The V.I. Office of Disaster Recovery has announced the launch of the “Own a Lot, Build a Home” First-Time Homebuyers Assistance Program. This new initiative is designed to help Virgin Islands residents who own land but lack the necessary financing to construct a home. The initiative provides a zero percent interest forgivable loan to qualified applicants, easing the financial burden of constructing single-family homes on undeveloped properties. The program plans to utilize disaster recovery funding to help Virgin Islands subsidize expenses relating high construction costs.

The VI Consortium reported that the program provides 50 percent of construction costs to first-time homeowners. On St. Croix, the sum is capped at $498,257; $639,400 on St. Thomas, and $1,09,150 on St. John.

To apply for the landowners who have resided in the territory for at least three years must complete the first-time homebuyers program offered by the V.I. Housing Finance Authority and an application through participating lending institutions Banco Popular or Rural Development. Read more about the program in this VI Consortium article and this VI Daily News article.

Photo from VI Consortium