Title 21 — Homesteads and Home Loans
5 chapters · 62 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. § 4 Priority of purchasers [Repealed]
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21 V.I.C. § 4 Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
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. § 7a Repealed. June 14, 1960, No. 615 § 1, Sess. L. 1960, p. 133
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21 V.I.C. § 7a Statutes current through Act 9046 of the 2025 session of the 36th Legislature, including all code changes through October 25, 2025 Virgin Islands Code AnnotatedCopyright © 2026 All rights reserved.
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…
21 V.I.C. § 101 Findings and declaration
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(a) The Legislature of the Virgin Islands finds and declares that:(a) There exists a serious shortage of residential low and moderate income housing in the Territory.(b) The lack of low and moderate income housing is injurious to the health, safety and welfare of the people of th…
21 V.I.C. § 102 Definitions
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(a) As used in this chapter, unless the context clearly requires otherwise, the following terms have the following meanings:(a) “Authority” means the Virgin Islands Housing Finance Authority created by section 103 of this chapter, and any reference to the government in this chapt…
21 V.I.C. § 103 Powers of Housing Finance Authority
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(a) There is hereby created a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands by the name of the Virgin Islands Housing Finance Authority, hereinafter “Authority”. The Authority consi…
21 V.I.C. § 103a Approval of property for development
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The Authority shall obtain the approval of the Legislature for the use of any property in any manner; such approval shall be obtained by submitting, at a minimum of every three (3) years, an Affordable Housing Plan which addresses specific projects to be developed on real propert…
21 V.I.C. § 104 Issuance of bonds and notes
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(a) Notwithstanding any other provision of law to the contrary, the Authority shall authorize from time to time the sale by the Director of the Office of Management and Budget of bonds and notes of the Government of the Virgin Islands in such principal amounts as may be set forth…
21 V.I.C. § 105 Declaration by Authority
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(a) Prior to or contemporaneous with the issuance of bonds or notes pursuant to this chapter, the Authority shall have found and determined by declaration that the findings of the Legislature as set forth in subsections (a) through (d) of section 101 of this chapter continue to e…
21 V.I.C. § 106 Limitations on purchases, loans, and mortgages
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(a) By rules and regulations the Authority shall insure that no proceeds of bonds or notes issued pursuant to this chapter shall be used:(1) for purposes other than those which comply with the United States Internal Revenue Code of 1954, as amended;(2) for loans unless such loans…
21 V.I.C. § 107 Government pledge
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The government does pledge to and agree with the holders of any bonds or notes issued pursuant to this chapter that the government will not limit or alter the rights hereby vested in it to fulfill the terms of any agreements made with the holders thereof, or in any way impair the…
21 V.I.C. § 108 Self-effectuating chapter
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The powers conferred by this chapter are in addition and supplemental to, and the limitations imposed by this chapter shall not affect, the powers conferred by any other general statute, special act, charter or ordinance of the Territory. Mortgage loan or loans may be acquired, p…
21 V.I.C. § 109 Liberal construction
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The provisions of this chapter shall be liberally construed to accomplish the purposes herein.
21 V.I.C. § 110 Severability
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The provisions of this act are severable, and if any of its provisions or any sentence, clause or paragraph shall be held invalid by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions hereof.
21 V.I.C. § 111 Consultants to the Authority; transfer of property; Urban Renewal Board powers to be undertaken by Housing Finance Authority
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(a) The Authority shall require its advisers and consultants, wherever possible and feasible, to utilize the services of a competent Virgin Islands firm to provide essential management or financial services for said advisers or consultants. The Authority may itself utilize the se…
21 V.I.C. § 112 Suits against the Authority; limits on liability
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(a) No judgment shall be rendered against the Authority in excess of $25,000.00 in any suit or action against the Authority with respect to any injury or loss of property or personal injury or death which:(1) may be caused by the negligent or wrongful act or omission of any emplo…
21 V.I.C. § 115 Mortgage subsidy
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(a) In addition to any other authority conferred by law, the Housing Finance Authority is authorized and directed to establish by regulation a mortgage subsidy program which meets the criteria of this section. (b) The subsidy program shall:(1) Serve buyers seeking a mortgage loan…
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…
21 V.I.C. § 141 Short title
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This chapter shall be known as and designated the “Homeownership Act of 2004”.
21 V.I.C. § 142 Legislative findings and purposes
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(a) 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 t…
21 V.I.C. § 143 Acquisition of real property for this Act
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(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…
21 V.I.C. § 144 Authorization to undertake housing development, requirements of developers, builders or contractors under this chapter
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(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 home…