§ 944. Administration of Housing Trust Fund
(a) The Authority is hereby declared to be the trustee of the Housing Trust Fund, established pursuant to Title 33, chapter 111, section 3074, as amended. There shall be deposited in the Housing Trust Fund from time to time all moneys appropriated by the Legislature for such purpose and all other moneys and securities directed […]
§ 945. Limitation on sale or rental of affordable housing units
(a) Sale or rental. (1) Subject to the provisions of this subsection and in consideration of the incentives provided under the Act, every affordable housing unit provided directly by the Government of the Virgin Islands through bonds, notes or other obligations issued by the Authority or provided by an applicant pursuant to an Affordable Housing […]
§ 946. Income level
The upper income limit for low and moderate income persons participating in the Virgin Islands Housing Finance Authority’s Home and Land Ownership Program is 3½ times the median income in the Virgin Islands as determined by the U.S. Department of Housing and Urban Development.
§ 932. Definitions
As used in this Act, the following terms shall have the following meanings, unless the context otherwise requires: (a) “Act” means the Low and Moderate Income Affordable Housing Act of 1990. (b) “Affordable housing” means, with respect to living accommodations, a dwelling unit for which a household pays, with regard to a unit for sale, […]
§ 940. Authorization of program; appointment of Project Manager
(a) The VIHFA is hereby authorized to initiate, administer and maintain a program to provide affordable housing for persons of low and moderate income to be referred to as the “Virgin Islands Affordable Housing Program”. The program may include the following elements: (1) contribution of publicly-owned land or buildings; (2) public development or rehabilitation of […]
§ 941. Authorization to undertake housing development; preference for local participation; joint ventures
(a) The VIHFA, on behalf of the Government, are hereby authorized to contract with builders, contractors, project coordinators, construction managers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage affordable housing. The VIHFA or other appropriate governmental entity, as determined by the Governor, is hereby authorized to operate and manage […]
§ 942. Encouragement of housing production facilities
In order to facilitate the production of decent, safe, sanitary, aesthetically acceptable, high quality affordable housing in the Virgin Islands, to create jobs for Virgin Islanders and to stimulate increased economic development in the Virgin Islands through involvement of the local construction industry in the production of housing for low income and moderate income persons, […]
§ 943. Financing
(a) The Authority, subject to subsection (d) of this section, shall have the power and is hereby authorized, at one time or from time to time, to borrow money and to issue its negotiable notes, bonds, debentures, certificates, obligations or other evidences of indebtedness to fund or refund the same, payable solely from the revenues […]
§ 930. Declaration of legislative findings
The Legislature hereby finds and declares that: (i) there is a critical shortage of decent, safe, sanitary, aesthetically acceptable, high quality housing for persons of low and moderate income; (ii) there is considerable demand for owner-occupied single-family housing units and multifamily rental housing for such persons; (iii) new housing must be provided at a cost […]
§ 931. Policy and purpose
(a) It is the express purpose of this Act that the Virgin Islands Housing Finance Authority, (hereinafter “VIHFA”), as an independent instrumentality of the Government, shall operate the Affordable Housing Program for low and moderate income persons under this Act. The VIHFA shall cooperate with each other so that the criteria established for qualification as […]