It is the policy of the Government of the Virgin Islands that all tenants in good standing of the public housing projects of the Virgin Islands shall be entitled to purchase existing or future public housing units on favorable negotiated terms. Such purchase shall vest in the buyer all the rights and privileges of a […]
Unless otherwise prohibited by federal law, the following principles shall be applied in implementing the policy and requirements of this chapter: (a) The right to own property is a fundamental right of all citizens. (b) Homeownership generally promotes pride and encourages responsibility toward the property in the owner. (c) Tenants of public housing in the […]
The Virgin Islands Housing Authority and the Virgin Islands Housing Finance Authority shall promote the sale of their respective housing stock to the tenants of public housing by developing and implementing homeownership plans. There may be one or more such plans, and the plans may be diversified to fit the individual needs of the prospective […]
The Virgin Islands Housing Finance Authority and the Virgin Islands Housing Authority shall provide their respective tenants with appropriate counseling and training for each step of implementation along a pathway to homeownership. The training shall include, but not be limited to, instruction in the meaning of terms and phrases ordinarily used in the financing and […]
All housing stock of Virgin Islands Housing Finance Authority or the Virgin Islands Housing Authority may be sold to tenants under the terms and conditions of this chapter, provided that such stock is sold pursuant to a plan that is approved by the U. S. Department of Housing and Urban Development, in the case of […]
Public housing stock may be sold to persons who meet the following eligibility requirements: (a) has been a tenant of public housing for not less than 30 days immediately prior to the sale; provided, however, that residents of public housing with the longest tenure shall be given priority in the sale of public housing units; […]
An approved plan for conversion of public housing units to private ownership by the tenants of public housing may include any viable economic method of sale and transfer of title. The plan shall give a first priority preference to the current occupant of any unit offered for sale. No tenant of public housing shall be […]
If a unit of public housing is sold to an initial purchaser at less than fair market value, the homeownership plan shall include appropriate measures to preclude realization by the initial purchaser of windfall profits on resale of the property, provided, however that any restriction as to the time period on resale shall not exceed […]
In order to insure the long-term success of this conversion housing program, a non-routine maintenance reserve shall be required for all multifamily properties sold under an approved homeownership plan pursuant to this chapter. The purpose of the reserve shall be to protect the interests of the homeowner and his property, including but not limited to, […]
It is recognized that not all tenants of public housing will qualify for home ownership. Some who qualify may elect not to purchase units of public housing. Additional public housing will be required in the future to replace the units sold to tenants. To meet the need, the Authority shall develop replacement plans. If necessary, […]
