VI Slice Homeownership Program Gains Momentum After Early Setbacks

The V.I. Slice program, launched by the Bryan administration in 2022, is now yielding results after facing initial setbacks, according to Governor Albert Bryan Jr. The governor said $25 million in American Rescue Plan Act funds had been allocated to the program to expand homeownership opportunities. Administered by the V.I. Economic Development Authority, the program was designed to assist first-time homeowners by providing financial support through three key areas: home purchase with rehabilitation, new home construction, and down payment and closing cost assistance. It aims to help eligible residents buy, renovate, or build homes, making homeownership more accessible and sustainable in the U.S. Virgin Islands​. The program faced setbacks throughout 2023 due to a lack of participating banks and other bottlenecks. During a Senate hearing in October 2023, EDA CEO Wayne Biggs revealed that eight transactions totaling almost $615,000 in gap financing had been provided, with six loans fu...