Development

VIHFA Prepares $50,000 Cistern and Slab Grants for First-Time Homebuyers, Aims for Thanksgiving Rollout of Rules

The V.I. Housing Finance Authority is preparing to introduce a $1.745 million program that would provide eligible first-time homebuyers with grants of up to $50,000 to construct cisterns and concrete slabs, alongside loans of up to $15,000 for septic systems, with Executive Director Derek Gabriel targeting the release of program rules before Thanksgiving. During Tuesday's hearing before the Senate Committee on Housing, Transportation, and Telecommunications, Mr. Gabriel said the authority is reviewing eligibility requirements to ensure the program reaches more moderate-income Virgin Islanders who may not qualify for other housing assistance. He acknowledged that the draft rules he inherited were more restrictive than he believes necessary and said VIHFA is examining ways to expand participation. "I'm still committed to getting out, at least those rules and regulations, before Thanksgiving," Mr. Gabriel told Senator Kurt Vialet. He explained that finalizing the rules is a necessary s...