§ 127. Guaranty of loans
(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 […]
§ 128. Maximum aggregate guarantees by the Authority
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.
§ 129. Guaranty reserve account
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 […]
§ 115. Mortgage subsidy
(a) In addition to any other authority conferred by law, the Housing Finance Authority is authorized and directed to establish by regulation a mortgage subsidy program which meets the criteria of this section. (b) The subsidy program shall: (1) Serve buyers seeking a mortgage loan in an amount determined by regulation. (2) Provide a subsidy […]
§ 122. Designation of Code Enforcement and Rehabilitation Area; eligibility
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 […]
§ 123. Duration
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.
§ 124. General powers and duties
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 […]
§ 110. Severability
The provisions of this act are severable, and if any of its provisions or any sentence, clause or paragraph shall be held invalid by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions hereof.
§ 111. Consultants to the Authority; transfer of property; Urban Renewal Board powers to be undertaken by Housing Finance Authority
(a) The Authority shall require its advisers and consultants, wherever possible and feasible, to utilize the services of a competent Virgin Islands firm to provide essential management or financial services for said advisers or consultants. The Authority may itself utilize the services of said firm in the issuance of tax exempt bonds, investments or other […]
§ 112. Suits against the Authority; limits on liability
(a) No judgment shall be rendered against the Authority in excess of $25,000.00 in any suit or action against the Authority with respect to any injury or loss of property or personal injury or death which: (1) may be caused by the negligent or wrongful act or omission of any employee of the Authority while […]