Title 21 — Homesteads and Home Loans
5 chapters · 62 sections in this title.
21 V.I.C. § 121 Definitions
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(a) As used in this chapter, unless the context clearly indicates otherwise:(a) “Authority” means the Housing Finance Authority established under chapter 2 of this title;(b) “Executive Director” means the Executive Director of the Virgin Islands Housing Finance Authority; (c) “To…
21 V.I.C. § 122 Designation of Code Enforcement and Rehabilitation Area; eligibility
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(a) The Authority may designate any area of a town as a Code Enforcement and Rehabilitation Area, if it finds that:(a) the area is substandard or unsanitary;(b) a substantial proportion of the housing accommodations in the area is in a deteriorating or deteriorated condition, and…
21 V.I.C. § 123 Duration
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The Authority shall continue until terminated by law, except that it shall remain in existence so long as loans guaranteed by it pursuant to this chapter are outstanding. Upon the dissolution of the Authority, its rights, liabilities and assets shall pass to the Territory.
21 V.I.C. § 124 General powers and duties
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(a) The Authority shall have all the rights and powers necessary or desirable for carrying out the purposes of this chapter. In addition to any specific powers enumerated herein, the Authority may:(a) sue and be sued;(b) have a seal and alter it at will;(c) make contracts and oth…
21 V.I.C. § 125 Exemption from taxation of property and income
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The property of the Authority and its income from operations shall be exempt from taxation.
21 V.I.C. § 126 Assistance by departments; reports, examinations
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(a) Each department or agency of the executive branch shall render assistance and services as may be requested by the Authority in aid of its functions (b) The Authority shall file with the Governor and the Legislature within 90 days after the end of its fiscal year, a report of …
21 V.I.C. § 127 Guaranty of loans
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(a) The Authority may guarantee a loan made by a financial institution to an owner to finance the cost of rehabilitation of a housing accommodation or accommodations, subject to the requirements of this section. (b) This guaranty shall constitute an undertaking by the Authority t…
21 V.I.C. § 128 Maximum aggregate guarantees by the Authority
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The Authority shall not guarantee any loan pursuant to section 126 of this chapter, which causes the aggregate principal amount of the loans guaranteed by the Authority under this chapter to exceed $1,000,000.
21 V.I.C. § 129 Guaranty reserve account
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The Authority shall establish a special account, to be known as the Guaranty Reserve Account, and shall pay into this account all monies appropriated and made available by the Virgin Islands Government for the purposes of the account, all payments of principal and interest receiv…
21 V.I.C. § 130 Interest assistance
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(a) The Authority, on behalf of the Virgin Islands Government, may provide assistance to any financial institution with respect to any loan guaranteed by the Authority pursuant to this chapter. This assistance, subject to the limitations of this section, may be in amounts as are …
21 V.I.C. § 131 Temporary removal of tenants
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(a) The Executive Director, with respect to any premises for which a guaranteed rehabilitation loan is made pursuant to this chapter, may require the owner to cause the premises to be vacated if he finds it necessary to have the premises vacated to proceed with the rehabilitation…
21 V.I.C. § 132 Real estate tax exemption
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The real property constituting or containing the housing accommodations with respect to which a guaranteed loan is made pursuant to this chapter shall be exempted from real property taxes to the extent of that portion of the value which represents an increase over the assessed va…