2019 U.S. Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 4 - Rent-to-Own Public Housing Conversion Program
§ 150. Definitions
Universal Citation:
V.I. Code tit. 21, § 150 (2019)
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on the American Association of Law Libraries Universal Citation Guide and is not
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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 amended, in the case of housing stock owned and managed by the Authority, and means a plan approved by the Governor under terms and conditions similar to plans approved by the U. S. Department of Housing and Urban Development, in the case of housing stock owned by the Government of the Virgin Islands and managed by the V. I. Department of Sports, Parks and Recreation. “Authority” means the Virgin Islands Housing Finance Authority. “Windfall profits” means all or a portion of the resale proceeds attributable to the purchase price discount (the fair market value at the rate of purchase from the Authority or the Department less the below market purchase price), but does not include any resale profit attributable to appreciation of the property or the value of improvements made thereto by the homeowner.
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