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Public & Affordable Housing Development Program (PAHD) ​

New Housing Infrastructure and Construction Program (NHIC) ​

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New Housing Infrastructure and Construction Program (NHIC)

$69,293,031 
Under this program, VIHFA will administer CDBG-DR funding to support first-time homebuyers with the purchase of a home. Assistance will be limited to the amount necessary to achieve homeownership. CDBG-DR funds will be utilized to install infrastructure (roads, lighting, etc.), grading, installation of utilities, land preparation, and the construction of homes in mixed-income communities in the Territory.  The new homes will be developed based on two (2) program options: (1) turnkey developments on land owned by VIHFA or (2) on land owned by the potential homeowner. To be qualified, applicants must be mortgage-ready and have incomes at or below 80% AMI. Second mortgages in the form of forgivable loans for first-time homebuyers at or below 120% AMI may also be available under the turnkey option. Homebuyers’ assistance for a down payment and closing cost will be based on VIHFA’s underwriting standards.  The awards for homebuyer assistance will not exceed the total of the down payment and closing cost necessary to make the home affordable, based on VIHFA’s underwriting standards. 
Under the Turnkey Development option, VIHFA will serve as the developer and oversee the construction to build homes and install infrastructure utilizing CDBG-DR funding. This option will be available to eligible residents who have been pre-qualified for VIHFA’s homebuyer program. If supplementary funding becomes available, additional developers may participate in this option. To participate in any program offered by the VIHFA, a developer must be properly organized, validly existing, qualified, and licensed to conduct business under the laws of the Virgin Islands. The developer must maintain a good standing with the Government of the Virgin Islands and possess the authority, whether corporate or otherwise, to own properties and engage in business activities. Developers must demonstrate specific, measurable housing construction experience, expertise, and sufficient staff capacity to undertake the proposed development. Developers lacking adequate experience, expertise, or staff are encouraged to enhance their credentials by partnering with a developer or development consultant possessing a proven record of success, requisite resources, and who actively participates in such a joint effort. 
This option provides CDBG-DR funding to help first-time homebuyers to build a single-family home on their existing property. Qualified applicants may receive a grant for construction costs, including eligible prepaid and/or closing costs. The assistance amount will cover only what is necessary to achieve homeownership. The grant will be secured by a lien on the property through the Deed of Mortgage and Restrictive Covenants for a 20-year affordability period. Applicants must have been residents of the Territory at the time of the disaster, as evidenced by their 2018 Income Tax Return or a lease/utility bill, and show they are mortgage-ready with incomes below 80% AMI. 
PAHD and NHIC questions/concerns: contact Lisa Richards  lrichards@usvipfa.com 

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