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 […]
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, […]
The Authority shall obtain the approval of the Legislature for the use of any property in any manner; such approval shall be obtained by submitting, at a minimum of every three (3) years, an Affordable Housing Plan which addresses specific projects to be developed on real property of the Authority. The Affordable Housing Plan shall […]
(a) Notwithstanding any other provision of law to the contrary, the Authority shall authorize from time to time the sale by the Director of the Office of Management and Budget of bonds and notes of the Government of the Virgin Islands in such principal amounts as may be set forth in a declaration of the […]
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 […]
(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 […]
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 […]
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 […]
The provisions of this chapter shall be liberally construed to accomplish the purposes herein.
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.
(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 […]
(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 […]
(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 […]
