Lawmakers Advance Bill Redirecting Unused $4 Million in Housing Funds to Williams Delight and VI Slice Programs

Lawmakers have advanced legislation to redirect $4 million that was awarded to the Virgin Islands Housing Finance Authority nearly five years ago for a homeownership initiative but remains unspent.

Bill 36-0273, sponsored by Senator Kurt Vialet, amends Act 8465 and redirects $4 million from VIHFA’s First-Time Homebuyers Program to the Williams Delight Community Homeownership Program and the VI Slice Homeownership Program.

On Monday, Senator Vialet told the Committee on Budget, Appropriations, and Finance that “the balance is still $4 million. So in five years, the Housing Finance Authority has spent $0.” Referencing the current real estate market, Mr. Vialet said he believed it was prudent to repurpose the funds.

Part of the $4 million would be used to provide $15,000 to Williams Delight residents who have already started the home purchase process. “It literally would allow 34 families to be able to purchase [their] home. It's going to come to a total of $510,000,” Mr. Vialet explained.