§ 144. Authorization to undertake housing development, requirements of developers, builders or contractors under this chapter
(a) The Virgin Islands Housing Finance Authority, on behalf of the Government of the Virgin Islands, is authorized to contract with builders, contractors and developers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage homeownership as provided under this chapter. (b) Builders, contractors, developers, and others selected by the Virgin […]
§ 145. Priority of purchasers and requirements
(a) The Virgin Islands Housing Finance Authority, shall provide homeownership for individuals in accordance to rules and regulations established by the Authority with priority given to first-time homeowners or those individuals who have, for a period of not less than seven (7) years, lost their homes through foreclosure or divorce and have resided full time, […]
§ 151. Public policy
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 […]
§ 130. Interest assistance
(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 […]
§ 131. Temporary removal of tenants
(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) […]
§ 132. Real estate tax exemption
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 […]
§ 141. Short title
This chapter shall be known as and designated the “Homeownership Act of 2004”.
§ 142. Legislative findings and purposes
The Legislature hereby declares and finds that: (a) There exists a serious shortage of residential, moderate-income housing in the Territory; (b) The lack of moderate-income housing is injurious to the health, safety and welfare of the people of the Virgin Islands and retards the economic development of the people of the Virgin Islands; (c) A […]
§ 125. Exemption from taxation of property and income
The property of the Authority and its income from operations shall be exempt from taxation.
§ 126. Assistance by departments; reports, examinations
(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 […]