Over the next two weekends, the V.I. Housing Finance Authority will host its annual Housing Expo – Saturday at the DC Canegata Recreation Center on St. Croix and June 21 on St. Thomas at the University of the Virgin Islands Eldridge Blake Sports and Fitness Center. Both events are free and will run from 10 a.m. to 3 p.m.
Nikya Kirnon, communications director for the Virgin Islands Housing Finance Authority, said the event is intended to inform the public about ongoing activities and upcoming developments within the Authority’s Homeownership Division.
“We really just collect, in a space, a variety of people from the territory where they can learn about the many offerings at the Housing Finance Authority and at the same time try to connect them with resources – contacts with lenders that are local, national, developers and contractors in the territory that offer services that are in line with home ownership” she said.
Attendees will have the opportunity to learn about home buying and building, available loans, insurance options, and more. VIHFA will host a variety of vendors and share information about its own programs, including the $4 million First-Time Homebuyers Program. Other exhibitors will include hardware and building supply companies, real estate agents, and vendors specializing in solar and other green technologies.
According to VIHFA’s website, the First-Time Homebuyers Program is funded by $4 million from the Internal Revenue Matching Fund and provides mortgage assistance to first-time, moderate-income homebuyers. The program supports the purchase or construction of prefabricated homes or structures that meet current building codes. In addition, funds can be used to build, improve, repair, or rehabilitate a single-family home, including work on cisterns, foundations, retaining walls, or to purchase land for a single-family residence.
The maximum loan for home purchase or construction is $250,000 for 30 years. The maximum home improvement loan is $40,000, and $50,000 can be borrowed to purchase land.
Sponsors of the Housing Expo include First Bank, Banco Popular VI, Home Depot USVI, Marshall and Sterling Insurance, Sherman Williams, Ashley Furniture and AARP of the Virgin Islands.
For more information, contact VIHFA at 340-777-4432.
St. Croix Source
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