Business

New Bryan Administration Program Will Provide Up To $50,000 For Landlords To Repair Damaged Rental Property Free Of Charge

One of the most daunting problems facing locals looking for permanent housing is the cost of rent in the U.S. Virgin Islands. The price has shot up so high -- more than $2,000, in some cases, for a 2-bedroom apartment -- that many locals displaced following Hurricanes Irma and Maria have stayed with relatives, an arrangement many have said is not the most compatible at times. In some instances, renters have even shared that they were being forced out of apartments they'd occupied for years by landlords seeking to cash in on the premium price of rent. The premium price came about following the 2017 storms when rental units became short in supply and demand increased. To help with the situation, the Bryan administration is unveiling in July a new program aimed at providing up to $50,000 per apartment to landlords to repair their damaged apartments. The idea is that landlords who participate in the program would have to abide by the Virgin Islands Housing Finance Authority's (V...