2019 U.S. Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 1 - General Provisions
§ 16. Home construction and improvement loans to veterans
Universal Citation:
V.I. Code tit. 21, § 16 (2019)
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- 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, alter, repair or rehabilitate his home including cisterns, foundation slabs, or retaining walls.
(3) to purchase a plot of land on which to construct his home or locate his mobile home or house trailer.
(4) for re-financing a home mortgage loan, in the event of action to foreclose.
- The Executive Director of the Virgin Islands Housing Finance Authority shall issue rules and regulations pursuant to chapter 35 of Title 3 of this Code governing the terms and conditions of loans made pursuant to this subsection; Provided, however, that no loan to any one person under the provisions of this subsection shall exceed $220,000 and the interest rate on such loan shall not exceed six percent (6%); provided, further, that the Executive Director of the Virgin Islands Housing Finance Authority is authorized to request only one bank rejection from the veteran and may waive this requirement after an assessment of the veteran. Loans available under the provisions of subdivision (3) of this subchapter shall not exceed $50,000.00, and loans available under other provisions of this subchapter shall not exceed $220,000.00, provided however, that loans for improvement shall not exceed $40,000.00. Once an applicant has met the eligibility requirements and funds are available for the purpose of granting loans to purchase land, the Virgin Islands Government, acting by and through the Executive Director of the Virgin Islands Housing Finance Authority, shall issue a commitment to the prospective purchaser to buy land not in excess of one half (½ acre).
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