The Virgin Islands Economic Development Authority announces that the Honorable Albert Bryan Jr., Governor of the U.S. Virgin Islands, will allocate additional funding to continue the VI Slice Moderate Income Homeownership Program in the territory. This will help ensure that eligible first-time homeowners in the USVI continue to receive critical support in realizing their dream of owning their first home, even as federal funds for the program are expected to be exhausted soon.
Funded through the American Rescue Plan Act and administered locally by the VIEDA, the VI Slice Program is designed to help moderate-income residents become first-time homeowners, encouraging them to own a “slice” of the U.S. Virgin Islands. Since its official launch in Jan. 2023 following Governor Bryan’s announcement in his news conference about the VI Slice Program in Oct. 2022, the VI Slice Program has significantly increased homeownership rates across the U.S. Virgin Islands and has become a vital tool in improving homeownership accessibility for working families. The grant period for the program ends Dec. 31, 2026.
As of today, the VI Slice Program received a total of 94 applications. Of these, 64 applications were approved and closed/disbursed, while 8 are pending final decision/documentation.
“With the growing success and demand for the VI Slice Program, we are approaching the end of the available funds for this program,” said VIEDA CEO Wayne L. Biggs Jr. “Thanks to Gov. Bryan’s leadership and his commitment to housing equity, we are proud to announce that additional funding will be used to continue this impactful initiative for our USVI residents.”
Gov. Bryan emphasized the importance of sustaining the momentum in making homeownership more accessible for U.S. Virgin Islands residents.
“The VI Slice Program has changed lives and opened doors to the opportunity for homeownership for individuals earning moderate incomes in USVI. As the federal dollars come to an end, I am committed to ensuring that our residents can still realize the dream of owning a home right here in the U.S. Virgin Islands,” said Gov. Bryan. “This is more than just a homeownership program—it’s an investment in our people and our future.”
The VI Slice Program was created to increase homeownership rates among eligible moderate-income households in the U.S. Virgin Islands. It offers secondary gap financing to qualified first-time homebuyers, bridging the shortfall between the maximum mortgage amount approved by a primary lender and the homebuyer’s investment.
Upon referral by their mortgage lender, the VI Slice Program offers down payment, construction, and closing cost assistance to eligible moderate-income residents who are purchasing their first home.
The program supports the following activities:
- Home Purchase with Rehabilitation: Up to $200,000
- Home Construction: Up to $200,000
- Down Payment and Closing Cost Assistance: Up to $100,000
Applicants can combine these activities, up to a maximum aggregate amount of $200,000.
Participating lenders include Banco Popular de Puerto Rico, Virgin Bay Mortgage USVI, Capital Mortgage Services of Texas, FirstBank, Merchants Commercial Bank, Oriental Bank, and the U.S. Department of Agriculture-Rural Development (USDA-RD). Banco Popular de Puerto Rico, Merchants Commercial Bank, and USDA-RD offer construction loans under the program.
The continued funding will allow more U.S. Virgin Islands residents to access the program’s benefits for first-time homeownership and build long-term generational wealth through owning a part of the U.S. Virgin Islands.
Interested residents are encouraged to visit www.vislice.com or contact the VIEDA’s Economic Development Bank on St. Croix at 340-773-6499, or on St. Thomas at 340-714-1700 for information on eligibility requirements and how this program works.
St. Croix Source
Local government
