Bryan Reopens VI Slice, Adds $2 Million in Local Funds; Warns Home Buying Will Get Harder as Recovery Builds Out

Governor Albert Bryan Jr. moved to keep the VI Slice Homeownership Program open beyond the federal deadline, announcing an immediate $2 million injection of local funds and pledging more if available. "We're going to take another $2 million and add to that program so it doesn't close,” he said. He added, “If I could find some more money…I will be putting in there too. We just want to make sure that people have safe, sound, livable homes.”

According to the governor, VI Slice was originally capitalized with $25 million from the American Rescue Plan Act. However, he acknowledged that the Economic Development Authority, which administers the program, “was only able to utilize less than half of that sum in the time allotted. We were given back $15 million by the EDA because they couldn't spend it,” he said. With ARPA funds expiring at the end of this year, Mr. Bryan nonetheless described VI Slice as “an overwhelming success,” and said the territory will now use local dollars to help middle-income Virgin Islanders purchase homes.

The governor noted that VI Slice targets buyers who often miss out on traditional aid, offering up to $200,000 for first-time purchasers who earn at least $41,000 per year. To date, over 64 Virgin Islanders have closed on homes through the program. Stressing continuity, Mr. Bryan told residents: “If you've been to the banks and they're telling you that the portal is closed, we're reopening it.” He cautioned that housing pressures will intensify as the hurricane-recovery buildout accelerates. “It's going to become harder and harder for people to buy homes or secure workforce housing to rent, to lease in the Virgin Islands as these [hurricane recovery] projects continue,” he said. “It's incumbent upon us to make sure that we get this together.”

The administration also linked VI Slice to the territory’s broader housing push, noting alignment with repair and resilience work underway for seniors and storm-affected homeowners through ongoing recovery initiatives.  READ MORE...https://viconsortium.com/vi-government/virgin-islands-bryan-reopens-vi-slice--adds--2-million-in-local-funds--warns-home-buying-will-get-harder-as-recovery-builds-out