§ 7. Homestead contracts; conveyances, terms and provisions
In the name of the Government of the Virgin Islands, and with the approval of the Governor, the Executive Director of the Virgin Islands Housing Finance Authority shall issue contracts for the purchase and sale of homestead plots or issue deeds of conveyance either in fulfilment of a contract or as a cash sale transaction. […]
§ 8. Homestead and Home Loan Fund; continuation, maintenance and use; disbursements
(a) The Homestead and Home Loan Fund, heretofore created for the purpose of purchasing land in St. Croix, St. Thomas and St. John for homesteading and for the purpose of assisting qualified applicants to construct their homes and related purposes authorized by laws in force prior to the effective date of this Code, is continued, […]
§ 9. Loans for home construction; limitations; qualifications of applicants
(a) Except as otherwise provided, the Executive Director of the Virgin Islands Housing Finance Authority shall receive applications for loans not in excess of $220,000 to any one person or family residing in the same house. The Executive Director of the Virgin Islands Housing Finance Authority shall receive such applications upon forms prepared by him, […]
§ 10. Interest on loans; other terms; security; advancement of monies; payments
(a) Except as otherwise provided, all loans referred to in section 9 of this title shall be made with interest at the rate of 4 per centum per annum, and shall be payable in a period not exceeding 30 years. Loans for home purchases granted under this program shall be for a period not exceeding […]
§ 3. Acquisition or use of land for homesteads
(a) Land for homesteads is declared to be a public use, and may be acquired by the Government by condemnation proceedings through the exercise of the power of eminent domain, or by purchase, cession, transfer, exchange, lease, inheritance, or donation. No lands so acquired or held by the Government for such purpose shall be sold […]
§ 4. Priority of purchasers
The priority of purchasers of land for homesteads shall be as follows: (1) Persons who have served or are serving in the armed forces of the United States who are domiciled in the Virgin Islands and who otherwise qualify under this chapter shall be given a first priority; and (2) Persons currently owning and living […]
§ 4a. No down payment for veterans
Notwithstanding other provisions of law, veterans who qualify for purchase of homestead land under the provisions of this chapter shall not be required to make any payment of money at the time of the execution of a contract for the purchase of homestead land and for a period of 90 days thereafter, at which time […]
§ 2. Powers and duties of Executive Director of the Virgin Islands Housing Finance Authority
(a) In addition to any other powers conferred upon him by this chapter or other law, the Executive Director of the Virgin Islands Housing Finance Authority, with the approval of the Governor, and on behalf of the Government of the Virgin Islands, may— (1) pledge, obligate, mortgage or otherwise encumber land, property, revenues, and income […]