reglab/housing_qa huggingface dataset:
V.I. Code tit. 21, § 124 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 124. General powers and duties

 The Authority shall have all the rights and powers necessary or desirable for carrying out the purposes of this chapter. In addition to any specific powers enumerated herein, the Authority may: (a) sue and be sued; (b) have a seal and alter it at will; (c) make contracts and other instruments; (d) make by-laws, rules and regulations governing its operation and the use of its property and facilities; (e) acquire, hold, mortgage, pledge and dispose of real or personal property; (f) appoint officers, agents and employees, prescribe their powers and duties and fix their compensation subject to chapter 5 of Title 3, Virgin Islands Code, and to appropriations; (g) invest any funds not required for immediate use or disbursement, including any funds held in reserve, in obligations of this Territory or the United States Government, or obligations, the principal and interest of which are guaranteed by this Territory or the United States Government; (h) agree to guarantee loans made by financial institutions to owners of housing accommodations and, in case of default by the owner, take action as may be required to protect the interest of the Authority; (i) accept any gifts, grants or loans of funds or property or financial or other aid of any form from the Virgin Islands Government or Federal government or any agency thereof or from any sources and to comply with the terms and conditions thereof not inconsistent with this chapter; and (j) engage the services of any department or agency of the executive branch on a contract basis for rendering staff or professional assistance, and engage the services of any private person, firm or corporation on a contract basis for rendering staff or professional assistance or advice.
V.I. Code tit. 21, § 125 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 125. Exemption from taxation of property and income

 The property of the Authority and its income from operations shall be exempt from taxation.
V.I. Code tit. 21, § 126 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 126. Assistance by departments; reports, examinations

 (a) Each department or agency of the executive branch shall render assistance and services as may be requested by the Authority in aid of its functions (b) The Authority shall file with the Governor and the Legislature within 90 days after the end of its fiscal year, a report of its operation with respect to this chapter, receipts and expenditures during the year, its assets and liabilities, including a schedule of outstanding guarantees, at the end of such year, and additional information as the Governor shall prescribe. This report shall be open to public inspection. (c) The Authority shall at least once every year contract with a private auditor to examine the books and accounts of the Authority with respect to this chapter and render a financial report to the Governor and the Legislature.
V.I. Code tit. 21, § 127 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 127. Guaranty of loans

 (a) The Authority may guarantee a loan made by a financial institution to an owner to finance the cost of rehabilitation of a housing accommodation or accommodations, subject to the requirements of this section. (b) This guaranty shall constitute an undertaking by the Authority to pay promptly to the holder of a guaranteed loan or loans, any installment of principal or interest, upon which the borrower is in default. (c) No guaranty shall be made by the Authority pursuant to this chapter unless: (1) the housing accommodation with respect to which the guaranty is made is located in an area designated by the Authority as a Code Enforcement and Rehabilitation Area pursuant to section 121 of this chapter; (2) the Executive Director certifies the owner is unable to secure the necessary funds for rehabilitation from ordinary commercial sources upon reasonable terms and conditions and that the loan with respect to which the guaranty is made is an acceptable risk, taking into consideration the need for the rehabilitation, the security available for the loan or loans, and the ability of the owner to repay the loan or loans; (3) the loan with respect to which the guaranty is made does not exceed, in the aggregate, ninety percent of the cost of rehabilitation of the housing accommodation; and (4) the Executive Director approves in advance all plans and specifications of the rehabilitation to be carried out. (d) Any loan or loans with respect to which a guaranty is made shall be repaid, with interest at a rate as may be agreed upon by the owner, the financial institution and the Authority, in periodic payments of principal and interest, within a period not greater than ten (10) years. The loan may also contain other conditions, not inconsistent with the provisions of this chapter as may be prescribed by the Authority by regulation, or as may be agreed upon by the owner, the financial institution, and the Authority. (e) The Executive Director shall by regulation prescribe for housing accommodations for which guaranties are made: (i) standards of repair, and (ii) schedules of maximum rent and rent increases. (f) So long as any guaranteed loan remains outstanding, the Authority may: (1) approve or disapprove in advance any sale by an owner of a housing accommodation or accommodations and the terms and conditions of the sale; and (2) approve or disapprove in advance all borrowing by an owner which relies on the housing accommodation as security from any person, firm or corporation. (g) If the Authority, pursuant to the terms of a guaranty, makes any payment upon a defaulted loan to the holder thereof, the Authority shall be subrogated to the rights of the holder. (h) The directors, officers and employees of the Authority shall not be subject to any personal liability on account of any guaranty made by the Authority.
V.I. Code tit. 21, § 128 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 128. Maximum aggregate guarantees by the Authority

 The Authority shall not guarantee any loan pursuant to section 126 of this chapter, which causes the aggregate principal amount of the loans guaranteed by the Authority under this chapter to exceed $1,000,000.
V.I. Code tit. 21, § 129 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 129. Guaranty reserve account

 The Authority shall establish a special account, to be known as the Guaranty Reserve Account, and shall pay into this account all monies appropriated and made available by the Virgin Islands Government for the purposes of the account, all payments of principal and interest received pursuant to subsection (d) of section 127 of this chapter and other monies which may be made available for the purposes of the account from any other source. All monies held in the guaranty reserve account shall be used by the Authority to meet its liabilities on guarantees made by it pursuant to sections 127 and 128 of this chapter, and to pay administrative costs of the Authority in administering this chapter.
V.I. Code tit. 21, § 130 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 130. Interest assistance

 (a) The Authority, on behalf of the Virgin Islands Government, may provide assistance to any financial institution with respect to any loan guaranteed by the Authority pursuant to this chapter. This assistance, subject to the limitations of this section, may be in amounts as are determined by the Authority to be necessary to enable the owner to afford the interest cost of the loan. (b) A contract for interest assistance shall constitute an undertaking by the Virgin Islands Government to grant to a holder of a guaranteed loan periodic supplements to the interest payable by the owner for a term of years not to exceed the term of the loan. (c) The amounts payable in any year under a contract for interest assistance, when added to the interest payable in that year by the owner upon the guaranteed loan, shall not exceed the maximum rate of interest which the financial institution could charge the owner under the laws of the Virgin Islands. (d) Any contract for interest assistance may also contain other conditions, not inconsistent with the provisions of this chapter, as may be prescribed by the Authority by regulation or as may be agreed upon by the owner, the financial institution and the Authority. (e) Payments of interest assistance shall be made directly to the holder of the guaranteed loan, shall not be subject to the control of the owner, and shall not constitute income to the owner for taxation or other purposes.
V.I. Code tit. 21, § 131 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 131. Temporary removal of tenants

 (a) The Executive Director, with respect to any premises for which a guaranteed rehabilitation loan is made pursuant to this chapter, may require the owner to cause the premises to be vacated if he finds it necessary to have the premises vacated to proceed with the rehabilitation, not withstanding any other provision of law. (b) Any tenants who have been temporarily ordered to vacate the premises shall have the right of reinstatement therein after the rehabilitation has been completed.
V.I. Code tit. 21, § 132 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3 - Housing Rehabilitation Loans|§ 132. Real estate tax exemption

 The real property constituting or containing the housing accommodations with respect to which a guaranteed loan is made pursuant to this chapter shall be exempted from real property taxes to the extent of that portion of the value which represents an increase over the assessed value of the property immediately before the rehabilitation was commenced and is attributed to the rehabilitation. The tax exemptions shall continue during the period after completion of the rehabilitation so long as the loan or guaranty by the Authority shall remain outstanding except that the exemption shall not continue more than ten (10) years after the date of completion of rehabilitation. The Director of the Bureau of Internal Revenue is authorized and directed to issue regulations to effectuate this tax exemption provision.
V.I. Code tit. 21, § 141 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3A - Homeownership Act of 2004|§ 141. Short title

 This chapter shall be known as and designated the “Homeownership Act of 2004”.
V.I. Code tit. 21, § 142 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3A - Homeownership Act of 2004|§ 142. Legislative findings and purposes

 The Legislature hereby declares and finds that: (a) There exists a serious shortage of residential, moderate-income housing in the Territory; (b) The lack of moderate-income housing is injurious to the health, safety and welfare of the people of the Virgin Islands and retards the economic development of the people of the Virgin Islands; (c) A steady program of uninterrupted housing construction for moderate-income families will contribute substantially to foster economic stability in the Territory; (d) The sporadic availability in the past of construction and mortgage financing has contributed to the shortage of moderate housing and stunted the economic development of the people living in the Territory; (e) The scarce availability of affordable land for the purposes of moderate income housing has contributed mightily to the shortage of moderate-income housing in the Territory which is commensurate with the salaries of the residents of the Virgin Islands, and the scarcity of land has contributed to the rising cost of moderate housing in the Territory; (f) The Government of the Virgin Islands has in its possession thousands of acres of real property; (g) The Government of the Virgin Islands must increase its tax base in order to ensure the delivery of services to the residents of the Virgin Islands and to provide fair, adequate wages to the employees of the Government of the Virgin Islands; (h) The federal government and federal agencies, such as Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development, through their programs, such as the American Dream Commitment, Catch the Dream and America's Affordable Communities Initiative, have committed to providing mortgage funding to all Americans; (i) The Legislature of the Virgin Islands further finds that the Government of the Virgin Islands is owed between $80 and $120 million dollars in delinquent property taxes and that many families are in danger of losing their family land due to delinquent property taxes; (j) It is the purpose of this legislation to provide a program to stimulate both the economy and the moderate housing construction market of the Virgin Islands by the passage of this Act that is intended to build a minimum of 500 homes annually in the Virgin Islands for the next five years; (k) The cost of homes shall range from $60,000 to $180,000 for a medium cost of $120,000 to ensure that $60,000,000 are generated in home sales per year and $300,000,000 over the span of the next five years; (l) The distribution of the homes shall be 350 on St. Croix, 100 on St. Thomas, and 50 on St. John; and (m) The programs, powers and authority established by this chapter are valid public undertakings within the meaning of section 8(b)(i) of the Revised Organic Act of 1954.
V.I. Code tit. 21, § 143 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3A - Homeownership Act of 2004|§ 143. Acquisition of real property for this Act

 (a) In addition to the provisions in title 33, section 2552 and 2494a, of this Code, an owner of real property in lieu of having the real property sold at public auction, may choose to convey the property in lieu of property taxes on any other contiguous real property of not less than one acre to the Government of the Virgin Islands if: (1) the tax lien is against not less than one acre of contiguous real property; and (2) the property taxes owed is equal to or less than the actual value of the property. (b) The owner of the real property in the Virgin Islands, may in exchange for conveying not fewer than three acres of contiguous real property located in the Virgin Islands, may receive a 20-year property tax abatement based on the actual value of the property, as determined under title 33, chapter 89, of this Code. (c) The real property conveyed to the Government, under the provisions of this section, shall be conveyed to the Virgin Islands Housing Finance Authority, established under this title, to carry out the provisions of this chapter. The Virgin Islands Housing Finance Authority shall also identify suitable government property for transfer and conveyance under the provisions of this chapter. (d) Notwithstanding any other law, all real property conveyed under this section and title 33, section 2494a, of this Code which is not less than one acre, shall be conveyed under the provisions of this chapter.
V.I. Code tit. 21, § 144 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3A - Homeownership Act of 2004|§ 144. Authorization to undertake housing development, requirements of developers, builders or contractors under this chapter

 (a) The Virgin Islands Housing Finance Authority, on behalf of the Government of the Virgin Islands, is authorized to contract with builders, contractors and developers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage homeownership as provided under this chapter. (b) Builders, contractors, developers, and others selected by the Virgin Islands Housing Finance Authority to provide services for the Government under this chapter shall not be deemed agents or employees of the Government of the Virgin Islands or the Authority and shall provide evidence of adequate personal liability, fire, casualty and other appropriate insurance to protect the interests of the Government and the Authority. They shall also be required to provide performance bonds and completion guarantees, or other forms of performance and completion assurances pursuant to written rules and regulations to minimize risks to the Government and the Authority in the event of their failure to perform adequately under their construction agreements. The developers shall also provide, to the Authority, a commitment fee that is at least equal to the amount of the stamp tax that would be due and payable under title 33, chapter 7, of this Code, if the property had been transferred to the developer. (c) In exchange for tax exemptions of excise taxes, and income taxes, on their profits equal to the costs of the placement of the infrastructure, the builder, contractor, developer, or others shall be required to: (1) employ, for the duration of the project, at least 90% of individuals who have resided in the Virgin Islands for not less than five years and as determined by the Virgin Islands Department of Labor; (2) provide wages to its employees which are consistent with the wages established by the Wage Board under title 24, of this Code; (3) install the infrastructure needed for the project, including but not limited to portable water lines, buried utility lines, roads, streetlights and fire hydrants; (4) install all homes with shutters in an amount as determined by the Authority; (5) for all developments over four (4) acres, provide a green space, a community center, and playgrounds; (6) provide appliances that are energy efficient and solar-powered water heaters; (7) provide designs that include a combination of single family homes, condominiums and townhouses; and (8) provide at least three (3) different home designs.
V.I. Code tit. 21, § 145 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 3A - Homeownership Act of 2004|§ 145. Priority of purchasers and requirements

 (a) The Virgin Islands Housing Finance Authority, shall provide homeownership for individuals in accordance to rules and regulations established by the Authority with priority given to first-time homeowners or those individuals who have, for a period of not less than seven (7) years, lost their homes through foreclosure or divorce and have resided full time, at least nine (9) months out of every year, in the Virgin Islands for a period of not less than five (5) years. (b) The Virgin Islands Housing Finance Authority shall qualify all applicants for homeownership under this chapter and provide three choices of sites for each applicant. (c) No applicant shall be considered eligible under this section, if the Authority finds that the applicant, or the spouse of the applicant from whom the applicant has not been legally separated or divorced for a period of not less than five (5) years, already owns a home or a plot of real property within or outside of the Virgin Islands. (d) No applicant shall be eligible for more than one home under the provisions of this chapter or any other Government housing program as provided under this Code. (e) Neither the Authority, nor its Executive Director or employees, may waive any of the requirements under the provisions of this chapter.
V.I. Code tit. 21, § 150 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 4 - Rent-to-Own Public Housing Conversion Program|§ 150. Definitions

 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.
V.I. Code tit. 21, § 151 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 4 - Rent-to-Own Public Housing Conversion Program|§ 151. Public policy

 It is the policy of the Government of the Virgin Islands that all tenants in good standing of the public housing projects of the Virgin Islands shall be entitled to purchase existing or future public housing units on favorable negotiated terms. Such purchase shall vest in the buyer all the rights and privileges of a homeowner, including the right to sell, lease, or transfer the property through inheritance. For qualifying buyers, the negotiated price may be as little as one dollar. The implementation of the policy set forth in this section shall be pursuant to the provisions and conditions of this chapter. This policy shall be executed by the Virgin Islands Housing Authority and the Virgin Islands Housing Finance Authority to the maximum extent feasible consistent with federal law and the provisions and conditions of this chapter.
V.I. Code tit. 21, § 152 (2019)
2019 US Virgin Islands Code|Title 21 - Homesteads and Home Loans|Chapter 4 - Rent-to-Own Public Housing Conversion Program|§ 152. Conversion principles

 Unless otherwise prohibited by federal law, the following principles shall be applied in implementing the policy and requirements of this chapter: (a) The right to own property is a fundamental right of all citizens. (b) Homeownership generally promotes pride and encourages responsibility toward the property in the owner. (c) Tenants of public housing in the Virgin Islands have a right to be consulted and to participate in the development of a plan that will enable them to accrue equity in public housing stock and ultimately to purchase a unit of public housing. (d) No single pathway to homeownership need be adopted by all tenants of public housing; different purchase arrangements may be developed and followed by different groups of tenants. (e) No tenant may be forced to give up his rental units for purchase by another, and no tenant may be forced to participate in a home-purchase pathway or arrangement. (f) Public housing units subject to sale must be in good and habitable condition, free of storm damage or deterioration. New or renovated public housing units may be purchased under an approved pathway to homeownership. (g) The purchase price of a public housing unit may be less than fair market value and may be negotiated to reflect the purchaser's ability to buy. Qualifying buyers may purchase public housing units for as little as one dollar. (h) Tenants of public housing in good standing with the longest tenure shall have priority over tenants with less tenure. (i) Tenants have the right to free training in the rights and responsibilities of owning their own homes. (j) Tenants may accumulate credit toward the purchase of a unit of public housing through the performance of non-routine maintenance and improvements; i.e. “sweat” equity. (k) Monies realized through the sale of public housing units shall be invested in programs to provide replacement public housing in the territory.