2019 U.S. Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 4 - Rent-to-Own Public Housing Conversion Program
§ 158. Limits on resale of property
Universal Citation:
V.I. Code tit. 21, § 158 (2019)
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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 restriction as to the time period on resale shall not exceed five years from the date of the conveyance of title. The sale of public housing is intended to benefit those tenants. It is not intended that an approved homeownership plan would allow developers or other outside buyers to profit from the favorable terms adopted for the tenant/purchasers of the units.
- The protection against windfall profits required by this section may be achieved by any method approved under the terms and conditions of the United States Housing Act, as amended, and any of the Rules and Regulations pertaining thereto.
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