January 18, 2023
CHARLOTTE AMALIE, St. Thomas, U. S. Virgin Islands – January 18, 2023 – Moderate-income individuals and families seeking homeownership opportunities in the U.S. Virgin Islands now have a website where they can search for in-depth information about the VI Slice Moderate Income Homeownership Program (hereafter “VI Slice” program).
Launched officially by the Virgin Islands Economic Development Authority (VIEDA) this past weekend on January 15, 2023, this new website, www.vislice.com, which is also a webpage on the VIEDA website at www.usvieda.org, provides information on how the VI Slice program works, its eligibility requirements, and how an applicant can use the program’s funds. It also includes a directory of participating local banking institutions and mortgage companies that allows prospective applicants to browse and select lenders that are participating in the VI Slice program.
The website also includes a “Frequently Asked Questions” section and a resources link to register for required home-buyer education courses. A Lender’s Portal has also been established on the site to be used by participating local banking institutions and mortgage companies so they can work in partnership with the VIEDA for gap financing referrals.
VI Slice originated in October 2022 through a collaboration with the Office of the Governor, Office of Disaster Recovery (ODR), and the VIEDA in partnership with local banking institutions and mortgage companies. The VI Slice Program is funded by the American Rescue Plan Act (ARPA) of 2021.
“Lt. Gov. Roach and I, and our Administration, have remained laser-focused on ensuring that we support and help build stronger Virgin Islands families. And there is nothing more central to the core of stronger families than financial resources and the opportunity for homeownership,” Governor Bryan said. “We did it because we believe in putting people first. We did it because it was the right thing to do and because we believe in building stronger Virgin Islands families.” Governor Bryan announced the program at his news conference about the program in October 2022.
VI Slice is a homeownership assistance program that was created to help provide eligible, moderate-income families with up to $200,000 in gap financing to either buy a home – and rehabilitates a home if required – construct a home on land that is owned or purchase, or to pay towards the down payment and/or closing cost.
“We’re enthusiastic about our website having this webpage for the VI Slice Program, our partnership with the Office of the Governor and ODR, as well as with our partnership with local banking institutions and mortgage companies to assist the people of the U.S. Virgin Islands so that they can get access to affordable housing in the USVI. This is also beneficial for economic development in our Territory as it provides more opportunities for people to both live and work locally,” added CEO Biggs, Jr.
If individuals qualify for gap financing through the VI Slice Program, a second no-interest mortgage will be placed on their property and will convert to a grant after 10 years if the individual primarily reside in the property during that period.
To participate in this program, all eligible individuals must first apply for a conventional mortgage loan through one of the mortgage lenders participating in the VI Slice program. If the mortgage lender discovers a shortfall in funds between the overall project cost and the amount the applicant secured through a primary lender, the VIEDA provides gap financing through the ARPA grant to bridge the gap.
VI Slice was started through a collaboration with the Office of the Governor, the Office of Disaster Recovery, and the Virgin Islands Economic Development Authority in partnership with local banking institutions and mortgage companies. The primary goal of “VI Slice” is to establish opportunities that may increase homeownership rates amongst moderate-income households in the U.S. Virgin Islands.
To learn more about the VI Slice Moderate-Income Homeownership Program, visit www.vislice.com.
“The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit http://transparency.vi.gov .”
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