Title 21, Homesteads and Home Loans
5 chapters · 60 sections in this title.
21 V.I.C. § 1 Definitions
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As used in this chapter, unless otherwise provided or the context requires a different construction, application or meaning—“Authority” means the Virgin Islands Housing Finance Authority;“homestead” means a plot or plots of land improved by the building of a house or houses there…
21 V.I.C. § 10 Interest on loans; other terms; security; advancement of monies; payments
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(a) Except as otherwise provided, all loans referred to in section 9 of this title shall be made with interest at the rate not to exceed the 10-year Treasury Note Rate, and shall be payable in a period not exceeding 30 years. Loans for home purchases granted under this program sh…
21 V.I.C. § 11 Loans in conformity with regulations of Federal Housing Commissioner
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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.…
21 V.I.C. § 12 Collection of payments; execution of deeds; option of Government to repurchase
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(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 …
21 V.I.C. § 13 Subordination of mortgages on homestead land; conditions as to agreements; definition
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(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) …
21 V.I.C. § 14 Assistance to veterans in obtaining federal loans; contracts
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The Virgin Islands Housing Finance Authority is authorized to devise a program to assist veterans of the Armed Forces of the United States who are natives of the Virgin Islands or permanent residents of the Virgin Islands to obtain loans made available to veterans by Federal law.…
21 V.I.C. § 15 Acquisition or designation of land for sale to veterans
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The Virgin Islands Housing Finance Authority shall acquire suitable parcels of land or it may designate parcels of land already under its jurisdiction, with the approval of the Governor and the Legislature, for exclusive allotment and sale, on terms, to qualified veterans who wer…
21 V.I.C. § 16 Home construction and improvement loans to veterans
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(1) The Executive Director of the Virgin Islands Housing Finance Authority may expend funds to provide loans to assist any veteran to—(1) purchase a house, including but not limited to a mobile home, house trailer, prefabricated house or manufactured house.(2) construct, improve,…
21 V.I.C. § 17 Authorization of appropriations for housing of veterans
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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.
21 V.I.C. § 2 Powers and duties of Executive Director of the Virgin Islands Housing Finance Authority
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(a) In addition to any other powers conferred upon him by this chapter or other law, the Executive Director of the Virgin Islands Housing Finance Authority, with the approval of the Governor, and on behalf of the Government of the Virgin Islands, may—(1) pledge, obligate, mortgag…
21 V.I.C. § 3 Acquisition or use of land for homesteads
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(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 hel…
21 V.I.C. § 4a No down payment for veterans
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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 9…
21 V.I.C. § 5 Minimum selling price
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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.
21 V.I.C. § 6 Applicants for lots; form of applications
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All applicants for homestead lots shall be at least 18 years of age. Applications shall be made in writing to the Executive Director of the Virgin Islands Housing Finance Authority, stating the lot or lots required. Applications shall be indorsed by two persons of good repute.
21 V.I.C. § 6a Eligibility of applicant
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No applicant for a plot of land shall be considered eligible if such applicant (or the spouse of such applicant from whom the applicant is not legally separated) already owns a home (other than a superficiary house) or plot of land upon which a home may be constructed; and in no …
21 V.I.C. § 7 Homestead contracts; conveyances, terms and provisions
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(1) In the name of the Government of the Virgin Islands, and with the approval of the Governor, the Executive Director of the Virgin Islands Housing Finance Authority shall issue contracts for the purchase and sale of homestead plots or issue deeds of conveyance either in fulfilm…
21 V.I.C. § 8 Homestead and Home Loan Fund; continuation, maintenance and use; disbursements
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(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. …
21 V.I.C. § 9 Loans for home construction; limitations; qualifications of applicants
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(a) Except as otherwise provided, the Executive Director of the Virgin Islands Housing Finance Authority shall receive applications for loans not in excess of $250,000 to any one person or family residing in the same house. The Executive Director of the Virgin Islands Housing Fin…