V.I. Housing Finance Authority Secures $74.3 Million to Enhance Affordable Housing Options

VIHFA secures $74.3 million through mixed financing to acquire and rehabilitate 315 housing units across the territory, leveraging HUD funds to enhance affordable housing options and improve community resiliency.

The V.I. Housing Finance Authority (VIHFA) announced this week that it has achieved an important milestone in its effort to provide affordable housing for the territory's residents. With funding from the CDBG-MIT and CDBG-DR programs, VIHFA has launched a project to acquire and renovate housing units in the territory. In collaboration with the Jackson Development Company and other key stakeholders, VIHFA said it has successfully acquired four properties, resulting in improvements to 315 housing units across the territory. These properties include Lovenlund 1 & 2, with 195 units; Bellevue Village, with 72 units; and Calabash Boom Apartments, with 48 units. The total investment for the acquisition, rehabilitation, and homeownership conversion of these units amounts to $74.3 million.

“This partnership is a testament to what can be achieved when we come together to create safe and affordable housing options for the people of the territory,” stated Eugene Jones Jr., Executive Director of VIHFA.