MISSION STATEMENT
To originate programs to create an adequate supply of affordable housing to meet the needs of low- and moderate-income families throughout the United States Virgin Islands

OVERVIEW
The Virgin Islands Housing Finance Authority was created in 1981 by the Legislature through the enactment of Act No. 4336 - the “Virgin Islands Homeowners Construction and Mortgage Assistance Act. The Authority was created to address the existing shortage of low- and moderate-income housing in the Territory. The VIHFA's mission is to originate programs to create an adequate supply of affordable housing to meet the needs of low- and moderate-income families in the Territory. In essence, the VIHFA was created to ensure that all Virgin Islanders are granted an opportunity to obtain safe, sanitary and decent, affordable housing. The Authority uses tax-exempt Mortgage Revenue Bonds, Low Income Housing Tax Credits, HOME Funding, Community Development Block Grants, local subsidiaries and other funding to stimulate the development of affordable housing throughout the Territory.

Although created in 1981, the Authority actually began operation in June 1984. Earle B. Ottley, the former senator and housing advisor for Governor Juan F. Luis, became the first Executive Director. In 1985, the Authority issued its first Tax-Exempt Mortgage Revenue Bonds to lower interest rates and down payments on mortgages at a time when interest rates in the Territory were approaching 14 percent. This Mortgage Revenue Bond interest rate was 8.20 percent.

While the VIHFA's mission is to offer programs that assist in the development of affordable rental and home ownership communities throughout the Virgin Islands, our number one priority is helping first-time home buyers obtain their first home. Since the VIHFA began operation, we have consistently risen to the challenge and produced successful communities throughout the Territory. Our impact can certainly be seen throughout the islands, specifically in the areas where the Authority has developed or assisted in the development of housing communities. As the VIHFA moves forward, we will strive to continue to meet our mandate and produce safe, sanitary, decent affordable housing for all Virgin Islanders.

Click here to see Executive Director's Message