech ground breaking, “The foundation of a safe and prosperous community is the availability of sufficient housing to provide homes for our people.”
Thanks to Core Tech, the vision is near in sight.
