§ 141. Short title

This chapter shall be known as and designated the “Homeownership Act of 2004”.

§ 142. Legislative findings and purposes

The Legislature hereby declares and finds that: (a) There exists a serious shortage of residential, moderate-income housing in the Territory; (b) The lack of moderate-income housing is injurious to the health, safety and welfare of the people of the Virgin Islands and retards the economic development of the people of the Virgin Islands; (c) A […]

§ 143. Acquisition of real property for this Act

(a) In addition to the provisions in title 33, section 2552 and 2494a, of this Code, an owner of real property in lieu of having the real property sold at public auction, may choose to convey the property in lieu of property taxes on any other contiguous real property of not less than one acre […]

§ 144. Authorization to undertake housing development, requirements of developers, builders or contractors under this chapter

(a) The Virgin Islands Housing Finance Authority, on behalf of the Government of the Virgin Islands, is authorized to contract with builders, contractors and developers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage homeownership as provided under this chapter. (b) Builders, contractors, developers, and others selected by the Virgin […]

§ 145. Priority of purchasers and requirements

(a) The Virgin Islands Housing Finance Authority, shall provide homeownership for individuals in accordance to rules and regulations established by the Authority with priority given to first-time homeowners or those individuals who have, for a period of not less than seven (7) years, lost their homes through foreclosure or divorce and have resided full time, […]