V.I. Code tit. 29, § 940 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 16 - Authorization and Implementation of the Virgin Islands Affordable Housing Program|Subchapter II - Establishment of United States Virgin Islands Affordable Housing Program|§ 940. Authorization of program; appointment of Project Manager

 (a) The VIHFA is hereby authorized to initiate, administer and maintain a program to provide affordable housing for persons of low and moderate income to be referred to as the “Virgin Islands Affordable Housing Program”. The program may include the following elements: (1) contribution of publicly-owned land or buildings; (2) public development or rehabilitation of land and improvements, including, but not limited to, single-family owner-occupied housing units, cooperative housing developments and multifamily rental housing units; (3) use of improved housing technology, including, but not limited to, modular and panelized housing methods; (4) public financing of construction and rehabilitation of housing units; (5) development incentives and expedited zoning and subdivision approval; (6) public financing of mortgage loans for home buyers; (7) mortgage loan administration, including screening and prequalification of low income and moderate income participants; (8) home ownership training and assistance. (9) projects of the VIHFA which meet the criteria of this act for low and moderate income families. (b) In addition to any other powers conferred by this chapter or any other provision of applicable law, the VIHFA, with the approval of the Governor, may: (1) acquire and dispose of any real and personal property, or any interest or estate therein, when such action is necessary and appropriate to provide affordable housing for low income or moderate income persons and families; (2) pledge, obligate, mortgage or otherwise encumber land, property, revenues and income acquired or received by the VIHFA, whichever is applicable, for the purposes of the Act; provided, however, that no obligation shall be incurred which may be a general obligation of the Government of the Virgin Islands unless such obligation is permissible under the organic laws governing the Virgin Islands and approved by the Legislature; (3) enter into contracts and execute all instruments necessary or advisable in the exercise of the powers hereby conferred, including, but not limited to, Affordable Housing Development Agreements with developers or builders of affordable housing; (4) develop, construct, rehabilitate, own, operate and maintain buildings and improvements deemed necessary and appropriate to the execution of the purposes of this Act; (5) subdivide, allot and reallot designated Government-owned land as necessary and appropriate to the execution of the purposes of this Act; (6) seek and accept funding from any public or private source consistent with the purposes of this Act; (7) adopt, alter, amend or repeal rules and regulations, in a manner consistent with applicable law, in order to carry out the purposes of the Act, including, without limitation, rules, regulations and guidelines governing program income limits for low and moderate income persons and families, program eligibility criteria for low and moderate income persons and families, rules and regulations regarding the content of Affordable Housing Development Plans, and rules, regulations and guidelines regarding the sale or other disposition of dwelling units financed or constructed under the program. (8) review and recommend for approval, exemptions from excise taxes, gross receipts taxes, customs duties and income taxes for persons, corporations and others providing affordable housing under the program. (c) The Governor, with the approval of the Legislature, shall appoint a seven (7) member Affordable Housing Advisory Committee. The members so appointed shall be experienced in housing, community development or finance, provided that the membership reflects a balanced representation of each area of expertise. The Governor, and, in his absence, the Lieutenant Governor, shall serve as chairman of the Advisory Committee. The Committee may elect such additional officers from its membership or delegate to any of its members such duties and responsibilities as it may deem necessary. Members of the Committee shall receive no compensation for their services, but shall be entitled to payment of official travel costs and reimbursement of expenses actually and necessarily incurred in the discharge of their duties and functions pursuant to such rules and regulations as are applicable to employees of the Government of the Virgin Islands. The sole purpose and function of the Affordable Housing Advisory Committee is to advise the Governor, the Authority, and the VIHFA on the implementation and administration of the program and the financing thereof, including the use of funds in the Housing Trust Fund. (d) Members of the Affordable Housing Advisory Committee, while acting within the scope of their authority as committee members, shall not be subject to any personal or civil liability resulting from the exercise of any of the Committee's purposes, duties or responsibilities, unless the conduct of the member is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence. (e) The Governor is hereby authorized to designate a Project Manager to administer the day-to-day operations of the program. The Project Manager shall implement program activities in accordance with rules and regulations promulgated for the program pursuant to this Act.