Jul 9, 2024 | Island News
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 to high construction costs.
The VI Consortium reported that the program provides 50 percent of construction costs to first-time homebuyers. 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
Jun 30, 2023 | QA
Published on our June 2023 Newsletter
Question: “What are the different zoning codes I will see on a listing?”
Chris’ Answer:
When you are buying land to build your island home, it is important to know if you can use the land as planned. The most common zones you will see:
R-1 – residential, low density, set backs – 15 feet all sides
R-2 – residential low density (1 – 2 family dwellings), set backs – 15 feet front, 10 feet rear and sides
These are all of the zones:
A-1 Agricultural District
A-2 Agricultural District
R-1 Residence—Low Density
R-2 Residence—Low Density
R-3 Residence—Medium Density
R-4 Residence—Medium Density
R-5 Residence—High Density
B-1 Business—Central Business District
B-2 Business—Secondary
B-3 Business—Scattered
B-4 Business—Residential Areas
C Commercial
I-1 Industry—Heavy
I-2 Industry—Light
W-1 Waterfront—Pleasure
W-2 Waterfront—Commercial—Industrial
P Public
S Special
For in-depth descriptions of the different codes, their uses, and their restrictions, go to: https://law.justia.com/codes/virgin-islands/2019/title-29/chapter-3/subchapter-i/229/
Contact us with any questions about home buying on St. Croix. We have worked with many Buyers on and off the island to purchase their dream home on St. Croix. We can help you with every step of the process.
