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The Virgin Islands Housing Finance Authority (VIHFA) recently reopened its EnVIsion Tomorrow Rental Rehabilitation and Reconstruction Program for the second round of applications. The second cycle invites landlords to apply under new and expanded qualifications.
According to a release issued Tuesday, the Rental Rehabilitation and Reconstruction Program seeks to assist landlords whose residential rental properties were damaged by Hurricanes Irma and Maria, enabling them to offer rental housing at affordable rates to households with low-to-moderate incomes. Eligible landlords will receive forgivable loans up to $50,000 per unit for rental properties with 1 to 20 units. All units funded must be reserved for LMI income tenants with a priority for Housing Choice Voucher holders.
Priority 1 applicants must meet the same qualifications established from Round 1 in July 2019, to include rental units that were damaged by the storm. Under the new and expanded qualifications, Priority 2 units may have been acquired after the storm or currently under construction. All properties will be assessed for outstanding needs not met by insurance proceeds or other disaster recovery benefits.
Interested landlords should visit www.vistormrecovery.com to apply. After the application has been processed, a Program Counselor will make contact to schedule the next steps, including an on-site damage inspection and an assessment of the environment before developing a plan for rehabilitation or reconstruction. The deadline to apply is August 16, 2020.
Once the Stay at Home orders have been lifted, the Recovery Centers will reopen to the public where in-person applications will be accepted.
To learn more about active applications, new eligibility, requirements, and to apply, visit VIStormRecovery.com or call 1-888-239-3387.
