V.I. Code tit. 29, § 943 (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|§ 943. Financing

 (a) The Authority, subject to subsection (d) of this section, shall have the power and is hereby authorized, at one time or from time to time, to borrow money and to issue its negotiable notes, bonds, debentures, certificates, obligations or other evidences of indebtedness to fund or refund the same, payable solely from the revenues to be derived from the development project or undertaking, in such principal amounts as, in the opinion of the Authority, shall be necessary and appropriate to provide sufficient funds for achieving the public purpose of providing housing for low income and moderate income persons, including financing the acquisition, construction and rehabilitation of owner-occupied and rental housing units for such persons; the acquisition, construction and installation of site improvements; the acquisition and construction of housing production facilities, as provided in this chapter; the capitalization of the Housing Trust Fund; the establishment of reserves to secure such indebtedness; to fund interest on such indebtedness during the period of construction and for one year thereafter; and all other expenditures of the Authority incident to and necessary or convenient to carry out its corporate purposes and powers. (b) The Authority, subject to subsection (d) of this section, consistent with subsection (a) of this section and to the extent not provided for in the Housing Finance Authority is authorized to engage in (A) for the purpose of financing single-family owner-occupied housing, the financing of qualified home mortgage loans for qualified low and moderate income persons in a manner consistent with the applicable requirements of the United States Internal Revenue Code of 1986, amended, including, among other things: (i) making moneys available to established lending institutions for home mortgage loans to qualified buyers; (ii) acquiring by assignment, or otherwise, home mortgages or participations owned or originated by lending institutions; (iii) contracting with lending institutions for the origination, purchase and servicing of new or existing home mortgages; (iv) selling or otherwise disposing of any home mortgage and (B) for the purpose of financing multi-family rental housing units for qualified low and moderate income persons in a manner consistent with the requirements of the Internal Revenue Code of 1986, as amended, including among other things: (i) to make and to contract for the making of loans to any person or entity, whether for profit or not for profit, for the acquisition, construction or rehabilitation and for the long-term financing of multi-family rental housing, secured or unsecured as determined by the Authority, and (ii) to make and to contract for the making of loans to, or to purchase securities, time deposits or loans from, secured or unsecured as determined by the Authority, established lending institutions for the purpose of providing funds to such institutions for making loans for the financing of such acquisition, construction or rehabilitation. (c) The bonds, notes, debentures, certificates, obligations or indebtedness so issued and incurred shall be dated, shall bear interest at such rate or rates as shall be set by the Authority (which may include the use of any formula or market-pricing mechanism determined by the Authority to be reasonable and appropriate), payable at such times as the Authority may determine and shall mature at such time or times as the Authority may determine, shall be payable in such medium of payment as to both principal and interest as may be determined by the Authority, and, at the option of the Authority, may be made redeemable before maturity under terms and conditions as may be fixed by the Authority in the resolution or financing documents providing for the issuance of such obligations. Such obligations may be issued as taxable or tax-exempt securities and may be structured as current-interest bearing obligations or capital appreciation obligations, as determined by the Authority within its sole discretion. Such notes, bonds, debentures, obligations or other indebtedness shall comply with all applicable requirements of the Revised Organic Act of the Virgin Islands, as amended, and shall be issued, executed, secured, sold and delivered and have such attributes as permitted or required by the Revised Organic Act of the Virgin Islands and Title 29, chapter 15, Virgin Islands Code. The Authority may enter into contracts and execute all instruments necessary or advisable in the exercise of the powers conferred in this section, including, without limitations, agreements in connection with credit enhancement requirements, agreements relating to the private sale of its bonds, notes or other obligations and the repurchase of such obligations. (d) Notwithstanding any other provision of law to the contrary, the Authority shall not administer programs funded under the authority provided by this or any other act of the Legislature. Program funds shall be turned over to the appropriate operating agencies under terms consistent with the purpose of the funded program.