The Authority may designate any area of a town as a Code Enforcement and Rehabilitation Area, if it finds that: (a) the area is substandard or unsanitary; (b) a substantial proportion of the housing accommodations in the area is in a deteriorating or deteriorated condition, and substantially fails to conform to applicable housing codes, fire […]
The Authority shall continue until terminated by law, except that it shall remain in existence so long as loans guaranteed by it pursuant to this chapter are outstanding. Upon the dissolution of the Authority, its rights, liabilities and assets shall pass to the Territory.
The Authority shall have all the rights and powers necessary or desirable for carrying out the purposes of this chapter. In addition to any specific powers enumerated herein, the Authority may: (a) sue and be sued; (b) have a seal and alter it at will; (c) make contracts and other instruments; (d) make by-laws, rules […]
The property of the Authority and its income from operations shall be exempt from taxation.
(a) Each department or agency of the executive branch shall render assistance and services as may be requested by the Authority in aid of its functions (b) The Authority shall file with the Governor and the Legislature within 90 days after the end of its fiscal year, a report of its operation with respect to […]
(a) The Authority may guarantee a loan made by a financial institution to an owner to finance the cost of rehabilitation of a housing accommodation or accommodations, subject to the requirements of this section. (b) This guaranty shall constitute an undertaking by the Authority to pay promptly to the holder of a guaranteed loan or […]
The Authority shall not guarantee any loan pursuant to section 126 of this chapter, which causes the aggregate principal amount of the loans guaranteed by the Authority under this chapter to exceed $1,000,000.
The Authority shall establish a special account, to be known as the Guaranty Reserve Account, and shall pay into this account all monies appropriated and made available by the Virgin Islands Government for the purposes of the account, all payments of principal and interest received pursuant to subsection (d) of section 127 of this chapter […]
(a) The Authority, on behalf of the Virgin Islands Government, may provide assistance to any financial institution with respect to any loan guaranteed by the Authority pursuant to this chapter. This assistance, subject to the limitations of this section, may be in amounts as are determined by the Authority to be necessary to enable the […]
(a) The Executive Director, with respect to any premises for which a guaranteed rehabilitation loan is made pursuant to this chapter, may require the owner to cause the premises to be vacated if he finds it necessary to have the premises vacated to proceed with the rehabilitation, not withstanding any other provision of law. (b) […]
The real property constituting or containing the housing accommodations with respect to which a guaranteed loan is made pursuant to this chapter shall be exempted from real property taxes to the extent of that portion of the value which represents an increase over the assessed value of the property immediately before the rehabilitation was commenced […]
