VIHFA Approves CDBG-MIT Housing Applications for 340 North and MainStreet Homes, Advancing Projects to Federal Review Stage

The Virgin Islands Housing Finance Authority has approved two major project applications under its CDBG-MIT Housing Programs, including a $7.5 million application tied to The Residences at 340 North on St. Thomas and a $3.7 million application for the MainStreet Homes project. VIHFA said the approvals mark significant progress for resilient housing initiatives across the territory, while stressing that neither project has received final clearance to begin construction. According to VIHFA, the authority approved the application submitted by AC Development, LLC for The Residences at 340 North under the CDBG-MIT Single Family Resilient New Home Construction (Homeownership) Program, in the amount of $7.5 million. VIHFA also approved the MainStreet Homes project, proposed by Waterfront Development and Management, LLC, under the CDBG-MIT Multifamily Resilient Housing Program, in the amount of $3.7 million. VIHFA emphasized that these approvals do not constitute final project approval or au...