§ 17. Authorization of appropriations for housing of veterans
There is hereby authorized to be appropriated the sum of $1,000,000 annually from the Internal Revenue Matching Fund for five years to be spent exclusively for the Veterans Housing Loan Program.
§ 101. Findings and declaration
The Legislature of the Virgin Islands finds and declares that: (a) There exists a serious shortage of residential low and moderate income housing in the Territory. (b) The lack of low and moderate income housing is injurious to the health, safety and welfare of the people of the Virgin Islands. (c) A steady program of […]
§ 103. Powers of Housing Finance Authority
There is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands by the name of the Virgin Islands Housing Finance Authority, hereinafter “Authority”. The Authority consists of the Director of the Office of Management and Budget, the Zoning Administrator under Title 29, […]
§ 11. Loans in conformity with regulations of Federal Housing Commissioner
Notwithstanding other provisions of this chapter, the Executive Director of the Virgin Islands Housing Finance Authority shall make loans for housing in accordance with the regulations of the Federal Housing Commissioner under all sections of the National Housing Act, as amended. In such cases the Executive Director of the Virgin Islands Housing Finance Authority shall […]
§ 12. Collection of payments; execution of deeds; option of Government to repurchase
(a) The Authority shall collect the installments and rental fees from the holders of land or homes and in like manner and under the same conditions and by the use of the same powers which are made use of in or for the collection of property taxes. (b) In the case of any contract for […]
§ 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 […]
§ 3. Acquisition or use of land for homesteads
(a) Land for homesteads is declared to be a public use, and may be acquired by the Government by condemnation proceedings through the exercise of the power of eminent domain, or by purchase, cession, transfer, exchange, lease, inheritance, or donation. No lands so acquired or held by the Government for such purpose shall be sold […]
§ 4. Priority of purchasers
The priority of purchasers of land for homesteads shall be as follows: (1) Persons who have served or are serving in the armed forces of the United States who are domiciled in the Virgin Islands and who otherwise qualify under this chapter shall be given a first priority; and (2) Persons currently owning and living […]
§ 4a. No down payment for veterans
Notwithstanding other provisions of law, veterans who qualify for purchase of homestead land under the provisions of this chapter shall not be required to make any payment of money at the time of the execution of a contract for the purchase of homestead land and for a period of 90 days thereafter, at which time […]
§ 5. Minimum selling price
The selling price determined under section 2(a)(11) of this title for land to be sold under this chapter shall be a sum of at least equal to the price paid for the land by the Government.