2019 U.S. Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 1 - General Provisions
§ 9. Loans for home construction; limitations; qualifications of applicants

(a) Except as otherwise provided, the Executive Director of the Virgin Islands Housing Finance Authority shall receive applications for loans not in excess of $220,000 to any one person or family residing in the same house. The Executive Director of the Virgin Islands Housing Finance Authority shall receive such applications upon forms prepared by him, and his decisions as to the eligibility of applicants to obtain loans from the Homestead and Home Loan Fund, when not inconsistent with this chapter, shall be final. Each applicant for a loan shall submit a set of plans and specifications of the house as approved by the Department of Natural Resources. Loans may be granted by the Executive Director of the Virgin Islands Housing Finance Authority to every applicant who establishes that—

• (1) he is the head of the family and is responsible for its housing;

• (2) he owns no home or family homestead to which he has a fee simple title;

• (3) he owns in fee a plot of land on which to construct his home; and

• (4) he is a good credit risk.

• (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 a home including cisterns, foundation slabs or retaining walls including block and/or wire fencing;

• (3) to purchase a plot of land on which to construct a home or locate a mobile home or house trailer; loans available under paragraph (3) shall not exceed $50,000.00; provided, however, that loans for home 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.

(b) Notwithstanding any other law, rule or regulation, no applicant shall be prohibited or restricted from participation in the Homestead and Home Loan Fund program as defined in this chapter solely as a result of his prior participation in a real estate acquisition, homeownership or mortgage program conducted under the auspices of the Virgin Islands Housing Finance Authority or any other government agency, if he or she is otherwise qualified under section 9(a) of this chapter.