The Virgin Islands Housing Finance AuthorityEnvision Tomorrow Hurricane Recovery Program will launch its new Rental Rehabilitation and Reconstruction Program on July 1.
The program will help landlords whose residential rental properties were damaged by Hurricanes Irma and Maria, enabling them to offer rental housing at an affordable rate to low-to-moderate income households.
The Landlord Rental Repair Program provides up to $50,000 per unit in a forgivable loan to eligible landlords of rental properties from 1 to 20 units. The Program will provide assistance to landlords who owned the property at the time of the storms. These loans will be forgiven over a 15 year period. Owner-occupants of rental properties with up two (2) units may receive assistance through the existing USVI Homeowner Program. Owner Occupants of rental properties with three to 20). units may participate in the USVI Rental Rehabilitation and Reconstruction Program.
The program will cover eligible costs for repair of damage to disaster impacted rental property.
“Each hurricane lasted less than 24 hours, but the housing recovery may take at least 5 years or more; however, Virgin Islanders will come out of this stronger and more resilient than ever before in part because of the HUD-funded Community Development Block Grant Disaster Recovery Programs.” said Daryl Griffith, VIHFA Executive Director.