(a) The Homestead and Home Loan Fund, heretofore created for the purpose of assisting qualified applicants with purchasing land for home construction, construction costs of building a house or to purchase a house to be used as a primary residence in St. Croix, St. Thomas and St. John and related purposes authorized by laws in force prior to the effective date of this Code, is continued, and shall be expended throughout the Virgin Islands for such purposes as the processing of mortgages and administration of the fund. There shall be deposited into the fund all monies, bonds and other sureties which may be appropriated by the Legislature for such purposes or which may be acquired by gift or otherwise. All funds derived from the sale of land, interest on loans, or any other income shall be covered into the Homestead and Home Loan Fund.
(b) All monies pertaining to the Homestead and Home Loan Fund shall be disbursed by the Commissioner of Finance according to the provisions of this chapter.
(c) Individuals who qualify for a Rural Development Loan or a Veterans Administrative Loan are not eligible for programs administered through the Homestead and Home Loan Fund.