§ 105. Declaration by Authority
Prior to or contemporaneous with the issuance of bonds or notes pursuant to this chapter, the Authority shall have found and determined by declaration that the findings of the Legislature as set forth in subsections (a) through (d) of section 101 of this chapter continue to exist and that the issuance of bonds or notes […]
§ 106. Limitations on purchases, loans, and mortgages
(a) By rules and regulations the Authority shall insure that no proceeds of bonds or notes issued pursuant to this chapter shall be used: (1) for purposes other than those which comply with the United States Internal Revenue Code of 1954, as amended; (2) for loans unless such loans qualify pursuant to the provisions of […]
§ 107. Government pledge
The government does pledge to and agree with the holders of any bonds or notes issued pursuant to this chapter that the government will not limit or alter the rights hereby vested in it to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies […]
§ 108. Self-effectuating chapter
The powers conferred by this chapter are in addition an supplemental to, and the limitations imposed by this chapter shall not affect, the powers conferred by any other general statute, special act, charter or ordinance of the Territory. Mortgage loan or loans may be acquired, purchased and financed, and bonds or notes may be issued […]
§ 109. Liberal construction
The provisions of this chapter shall be liberally construed to accomplish the purposes herein.
§ 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 […]
§ 13. Subordination of mortgages on homestead land; conditions as to agreements; definition
(a) The Executive Director of the Virgin Islands Housing Finance Authority is authorized to consent to the mortgaging of homestead land to a lending institution for the purpose of securing a construction loan by the homestead allottee, which consent may include the following: (1) Subordinating the rights of the Government under this title in the […]
§ 14. Assistance to veterans in obtaining federal loans; contracts
The Virgin Islands Housing Finance Authority is authorized to devise a program to assist veterans of the Armed Forces of the United States who are natives of the Virgin Islands or permanent residents of the Virgin Islands to obtain loans made available to veterans by Federal law. The Virgin Islands Housing Finance Authority shall be […]
§ 15. Acquisition or designation of land for sale to veterans
The Virgin Islands Housing Finance Authority shall acquire suitable parcels of land or it may designate parcels of land already under its jurisdiction, with the approval of the Governor and the Legislature, for exclusive allotment and sale, on terms, to qualified veterans who were born in the Virgin Islands or who entered the Armed Forces […]