Title 21 — Homesteads and Home Loans
5 chapters · 62 sections in this title.
21 V.I.C. § 150 Definitions
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As used in this chapter, unless the text clearly requires otherwise:“Approved plan” means a plan approved by the U.S. Department of Housing and Urban Development under Section 5(h) of the Homeownership Program for public housing of the United States Housing Act of 1987, as amende…
21 V.I.C. § 151 Public policy
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It is the policy of the Government of the Virgin Islands that all tenants in good standing of the public housing projects of the Virgin Islands shall be entitled to purchase existing or future public housing units on favorable negotiated terms. Such purchase shall vest in the buy…
21 V.I.C. § 152 Conversion principles
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(a) Unless otherwise prohibited by federal law, the following principles shall be applied in implementing the policy and requirements of this chapter:(a) The right to own property is a fundamental right of all citizens.(b) Homeownership generally promotes pride and encourages res…
21 V.I.C. § 153 Resident involvement
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The Virgin Islands Housing Authority and the Virgin Islands Housing Finance Authority shall promote the sale of their respective housing stock to the tenants of public housing by developing and implementing homeownership plans. There may be one or more such plans, and the plans m…
21 V.I.C. § 154 Homeownership training
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The Virgin Islands Housing Finance Authority and the Virgin Islands Housing Authority shall provide their respective tenants with appropriate counseling and training for each step of implementation along a pathway to homeownership. The training shall include, but not be limited t…
21 V.I.C. § 155 Property that may be sold
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All housing stock of Virgin Islands Housing Finance Authority or the Virgin Islands Housing Authority may be sold to tenants under the terms and conditions of this chapter, provided that such stock is sold pursuant to a plan that is approved by the U. S. Department of Housing and…
21 V.I.C. § 156 Purchaser eligibility
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(a) Public housing stock may be sold to persons who meet the following eligibility requirements:(a) has been a tenant of public housing for not less than 30 days immediately prior to the sale; provided, however, that residents of public housing with the longest tenure shall be gi…
21 V.I.C. § 157 Methods of sale
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An approved plan for conversion of public housing units to private ownership by the tenants of public housing may include any viable economic method of sale and transfer of title. The plan shall give a first priority preference to the current occupant of any unit offered for sale…
21 V.I.C. § 158 Limits on resale of property
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If a unit of public housing is sold to an initial purchaser at less than fair market value, the homeownership plan shall include appropriate measures to preclude realization by the initial purchaser of windfall profits on resale of the property, provided, however that any restric…
21 V.I.C. § 159 Maintenance reserve
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In order to insure the long-term success of this conversion housing program, a non-routine maintenance reserve shall be required for all multifamily properties sold under an approved homeownership plan pursuant to this chapter. The purpose of the reserve shall be to protect the i…
21 V.I.C. § 160 Replacement housing
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It is recognized that not all tenants of public housing will qualify for home ownership. Some who qualify may elect not to purchase units of public housing. Additional public housing will be required in the future to replace the units sold to tenants. To meet the need, the Author…