V.I. Code tit. 29, § 945 (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|§ 945. Limitation on sale or rental of affordable housing units

 (a) Sale or rental.  (1) Subject to the provisions of this subsection and in consideration of the incentives provided under the Act, every affordable housing unit provided directly by the Government of the Virgin Islands through bonds, notes or other obligations issued by the Authority or provided by an applicant pursuant to an Affordable Housing Development Plan and Agreement shall be offered for sale or rental, as the case may be, to eligible low and moderate income persons. Low and moderate income persons who have served in the Armed Forces of the United States, who are domiciled in the Virgin Islands and who were born in the Virgin Islands or entered the armed forces from the Virgin Islands shall have set-aside for purchase or rent fifteen percent (15%) of the affordable housing units. (2)  (A) The Virgin Islands Housing Finance Authority shall maintain a list of eligible persons of low and moderate income and shall notify quarterly such eligible persons of the proposed offering of housing units for sale or rental and shall furnish such other assistance and information as may be appropriate. (B) The Project Manager shall notify any person determined to be eligible for affordable housing under this chapter by certified mail within ninety days after the date the eligibility determination is made. (3) With respect to housing units provided by an applicant pursuant to an approved Affordable Housing Development Agreement, such units shall be made available exclusively for persons identified on the lists maintained by the Virgin Islands Housing Finance Authority for a control period of one hundred and eighty (180) days from the date such units are first made available for occupancy, after which time such units may be offered to the general public after giving written notice to the Project Manager of such proposed offering to the general public and notice to the general public through the news media. Applicants shall make a good faith effort to enter into sales contracts or leases with eligible persons identified by the Virgin Islands Housing Finance Authority. The eligibility lists maintained by the Virgin Islands Housing Finance Authority shall be supplemented and amended from time to time in accordance with applicable program rules and regulations. (4) Every purchaser or renter of an affordable housing unit under the program shall certify that he or she is acquiring or leasing said unit for his or her own primary place of residence. Such units shall not be permitted to be sold or leased to others except for good cause shown and only with the prior approval of the VIHFA. (5) With respect to the housing units built to accommodate the needs of disabled persons, as required by subsection (c) of section 941 of this chapter, priority with respect to eligibility for purchase or rental of such units shall be given to disabled persons, as defined in Title 34, section 452, Virgin Islands Code, who have been residents in the Virgin Islands for at least five years. (b) Purchase or lease of applicant's affordable housing units by Government. In view of the critical need for housing for low and moderate income persons and families, the Government, acting through the Authority or the Virgin Islands Housing Finance Authority, shall have the option to purchase or lease from the applicant affordable housing units provided pursuant to an Affordable Housing Development Agreement. This option may be assigned to eligible persons of low or moderate income. If the Government chooses to exercise its option, it shall do so by submitting to the applicant a notice of intent to exercise its option for a specified number of affordable units covered by the option. Such notice shall be delivered prior to the lapse of the exclusive offering period specified in subsection (a)(3) of this section. Any affordable housing unit so purchased or leased by the Government shall be sold or rented only to eligible persons. (c) Control of subsequent sale or rental of affordable housing units.  (1) Subsequent sale price. Affordable housing units constructed or offered for sale under this chapter shall not be sold during a control period of ten (10) years from the date of original sale for a price, greater than a sales price which equals the original selling price plus a percentage of the unit's original selling price equal to the increase in the cost of living, as determined by the United States Department of Labor's Consumer Price Index, plus the fair market value of improvements made to the unit between the date of original sale and the date of resale, plus an allowance for payment of closing costs. The aforesaid sale price formula may be amended or modified from time to time pursuant to regulations adopted by the VIHFA. (2) Subsequent purchase by Government. Any affordable housing unit offered for resale during the aforesaid ten (10) year control period shall be first offered exclusively for a priority period of one hundred and twenty (120) days through the Virgin Islands Housing Finance Authority to persons determined by said Authority to be of eligible income. After expiration of the one hundred and twenty (120) day priority period, that unit may be offered for sale to the general public after giving written notice to the Project Manager of such proposed offering to the general public and notice to the general public through the news media. (3) Subsequent rental price. Affordable housing units constructed or offered for rent under this chapter shall not be rented during a control period of ten (10) years from the date of original rental at a rental rate greater than that established by agreement or regulation promulgated by the VIHFA. Whenever any affordable housing rental unit is offered for rent during the aforesaid ten (10) year control period, it shall be offered exclusively for thirty (30) days to the VIHFA for rental to persons of low or moderate income, as defined by this Act and as determined eligible by the VIHFA, for use as a primary residence. The VIHFA may assign its right to rent such units to persons of low or moderate income who are eligible for assistance under any federal, state or local housing program. (d) Recapture of certain program benefits; foreclosure. Subject to applicable law, any loan or other assistance provided to a low or moderate income person under the program in order to enable such person to purchase a housing unit shall be evidenced by a promissory note and secured by a second mortgage. Upon the sale of any such unit, such loan shall be repaid in full. The VIHFA is authorized to establish written regulations dealing with foreclosure proceedings with respect to such assisted housing units. (e) Executive regulation.  (1) For the purpose of effectuating the requirements of this chapter, the VIHFA shall maintain a list of all affordable housing units constructed, sold or rented pursuant to this chapter, and the VIHFA, from time to time, shall issue such written regulations as may be necessary to put into effect and to administer the provisions of this chapter. In addition, the requirements hereof shall be set forth in Affordable Housing Development Agreements. (2) The provisions of this chapter shall apply to all agents, successors and assigns of an applicant. No building permit, plan of subdivision, plan of development, preliminary or final plan, or site development plan for an affordable housing development shall be approved which does not meet the requirements of this chapter. The Zoning Administrator may suspend or revoke any building or occupancy permit upon the finding of a violation of any provision of this chapter. Any prior approval of a plan of subdivision, plan of development, site development plan or preliminary or final plan for an affordable housing development authorized by the Act may be suspended or revoked upon the failure to meet any requirement of this chapter. No occupancy permit shall be issued for any building or buildings to any applicant, or successor or assign of any applicant, for such construction which fails to comply with the provisions of this chapter.