V.I. Code tit. 29, § 932 (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 I - Findings and Purpose|§ 932. Definitions

 As used in this Act, the following terms shall have the following meanings, unless the context otherwise requires: (a) “Act” means the Low and Moderate Income Affordable Housing Act of 1990. (b) “Affordable housing” means, with respect to living accommodations, a dwelling unit for which a household pays, with regard to a unit for sale, not more than the “applicable percentage” (determined by the Authority) of gross income for mortgage payments, property taxes, insurance and homeowners' association fee, if any, and, with regard to a rental unit, not more than the “applicable percentage” of gross income for all shelter costs including utilities. The “applicable percentage” for purposes of this definition may be established by the Authority in a manner consistent with the various Federal housing programs designed to assist low and moderate income households. (c) “Affordable Housing Advisory Committee” means the Advisory Committee appointed by the Governor and approved by the Legislature to advise the Governor, the Legislature, the VIHFA and the Authority regarding the Program and the utilization of the Housing Trust Fund. (d) “Affordable Housing Development Agreement” means one or more agreements executed between and among an applicant for a development permit for affordable housing, the VIHFA and the Zoning Administrator providing for development of affordable housing units in accordance with an Affordable Housing Development Plan. (e) “Affordable Housing Development Plan” means a plan submitted to the VIHFA, the Authority, the Legislature and the Zoning Administrator in connection with a request for a development permit for affordable housing. (f) “Applicant” means any person, firm, partnership, association, joint venture or corporation, or any other entity or combination of entities who at any time after March 19, 1990, submits to the Authority, the Legislature and the Zoning Administrator, pursuant to Title 29, chapter 3, section 232a, Virgin Islands Code, an Affordable Housing Development Plan and Agreement. (g) “Authority” means the Public Finance Authority of the Virgin Islands. (h) “Governor” means the Governor of the Virgin Islands or his designee. (i) “Housing production facilities” means facilities for the construction of modular panelized housing components or any other type of approved housing production technology. (j) “Housing Trust Fund” means the fund by that name established pursuant to Title 33, section 3074, Virgin Islands Code, as amended, maintained by the Commissioner of finance and administered by the Authority for the exclusive benefit of persons and households of low and moderate income. (k) “Legislature” means the Legislature of the Virgin Islands. (l) “Low income persons” means one or more natural persons or a family, whose income qualifies as low income within the meaning of the various housing programs administered by the United States Department of Housing and Urban Development, including, without limitation, section 8 of the United States Housing Act of 1937, as amended. Low income levels shall be established by written regulations promulgated by the Authority and approved by the Governor. (m) “Moderate income persons” means one or more natural persons or a family with levels of income which prohibit or severely limit the financial ability of such persons to purchase or rent affordable housing in the Virgin Islands and which, therefore, based on experience in the housing market in the Virgin Islands, require the establishment and implementation of the Program. Moderate income levels shall be established by written regulations promulgated by the Authority and approved by the Governor. In establishing moderate income levels, the Authority shall consider, among other things, the prices established for the sale or rental of housing units developed under the Program, plus the term, interest rate and taxes applicable to the financing of such housing units, the estimated levels of income necessary to finance the acquisition or rental of such units, and the family size and number of dependents of participating families. (n) “Program” means the Virgin Islands Affordable Housing Program established pursuant to this Act. (o) “Project Manager” means the person selected by the Governor to manage on behalf of the Authority the day-to-day operation of the Affordable Housing Program. (p) “Site improvements” means retaining walls, sewer lines, water lines, wastewater treatment facilities and such other improvements as may be determined by the Authority or the VIHFA to be necessary and appropriate for the development of a site for affordable housing. (q) “VIHFA” means the Virgin Islands Housing Finance Authority as established by Title 21, chapter 2, section 103, Virgin Islands Code.