>> CHEAP, POTENT, PROFITABLE.

>> REALLY ALL ABOUT JUST THE MONEY.

♫♫ >>> THE VIEWS EXPRESSED ON THIS PROGRAM ARE NOT NECESSARILY THOSE OF WTJX, ITS BOARD, STAFF, OR UNDERWRITERS.

>>> THANK YOU FOR JOINING US FOR ANOTHER INFORMATIVE EPISODE OF RECOVERY IN FOCUS.

ADDRESSING THE TERRITORY´S HOUSING NEEDS REQUIRES A MULTIFACETED APPROACH AND THIS EPISODE WE WILL SIT DOWN WITH THE AGENCIES SPEARHEADING THE TERRITORY´S EFFORTS TO INCREASE HOME OWNERSHIP AND SUPPORT VIRGIN ISLANDERS IN THEIR EFFORTS TO SECURE THEIR SLICE OF THE VI.

BUT FIRST, HERE IS THE MOST RECENT NEWS ON RECOVERY PROJECTS THROUGHOUT THE TERRITORY.

FROM THE WTJX STUDIO ON ST. CROIX, A BIG STEP TOWARD THE START OF CONSTRUCTION IS IN MOTION ON ONE OF THE TERRITORY´S MOST CRITICAL HEALTHCARE RECOVERY PROJECTS.

THE EXECUTIVE DIRECTOR OF THE TERRITORIAL HOSPITAL REDEVELOPMENT TEAM GIVES US THE DETAILS.

>> AS WE STAND HERE IN FRONT OF THE CHARLOTTE KIMELMAN CANCER INSTITUTE I AM HAPPY TO REPORT WE HAVE SUCCESSFULLY COMPLETED THE DEMOLITION OF THE CANCER INSTITUTE.

STANDING WITH ME IS MY LEAD PROJECT ENGINEER WHO WILL BE ABLE TO PROVIDE YOU AN UPDATE AFTER THE NEXT STEPS OF THIS MOST CRITICAL PROJECT HERE.

>> AS DIRECTOR SMALLS JUST DISCUSSED WE ARE LIVE HERE WHERE WE NOW HAVE THE SOLICITATION LIVE WITH BIDS DUE JUNE 14th.

AT THIS TIME WE ARE ANTICIPATING THAT THE NOTICE TO PROCEED WILL BE ISSUED SOMETIME DURING SEPTEMBER, 2023, AND FROM THERE WE CAN BEGIN GROUNDBREAKING AND THE START OF THIS NEW PROJECT.

>> CONSTRUCTION ON THE NEW CANCER CENTER IS EXPECTED TO BEGIN BEFORE THE END OF 2023.

ANOTHER DEMOLITION PROJECT IS IN THE BOOKS.

THIS TIME ON THE BIG ISLAND, THE FIRE STATION AND WHEATON BUILDING ON ST. CROIX HAS BEEN CLEARED ALLOWING THE VIRGIN ISLANDS FIRE AND MEDICAL EMERGENCY SERVICES TO BEGIN CONSTRUCTION OF A NEW $5 MILLION MULTI-PURPOSE FACILITY SET TO BEGIN BY DECEMBER 2023.

ALSO ON ST. CROIX DEMOLITION IS UNDER WAY TO MAKE ROOM FOR A NEW STATE-OF-THE-ART MEDICAL CENTER.

NOW THAT THE ABATEMENT PROCESS IS COMPLETE THE DEPARTMENT OF HEALTH RECEIVED APPROVAL FROM THE DEPARTMENT OF PLANNING AND NATURAL RESOURCES TO BEGIN THE DEMOLITION OF THE MEDICAL COMPLEX.

REPRESENTATIVES FROM THE AGENCY AND THE CONTRACTOR WERE ON SITE ON MAY 3rd TO MARK THE START OF NEW BEGINNINGS FOR THE DEPARTMENT AND THE COMMUNITY.

THE SENIOR PROJECT MANAGER SHARED DETAILS ON MITIGATION MEASURES PUT IN PLACE TO PROTECT RESIDENTS AS WELL AS STUDENTS AND STAFF OF THE ELEMENTARY SCHOOL.

>> AS YOU CAN SEE BEHIND ME WE HAVE FENCES AROUND THE SIDE AS WELL AS PRIVACY FENCE TO ALSO ACT AS A DUST BARRIER WHICH WILL BE THE PRIMARY MITIGATION WE HAVE ON THIS PROJECT.

YOU´LL ALSO SEE ONE OF OUR DUST PRESSURE MACHINES BEHIND ME.

WE WILL BE SUPPRESSING OUR DEMOLITION ACTIVITIES TO KEEP DUST TO AN ABSOLUTE MINIMUM.

WE ARE KEEPING THIS AS CLEAN AS POSSIBLE THAT WAY.

ONE OTHER ITEM, AS WE BEGIN THE OFF HAUL OF THE DEMOLITION MATERIAL WE DO ANTICIPATE TO TRY AND BE AS CAUTIOUS AS WE CAN WITH TRAFFIC ERRORS AND WE UNDERSTAND WE ARE ADJACENT TO A SCHOOL AND WE WANT TO ENSURE WE ARE WORKING AROUND SCHOOL DROP OFF AND PICK UP SO WE ARE NOT WORKING AROUND HEAVY TRAFFIC.

SOMETHING WE ARE VERY CAUTIOUS OF.

>> DEMOLITION SHOULD BE COMPLETE BY 2024.

IN MORE GOOD NEWS FOR ST. CROIX THE TRANSITION INTO THE TEMPORARY REPLACEMENT FOR THE GOVERNOR WONG HOSPITAL WAS A SUCCESS.

ODR´S DIRECTOR SPOKE TO THE HOSPITAL CEO TO GET THE SPECIFICS.

>> THE TRANSITION COULDN´T HAVE GONE BETTER THAN EXPECTED.

WE MOVED ON SATURDAY, APRIL 22nd, ALL OF OUR PATIENTS, ALL OF OUR SERVICES OVER WITHIN A VERY SHORT PERIOD OF TIME.

OUR FIRST PATIENT LEFT AT 7:15 IN THE MORNING AND THE FINAL PATIENT ARRIVED HERE AT 12:17 IN THE AFTERNOON.

SO WITHIN A FIVE-HOUR PERIOD WE WERE ABLE TO TRANSITION THE WHOLE DEPARTMENT.

THE WHOLE HOSPITAL AND SERVICES TO OUR NEW LOCATION.

>> ABSOLUTELY IMPRESSIVE.

I KNOW THIS ISN´T YOUR FIRST RODEO.

YOU´VE DONE THIS BEFORE.

ANY DIFFERENCES BETWEEN YOUR PAST EXPERIENCES AND THIS ONE?

>> WELL, YES.

I MEAN, VERY DIFFERENT WITH REGARDS TO THE AMOUNT OF RESOURCES AVAILABLE TO US.

WE DID THIS WITH OUR EXISTING TEAM.

TAKE OUR NURSES FOR EXAMPLE.

WHILE THEY´RE PACKING UP THEIR STUFF THEY ARE ALSO CARING FOR PATIENTS.

WHILE THEY´RE UNPACKING THEIR NEW LOCATION THEY ARE ALSO CARING FOR PATIENTS.

SO THE AMOUNT OF RESOURCES THAT WE WERE ABLE TO DO THIS WITH WAS JUST EXCEPTIONAL.

I CAN´T BE PROUDER OF OUR TEAMS FOR WHAT THEY ACCOMPLISHED.

>> THE OBLIGATION OF FUNDS TO BEGIN THE DEMOLITION AND RECONSTRUCTION OF THE PERMANENT HOSPITAL IS EXPECTED TO BE AWARDED BY FEMA BY JUNE, 2023.

OVER ON ST. THOMAS CONSTRUCTION CONTINUES AT THE NEW COMPLEX.

THE DEPARTMENT OF HEALTH AND THE CONTRACTOR J. BENTON CONSTRUCTION ARE WORKING TO COMPLETE THE $3.7 MILLION WICK RECONSTRUCTION PROJECT AHEAD OF SCHEDULE.

KEITH WILLIAMS PROJECT MANAGER FOR J. BENTON CONSTRUCTION GIVES US AN UPDATE.

>> WE STARTED WORK HERE EARLY OCTOBER WITH SITE MOBILIZATION, DEMOED THE EXISTING SLAB AND SET UP UNDER SLAB UTILITIES AND STRUCTURALLY HAVE TOPPED OUT THE BUILDING.

THAT IS FIRST AND SECOND FLOOR WALLS, FORMED REINFORCEMENTS AS WELL AS THE LAB, SECOND FLOOR DECK AND ROOF DECK.

WHAT WE HAVE GOING ON RIGHT NOW IS LAYING OUT FOR OUR INTERIOR FRAMING, GETTING OURSELVES ROLLING, WE´RE GOING TO BE INSTALLING WINDOWS AND CURTAINS ON THE STREET SIDE.

WE HAVE OUR INTERIOR FIT OUT INCLUDING NICE WOOD DROP CEILINGS IN CERTAIN AREAS AS WELL AS TILE THROUGHOUT, NEW KITCHEN AND BREAK ROOM.

A KITCHEN AND CLASSROOM COMBINATION WITH AN OPERABLE PARTITION.

IT IS GOING TO BE A REALLY GOOD SET UP WE THINK WILL SERVE THE COMMUNITY WELL.

>> DEPARTMENT OF HEALTH PROJECT SPECIALIST ROSE LINDA BROWN ALSO SHARED EXCITING NEW FEATURES OF THE NEW BUILDING.

>> THIS WILL FEATURE A NEW PLAY AREA FOR THE CHILDREN AND ALSO HAVE A NEW BREAST FEEDING ROOM, STATE-OF-THE-ART KITCHEN FOR THE NUTRITIONAL ASSISTANCE AND ALSO A GARDENING AREA.

WE EXPECT TO COMPLETE THE WORK BY SEPTEMBER OF 2023.

>> BUSINESS OWNERS, CONTRACTORS, AND CONSULTANTS INTERESTED IN DOING BUSINESS WITH THE RECOVERY SHOULD VISIT THE ODR WEBSITE FOR AN UPDATED LIST OF OPEN BID ANNOUNCEMENTS AND DETAILED INFORMATION.

THIS MONTH THREE AGENCIES ARE REQUESTING PROPOSALS.

THEY ARE SCHNEIDER REGIONAL´S MEDICAL CENTER FOR THE RENOVATION OF THE CHARLOTTE KIMMELMAN CANCER CENTER ON ST. THOMAS, THE DEPARTMENT OF PUBLIC WORKS FOR HURRICANE REPAIRS TO THE KINGS HILL CHAPEL ON ST. CROIX, AND THE VIRGIN ISLANDS OFFICE OF DISASTER RECOVERY FOR THE GEO TECHNICAL ENGINEERING SERVICES RSP.

FOR MORE INFORMATION ON THESE AND OTHER OPEN BID ANNOUNCEMENTS AS WELL AS UP TO DATE NEWS ON ALL OTHER DISASTER RECOVERY PROJECTS IN THE TERRITORY, LOG ON TO WWW.USBI.ODR.COM.

>>> DEMOLITION IS A SIGN OF PROGRESS.

SO MANY GREAT THINGS TO COME.

IT STANDS AT THE DOORWAY TO NEW BEGINNINGS.

SO THANK YOU.

WELL, I´M EXCITED TO HAVE MY COHOST WITH ME, DANA CLENDENING.

>> HELLO HELLO HELLO.

>> INTERIM EXECUTIVE DIRECTOR OF THE VIRGIN ISLANDS HOUSING AUTHORITY AND I SEE YOU BROUGHT BACKUP WITH YOU.

>> A MEMBER OF MY TEAM.

THE DIRECTOR OF PROGRAMS.

SAY HELLO.

>> HELLO EVERYONE.

>> ALSO A PLEASURE TO PRESENT THIS MONTH´S GUEST, THE CHIEF EXECUTIVE OFFICER OF THE VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY.

>> WELCOME.

>> THANKS FOR HAVING ME.

ALWAYS A PLEASURE TO BE HERE.

>> ALL RIGHT.

YOU KNOW, YOU GUYS ARE TAG TEAMING ON ONE OF THE MOST CRITICAL NEEDS HERE IN THE TERRITORY, HOUSING.

I KNOW TRADITIONALLY, THE HOUSING FINANCE AUTHORITY LEADS THAT EFFORT BUT YOU ARE ALSO JOINING IN THE TEAMS LIKE EXTRA BACKUP.

>> YEAH.

WE´RE TRYING TO ASSIST WHEREVER WE CAN AND HOUSING FINANCE TENDS TO DO MORE LOW INCOME TYPE PROGRAMS AND WE´RE FILLING THE GAP FOR MODERATE INCOME HOME OWNERS AND TRYING TO FILL THAT GAP AND WORKING WITH THEM AND OTHER ENTITIES HERE TO PROVIDE ASSISTANCE THROUGH GAP FINANCE AND INDIVIDUALS CAN OBTAIN HOMES HERE IN THE TERRITORY.

>> DON´T GET THE CAT OUT OF THE BAG TOO EARLY.

WE´RE GOING TO GET INTO ALL OF THAT AND HEAR HOW YOU GUYS ARE WORKING TOGETHER BUT I KNOW IN THE MEANTIME, YOU ALSO HAVE A LOT GOING ON OVER AT YOUR HOUSING CHALLENGES, NEEDS, PROGRAMS, AS WELL AS DISASTER RECOVERY.

>> RIGHT.

>> WHAT´S NEW IN YOUR NECK OF THE WOODS?

>> SO IT´S JUNE.

IT´LL BE JUNE.

JUNE IS HOUSING MONTH SO WE ARE REALLY EXCITED ABOUT THAT AND WHAT WE´RE DOING FOR HOUSING MONTH IS WE HAVE TWO OPPORTUNITIES FOR THE PUBLIC TO COME AND TALK TO OUR HOME OWNERSHIP TEAM, SO EXCITED TO TALK TO YOU ABOUT THE PROGRAMS WE OFFER, JUNE 10th ON ST. CROIX AT THE SUNNY ISLES AND THEN JUNE 17th ON ST. THOMAS AT THE TUTU PARK MALL.

THERE YOU CAN LEARN ABOUT ALL OUR PROGRAMS TO INCLUDE HOUSING COUNSELING IF YOU NEED IT AND I KNOW A LOT OF, AS WE TALK ABOUT THE PROGRAMS WE OFFER YOU´LL SEE HOW VERY IMPORTANT THAT IS AS WELL AS THE VETERANS LOAN PROGRAM.

WE HAVE A MYRIAD OF PROGRAMS FOR VETERANS AS WELL AS OUR OWN MODERATE INCOME PROGRAM.

YOU KNOW, WHICH KIND OF SUPPLEMENTS OR GOES IN TANDEM AS WELL BUT WE OFFER THAT PROGRAM.

ALSO GOING TO TALK A LITTLE LATER ABOUT OUR OWN A LOT BUILD A HOME PROGRAM.

THAT IS WHY WE BROUGHT ANN TO TALK ABOUT THAT ON THE DISASTER RECOVERY PROGRAM AND OF COURSE WHAT IS HAPPENING ON THE DISASTER RECOVERY IS OUR ECONOMIC REVITALIZATION.

A LOT OF GOOD STUFF IS HAPPENING THERE AND I AM EXCITED FOR US TO TELL THE PUBLIC WHAT´S HAPPENING THERE.

>> RIGHT.

I KNOW, THE DISASTER RECOVERY, HUD FUNDING IS INFUSED INTO ALL DIFFERENT AREAS.

I KNOW THE GOVERNOR HAS BEEN WORKING WITH THE POWER AUTHORITY TO GET SOME SUPPORT AND I KNOW YOU´RE WORKING ON THAT.

THAT IS NOT A DONE DEAL BUT SOMETHING THAT IS BEING CONSIDERED AND WORKING WITH HUD TO MOVE THAT FUNDING FORWARD.

>> ABSOLUTELY.

WE ARE WORKING WITH ESPECIALLY WAPA AND HUD AS WELL TO MOVE IT FORWARD.

LIKE ANY OTHER THING, WITH HUD, THERE IS A LOT REQUIRED TO GET A YES BUT WE ANTICIPATE THAT YES AND HOPEFULLY TO GET THAT DONE BY AUGUST.

>> ALL RIGHT.

YOU HAVE YOUR HANDS FULL.

>> INDEED.

>> I KNOW BOTH OF YOU HAVE BEEN DOING A LOT WITH A LOT OF DIFFERENT PROGRAMS AND EVEN IN THE ECONOMIC DEVELOPMENT AND REVITALIZATION THERE IS ACTUALLY ANOTHER OPPORTUNITY FOR BOTH OF YOU TO PARTNER, YOU KNOW, THE CDBGDR PROGRAM HAS BEEN A SIGNIFICANT PROGRESS IN THE RECOVERY NOT ONLY FOR THE PEOPLE BUT ALSO FOR INFRASTRUCTURE.

AND THE NEIGHBORHOOD REVITALIZATION INITIATIVE HAS GOTTEN A LOT OF ATTENTION.

>> IT HAS INDEED.

>> YOU KNOW, TALK A LITTLE MORE ABOUT THAT AND THEN WE´LL COME BACK AND GET THE SKINNY ON IT.

>> NEIGHBORHOOD REVITALIZATION CONSISTS OF TWO PROGRAM ACTIVITIES.

THE FIRST ONE IS THE BUILDING FACADE AND STREET SCAPE ENHANCEMENT.

THAT IS TO REPAIR THE EXTERIOR OF THE BUILDINGS IMPACTED BY HURRICANES IRMA AND MARIA.

YOU KNOW, AS A CHILD GROWING UP IN THE VIRGIN ISLANDS MOST OF OUR ACTIVITIES USED TO OCCUR IN DOWNTOWN MAIN STREET AND GROWING UP YOU SAW THE BEAUTY OF OUR DOWNTOWN.

AND SUBSEQUENTLY HURRICANES IRMA AND MARIA IMPACTED SOME OF THOSE BUILDINGS.

SO WE´RE GOING TO DO EXTERIOR REPAIRS TO THOSE BUILDINGS, INCLUDING DOORS, WINDOWS, A FRESH COAT OF PAINT TO BRING THOSE BUILDINGS BACK HOW THEY LOOKED WHEN I WAS A CHILD AND HOW THEY´LL IMPACT FUTURE GENERATIONS.

THE SECOND PART OF THE PROGRAM IS A SMALL BUSINESS ENTREPRENEURSHIP.

MANY OF OUR MOM AND POP STORES AND SMALL BUSINESSES WERE IMPACTED BY HURRICANES IRMA AND MARIA AND THIS PART OF THE PROGRAM GIVES THEM THE OPPORTUNITY TO RECEIVE FINANCIAL ASSISTANCE.

>> ALL RIGHT.

THIS SOUNDS VERY EXCITING.

YOU DID A LOT OF COMMUNITY OUTREACH ON THIS.

>> ABSOLUTELY.

WE DID ABOUT FIVE PUBLIC HEARINGS AND MORE THAN 400 PERSONS IN THE COMMUNITY ATTENDED.

SO REALLY EXCITING.

WE DID ONE IN PERSON HEARING ON EACH ISLAND AND WE DID TWO VIRTUAL HEARINGS AS WELL.

SO REAL EXCITED ABOUT THAT.

THE DEADLINE WAS MAY 15th FOR THAT.

AND THE TEAM IS REALLY, REALLY WORKING TO REVIEW THOSE APPLICATIONS AND PROCESS THEM AND GET THE WORD OUT OR BE ABLE TO AWARD THAT MONEY FOR THIS PROGRAM.

THAT IS A LOT OF MONEY.

>> IT IS A LOT OF MONEY.

I KNOW YOU HAVE BEEN, AND MR. BIGGS HAVE BEEN WORKING WITH KIND OF AN ECONOMIC DEVELOPMENT AS ONE OF YOUR PRIORITIES.

SO I´M SURE YOU GUYS HAVE SOME SYNERGIES GOING ON.

>> WITHOUT A DOUBT.

WE´VE PUT IN FOR SOME GRANTS FOR WHAT WE CALL 4 X 10 WHERE WE ARE TRYING TO CREATE A REVITALIZATION OF TEN BLOCKS WITHIN EACH OF OUR ENTERPRISE ZONES.

WE HAVE FOUR ZONES.

ONE ON ST. CROIX AND ALSO ON ST. THOMAS.

WE ARE TRYING TO REVITALIZE NOT A BUILDING AT A TIME BUT TEN BLOCKS AT A TIME >> I AM GOING TO BRING YOU BACK BECAUSE WE ARE GOING TO TALK ABOUT THAT.

ECONOMIC DEVELOPMENT IS SO IMPORTANT TO THE TERRITORY, TO OUR ECONOMY, EVERYTHING.

SO THIS IS REALLY GOOD AND WE´LL CONTINUE TO MONITOR THAT AND THE PROGRESS YOU ARE MAKING.

THERE ARE SOME ADDITIONAL FUNDS AWARDED TO THE TERRITORY.

YOU KNOW, YOU NOW HAVE ACCESS TO YOUR MITIGATION.

>> JUST FOR THE PUBLIC AS WELL TRONCHES ONE, TWO, THREE, IS REALLY WHAT WE CONSIDERED DISASTER RECOVERY FUNDS.

TRONCH FOUR, WE NOW HAVE ACCESS TO THAT.

SO THAT WE WILL BE RULING OUT IN A VERY, VERY PUBLIC WAY WE WILL BE ROLLING OUT LATER ON SO DO LOOK FOR THAT.

THEN WE ALSO HAVE MONEY WHICH NOT ONLY SUPPORTS WAPA AT SOME 50 MILLION PLUS DOLLARS, BUT ALSO SUPPORTS ENTREPRENEURS WHO ARE ABLE TO BE INNOVATIVE IN THEIR THINKING AND WANT TO SUPPORT THE GRID AS WELL.

THAT IS ANOTHER $10 MILLION THAT WILL BE ALLOCATED TO THEM.

SO LOOK FOR THAT IN THE COMING MONTHS.

>> THAT´S A LOT.

YOU DEFINITELY HAVE YOUR HANDS FULL.

>> YES.

>> WE´LL CONTINUE TO MONITOR ON, YOU KNOW, ALL YOUR PROGRESS AND YOUR PROJECTS.

WHAT ARE SOME OF THE PROJECTS THAT YOU´RE GOING TO BE FUNDING WITH THE MITIGATION DOLLARS?

>> WELL, WITH THE MITIGATION DOLLARS WE KNOW WE ARE TRYING TO FUND THE PROJECT, SOME ROAD ENHANCEMENT PROJECTS, SOME HEALTHCARE, HOUSING, DEFINITELY HOUSING PROJECTS.

AND THERE IS STILL OPPORTUNITY FOR THE PUBLIC AGAIN IF THEY HAVE IDEAS ON WHAT TO -- AND WANT TO BE PART OF THE PROCESS BECAUSE MAYBE THERE IS NOT SOMETHING WE´RE -- THERE IS SOMETHING WE´RE NOT THINKING ABOUT THAT IS A NEED THAT CAN BE FILLED.

>> SOUNDS GREAT.

WE´LL KEEP THE PULSE ON AT THIS SESSION HERE AND BE TALKING ABOUT HOUSING.

HOUSING, HOUSING.

KUDOS TO THE CITY TEAM AND NEXT MONTH WE´RE LOOKING FORWARD TO HEARING ALL OF THE UPDATES ON THE APPLICATIONS AND EVERYTHING ELSE THAT YOU HAVE GOING ON.

WE´LL TURN OUR FOCUS TO THIS MONTH´S EFFORTS.

IT IS NO SECRET THAT THERE IS A GREAT HOUSING NEED IN THE TERRITORY AND WE´RE SEEING THAT NOT ONLY HERE BUT SOME AREAS ON THE MAINLAND.

BOTH OF YOUR AGENCIES HAVE BEEN WORKING TOGETHER TO DEVELOP HOME OWNERSHIP OPPORTUNITIES, TO FILL THAT GAP, AND JUST WORKING TO CREATE THAT.

AND ONE OF OUR NEWEST, NEWEST PRODUCTS, YOU KNOW, THE GOVERNOR LAUNCHED THE VI SLICE PROGRAM AND THE ECONOMIC DEVELOPMENT AUTHORITY HAS BEEN TAKING THE LEAD IN THAT.

SO TELL THE PUBLIC WHAT IS VI SLICE?

IS IT A COUPON TO GO GET A SLICE OF PIZZA FROM DOMINOS?

>> NO.

VI SLICE IS A GAP FINANCING PROGRAM.

WHAT WE DO IS WE FILL THE GAP FOR RESIDENTS WHO ARE TRYING TO PURCHASE A HOME OR CONSTRUCT A HOME OR EVEN BUY A FIXER UPPER AND DO SOME REHABILITATION IN REFERENCE TO THAT HOME.

WE CAN PROVIDE GAP FINANCING IN REGARDS TO THE DOWN PAYMENT, CLOSING COSTS, AND THE GAP BETWEEN THE PURCHASE AND WHAT YOU´RE APPROVED FOR ON A LOAN OR THE GAP BETWEEN WHAT YOU´RE APPROVED ON A LOAN AND CONSTRUCTION OF A HOME.

THERE IS A VARIETY OF DIFFERENT PROGRAMS ON THE VI SLICE AND WE ARE HAPPY TO SAY TODAY WE´VE APPROVED TWO LOANS UNDER THE VI SLICE, CLOSED ONE, AND THE NEXT ONE WILL BE CLOSED WITHIN THE NEXT COUPLE DAYS JUST WAITING FOR THOSE CLOSING STATEMENTS.

SO THE PROGRAM IS REAL AND MOVING FORWARD.

WE HAVE ROUGHLY THREE COMMERCIAL BANKS IN THE PROGRAM.

THEIR MOAs ARE SIGNED.

WE HAVE ONE FEDERAL AGENCY AND ONE MORTGAGE COMPANY ALREADY SIGNED THOSE MOAs.

>> SO YOU ARE WORKING WITH BANKS, NOT JUST LOCAL BANKS BUT MORTGAGE COMPANIES AS WELL.

>> WE´RE WORKING WITH THE BANKS, LOCAL MORTGAGE COMPANIES, AND ALSO FEDERAL AGENCIES THAT DO HOME OWNERSHIP PARTICULARLY THE USDA, THE DEPARTMENT OF RURAL DEVELOPMENT.

>> THIS IS ABSOLUTELY EXCITING NEWS THAT YOU HAVE MOVED THIS INITIATIVE FORWARD.

YOU KNOW, FOLKS ARE ALWAYS INTERESTED IN INCOME LIMITS, YOU KNOW, DO I QUALIFY?

YOU KNOW, WHAT DO I DO, IF I MAKE TOO MUCH MONEY, DO I NOT MAKE ENOUGH MONEY?

WHAT ARE YOUR LIMITS?

>> WE HAVE DIFFERENT INCOME LIMITS BASED ON ISLANDS AND HAVE STAGGERED THOSE KNOWING THE HOUSING MARKET IS DIFFERENT ON EACH ISLAND.

WE DIDN´T WANT TO CREATE A PROGRAM ACROSS THE BOARD.

WE LOOKED AT ISLANDS AND INCOME LEVELS ON VARIOUS ISLANDS.

ST. CROIX IS A LITTLE LOWER THAN ST. THOMAS, A LITTLE LOWER THAN ST. JOHN.

YOU CAN GO TO VI SLICE AND ON OUR WEBSITE AND FIND ALL THE INCOME LEVELS, LIMITS, AND ALSO SOME PROGRAM DETAILS IN REGARD TO THAT.

IF YOU HAVE A PARTICULAR CONCERN, YOU CAN JUST GO TO THAT WEBSITE.

ALSO, IF YOU HAVE A QUESTION THAT IS NOT ANSWERED ON THAT WEBSITE THERE IS AN INFO AREA.

YOU JUST PUT YOUR E-MAIL QUESTION VIA E-MAIL AND WE HAVE A TEAM THAT IS GOING TO RESPOND BACK TO YOU >> I LIKE THAT.

A TEAM TO RESPOND BACK.

>> YES.

WELL, WE CREATED A TEAM BECAUSE WE DIDN´T WANT TO GET HELD UP ON ANY ONE DESK.

EVERYBODY THEN CAN ANSWER IT AND WHEN THE PERSON ANSWERS IT GOES OUT TO THE ENTIRE TEAM SO WE KNOW THE E-MAIL HAS BEEN RESPONDED TO AND WE DON´T HAVE TO RESPOND AGAIN.

IT ALSO ALLOWS US TO BOUNCE THINGS OFF EACH OTHER IF WE ARE UNSURE IN REFERENCE TO A PARTICULAR QUESTION WE CAN PUT OUR HEADS TOGETHER AND ANSWER THAT QUESTION FORMALLY AND WITH SOME EDUCATION INSTEAD OF JUST THROWING AN ANSWER OUT THERE AND CONFUSING THE PUBLIC.

WE WANT THIS PROGRAM TO BE SUCCESSFUL SO WE ARE REALLY WORKING TO TRY TO CREATE A PROGRAM THAT IS EASY TO FOLLOW AND BASICALLY ALLOWS RESIDENTS AND RETURNING RESIDENTS OR VIRGIN ISLANDSERS TO ACCESS A PIECE OF PROPERTY HERE IN THE TERRITORY.

>> YOU KNOW, WHEN THE GOVERNOR LAUNCHED THIS PROGRAM, HE HAD THOSE PEOPLE IN MIND, YOU KNOW, PEOPLE WHO ARE COMING BACK TO THE VIRGIN ISLANDS OR VIRGIN ISLANDERS LIVING HERE TRYING FOR A VERY LONG TIME TO GET A HOME.

I KNOW THERE ARE SOME DIFFERENCES BETWEEN YOUR PROGRAM AND WHAT THE HOUSING FINANCE AUTHORITY OFFERS, SO TELL US A LITTLE BIT ABOUT THOSE DIFFERENCES.

>> YEAH, I MEAN I THINK RESIDENCY IS SOMEWHAT A DIFFERENCE IN REFERENCE TO OUR PROGRAM.

WE ALLOW FOR THREE YEARS BEING A RESIDENT HERE IN THE TERRITORY OR A VIRGIN ISLANDER WHO MAY HAVE BEEN LIVING ABROAD.

THAT CREATES SOME DIFFERENCES.

ALSO OUR INCOME LIMITS ARE DIFFERENT.

THEN OF COURSE AGAIN WE PROVIDE GAP FINANCING THAT ALLOWS YOU TO GO TO A MORTGAGE LENDER, QUALIFY FOR A MORTGAGE, GET A COMMITMENT FROM THEM, AND IF THERE IS A GAP BETWEEN A PURCHASE PRICE AND WHAT YOU NEED TO PURCHASE THE HOME OR IF YOU´RE SHORT ON A DOWN PAYMENT WE CAN FILL THAT GAP AND PROVIDE THAT MONEY.

THE NEXT THING IS OUR MONEY TURNS INTO A GRANT IF YOU LIVE IN A HOME FOR TEN YEARS.

IT IS VERY IMPORTANT.

AGAIN, WE ARE TRYING TO CREATE HOMES FOR RESIDENTS HERE IN THE TERRITORY AND WE WANT YOU TO BE A LONG-TERM RESIDENT SO WE HAVE THE REQUIREMENT YOU HAVE TO LIVE IN THE HOME TEN YEARS AND IT TURNS INTO A GRANT AND THE MORTGAGE FALLS OUT.

>> OKAY.

IT IS IMPORTANT TO NOTE, ALSO, IN YOUR INCOME LIMITS ARE PROBABLY STILL VERY SIMILAR, THAT YOU ARE SERVING FAMILY INCOMES OF UP TO MAYBE $250,000 IN THE ST. THOMAS DISTRICT AND MAYBE SLIGHTLY LOWER IN THE ST. CROIX DISTRICT SO DON´T DISQUALIFY YOURSELF.

MAKE SURE YOU GO IN TO THESE AGENCIES AND YOU QUALIFY, SEE IF YOU QUALIFY FOR THE PROGRAM.

>> YES.

I ENCOURAGE PEOPLE TO DO THAT ALSO.

IF YOU HAVE A QUESTION, AND WE GET MANY QUESTIONS IN REFERENCE TO HOW DO YOU COUNT INCOME, SEND US THE E-MAIL.

WE ARE HAPPY TO RESPOND AND WE WANT YOU TO BE ELIGIBLE FOR THE PROGRAM SO WE TRY TO FIND WAYS TO SEE HOW WE CAN QUALIFY OR TELL YOU HOW WE CAN QUALIFY THE PROGRAM.

WE ARE ALSO WORKING CLOSELY WITH THE V.A.

AND HOUSING AUTHORITY.

PART OF OUR PROGRAM REQUIRES YOU TO TAKE THEIR HOME OWNERSHIP EDUCATION PROGRAM.

THAT IS ONE OF THE REQUIREMENTS BECAUSE WE THINK IT IS IMPORTANT FOR FIRST-TIME HOME OWNERS TO HAVE THAT TYPE OF EDUCATION AND UNDERSTAND THAT PURCHASING A HOME IS JUST THE FIRST STEP OF HOME OWNERSHIP.

>> OH, YES.

WITHOUT A DOUBT.

I TELL PEOPLE THE YEAR I FURNISHED MY HOUSE WAS THE BROKEST YEAR OF MY LIFE.

IT WAS OKAY.

IT WAS ABSOLUTELY OKAY.

I DIDN´T HAVE ANY FURNITURE IN MY LIVING ROOM.

MY KIDS AND LITTLE NEPHEWS AND STUFF USED TO RUN INSIDE WALL TO WALL.

JUST RUN IN THE LIVING ROOM AND RUN BACK.

BUT SLOWLY, SLOWLY, SLOWLY, YOU KNOW, WE WOULD BUILD SO I ENCOURAGE FOLKS NOT TO GET DISCOURAGED.

I LIKE WHAT YOU SAID.

THE FIRST STEP AFTER -- BEFORE, ACTUALLY IS TO GO OUT AND GET EDUCATED ABOUT IT, A HOME BUYER EDUCATION PROGRAM.

THEN ONCE YOU ARE MOVING ON TO GOING TO A LENDING INSTITUTION, AND WHERE DO THEY GO FROM THERE?

>> YES.

WELL, AGAIN, THEY GO TO THE LENDING INSTITUTION.

WE MADE IT ONE STOP.

TECHNICALLY YOU DON´T HAVE TO COME TO US.

THE LENDING INSTITUTION WILL UPLOAD EVERYTHING VIA ELECTRONIC PORTAL AND WE´LL RESPOND BACK TO THEM.

THEY WILL DETERMINE WHAT YOUR SHORTFALL IS.

THEY´LL PROVIDE US THE INFORMATION.

WE´LL VERIFY IT AND RESPOND BACK TO THEM.

BASED ON OUR MOAs WE ARE SAYING WE´LL RESPOND WITHIN 72 HOURS.

WE ARE VERY QUICK TURN A-ROUND AND RESPONSE AND EVERYTHING IS DONE PRETTY MUCH ELECTRONICALLY.

>> OKAY.

YOU ARE NOT GOING TO THE BANK OR TO VI.

>> NO.

>> AT ALL.

>> YOU GO TO YOUR MORTGAGE LENDER THAT YOU ARE COMFORTABLE WITH.

THE PROGRAMS ARE ALL AWARE OF IT.

NOT EVERYBODY IS IN THE PROGRAM AT THE MOMENT.

SOME ARE COMING ONLINE SLOWLY.

BUT WE ARE HOPING TO GET ALL THE MORTGAGE LENDERS AND COMMERCIAL INSTITUTIONS AND FEDERAL AGENCIES THAT DO LENDING IN OUR PROGRAM SO WE CAN ASSIST THE PUBLIC.

THERE IS REALLY NOTHING THE EDA GAINS FROM THE PROGRAM IN ALL HONESTY BECAUSE WE ARE PROVIDING THE GRANT FINANCING IF YOU LIVE THERE TEN YEARS.

THERE IS NO PAYMENT TO MAKE, NO APPLICATION FEE, NO PAYMENTS FOR THE TEN-YEAR PERIOD YOU ARE THERE.

YOU JUST STAY IN THE HOUSE FOR TEN YEARS AND THEN IT BECOMES A GRANT.

>> EXCELLENT.

YOU´VE DESCRIBED IT AS A LOT OF COORDINATION THAT HAS TO HAPPEN BE VARIOUS ENTITIES INCLUDING OUR LOCAL BANKING INSTITUTIONS.

THE FIRST STEP IS AFTER GETTING APPROVED FOR A LOAN BY A BANK WE SAID WELL LET´S GO TAKE A JOURNEY ON THIS AND VISITED FIRST BANK TO DISCUSS THE SENSATIONAL NEW PARTNERSHIP.

THROUGH THIS PARTNERSHIP FIRST BANK IS PARTICIPATING IN THE DOWN PAYMENT AND CLOSING COSTS GRANT PROGRAM.

FIRST BANK OFFERS RESIDENTIAL MORTGAGES UP TO 80% OF THE SALES PRICE OR FAIR MARKET VALUE WHICHEVER IS LESS.

WE OFFER LOAN TERMS UP TO 30 YEARS WITH FIXED INTEREST RATES.

THE APPLICANT MUST QUALIFY FROM CREDIT, INCOME, ASSET, RESERVE, DEBT TO INCOME AND LOAN TO VALUE PERSPECTIVE.

FEEL FREE TO VISIT THE VI SLICE WEBSITE TO OBTAIN ADDITIONAL INFORMATION.

IN REGARD TO THE APPLICATION PROCESS TO APPLY AT FIRST BANK VISIT WWW.1 FIRST BANK.COM OR CONTACT OUR SENIOR PERSONAL BANKER AT 775-8825.

THE APPLICATION PROCESS IS FAIRLY STRAIGHT FORWARD.

YOU ARE REQUIRED TO COMPLETE A LOAN APPLICATION, PROVIDE TWO VALID IDs, EVIDENCE OF INCOME, EMPLOYMENT, ASSET RESERVE, AS WELL AS AN EXECUTED CONTRACT OF SALE.

THANK YOU FOR PROVIDING ME THIS WONDERFUL OPPORTUNITY TO DISCUSS THIS PROGRAM WITH YOU.

WE LOOK FORWARD TO ASSISTING YOU WITH YOUR HOME OWNERSHIP NEEDS.

>> THAT IS REALLY GOOD INFORMATION.

IT DOESN´T SOUND THAT COMPLICATED AND I LIKE THE FACT YOU DEMONSTRATED THE PARTNERSHIPS WITH FIRST BANK AND FORWARDING FOLKS TO THE WEBSITE AND NAVIGATING, YOU KNOW, AND JUST HOW IMPORTANT IS THIS PUBLIC/PRIVATE PARTNERSHIP?

>> IT IS ESSENTIAL IN ORDER FOR US TO BE SUCCESSFUL, FOR THE RESIDENTS NOT TO HAVE A DIFFICULT TIME WHILE GOING THROUGH THIS PROCESS.

WE DO OFFER CONSTRUCTION.

OUR PROGRAM, UNLIKE EDA, WHERE THEY OFFER OPPORTUNITY FOR HOME PURCHASE, OURS IS FOR INDIVIDUALS WHO HAVE PROPERTY, WHO OWN LAND THAT THEY CAN COME IN AND GET GAP FINANCING AS WELL FOR UP TO $250,000.

>> LIKE A SPOILER ALERT.

I´M GOING TO GET YOU.

WE´RE GOING TO TALK ABOUT YOUR STUFF ABSOLUTELY.

THAT IS A VERY IMPORTANT PART OF OUR CONVERSATION TODAY IS THAT THERE ARE VARIOUS NEEDS OUT THERE.

YOU HAVE PEOPLE WHO WANT TO PURCHASE A HOME, CONSTRUCT A HOME, AND HAVE ALL OF THESE OPTIONS.

>> YES.

>> MERCHANTS BANK ALSO INVITED US TO VISIT THEIR LOCATION ON ST. THOMAS AND SHARED THEIR HOPES FOR THE PROGRAM AND HOW IT WILL WORK.

TAKE A LISTEN.

>> MERCHANTS COMMERCIAL BANK FOR VIRJDERS TO OBTAIN HOME OWNERSHIP IS A CRITICAL ASPECT OF A PROSPEROUS ECONOMY SO WE ARE PROUD TO PARTNER WITH THE OFFICE OF DISASTER RECOVERY AND THE DEVELOPMENT AUTHORITY ON THE VI SLICE HOME OWNERSHIP PROGRAM AS A PARTICIPATING LENDER.

THE PROGRAM IS DESIGNED TO PROVIDE DOWN PAYMENT ASSISTANCE OR GAP FINANCING AND COVERS PURCHASES OF EXISTING PROPERTIES AS WELL AS NEW BUILDS.

AS THE ONLY FDIC INSURED FINANCIAL INSTITUTION HEADQUARTERED IN THE VIRGIN ISLANDS MCB IS PROUD TO PARTICIPATE IN VI SLICE AND WELCOMES EVERYONE INTERESTED IN ATTAINING THE DREAM OF HOME OWNERSHIP TO REACH OUT AND SEE IF YOU ARE ELIGIBLE FOR THIS FANTASTIC PROGRAM.

IF YOU HAVE ALREADY COMPLETED THE FIRST TIME HOME BUYER EDUCATION COURSE AND ARE PLANNING TO BUY OR BUILD A HOME AND INTERESTED IN LEARNING HOW TO TAKE ADVANTAGE OF THIS PROGRAM PLEASE E-MAIL US FOR MORE INFORMATION.

>> WELL, NOT ONLY IS IT IMPORTANT TO HEAR FROM OUR BANKING INSTITUTIONS OR LENDERS, YOU KNOW, WE ARE ALSO VERY CURIOUS ABOUT WHAT THE STREETS ARE SAYING.

WE TOOK TO THE STREETS TO FIND OUT WHAT MISCONCEPTIONS OR CHALLENGES ARE PREVENTING RESIDENTS FROM BECOMING HOME OWNERS.

LET´S HEAR WHAT THEY HAD TO SAY.

>> THE CHALLENGES STOPPING ME FROM BUYING A HOME IS THE COST OF LIVING IN THE VIRGIN ISLANDS AND ALSO THE COST OF HOUSES IS WAY OFF.

>> THE CURRENT CHALLENGES I AM FACING TRYING TO BUY A HOME ON THE ISLAND IS LACK OF INVENTORY AND VERY HIGH PRICES.

MOST IS BEING BOUGHT FOR CASH NOT FINANCED AS I NEED TO DO AND IS BEING PURCHASED BY PEOPLE OFF ISLAND AND BEING USED FOR BUSINESS PURPOSES.

>> PERSONALLY I DON´T FEEL LIKE I HAVE THE RIGHT CONNECTIONS.

I DON´T KNOW THE RIGHT PEOPLE.

I GUESS I JUST HAVE TO PUT MY MIND MORE INTO IT AND NOT GIVE UP.

>> WOW.

HE SAID HE DIDN´T KNOW THE RIGHT PEOPLE.

THAT IS CONCERNING.

YOU GUYS ARE WORKING TO MAKE SURE THAT YOU DON´T HAVE TO KNOW PEOPLE IN ORDER TO GET A HOUSE, RIGHT?

>> RIGHT.

>> HOME BUYER EDUCATION SHOULD NOT JUST START AS ADULTS.

HERE IS ANOTHER VALID CONCERN.

>> OUR BIGGEST DIFFICULTY WAS GETTING EASEMENTS FOR OUR DRIVEWAY SPLITS DIFFERENT PROPERTIES.

SO WE HAD EASEMENT ISSUES ESPECIALLY WHERE THE ORIGINAL EASEMENT WAS WRITTEN IN THE 1940s.

>> IT WAS A PRETTY GOOD EXPERIENCE.

I BROUGHT US TO THE V.A.

AND THE STAFF AT THE TIME WERE EXTREMELY ACCOMMODATING APP VERY, VERY HELPFUL WITH THE PROCESS OF ACQUIRING A HOME.

YOU KNOW, WHATEVER CONSIDERATIONS AT THAT TIME.

IN TERMS OF ISSUES, THAT COULD PROBABLY HAVE BEEN BETTER FOR ME, BETWEEN THEN AND NOW, IS THAT THE HOME I BOUGHT IS ACTUALLY IN THE HEART OF THE AREA AND WE ARE DIRECTLY ACROSS FROM A VERY -- WE ARE ON QUEEN STREET, WHICH IS A PRETTY BUSY STREET.

>> NO I DO NOT OWN A HOME BUT I THINK WHAT IS REALLY STOPPING ME OR AT LEAST SLOWING ME DOWN IS THE FACT THAT AS A YOUNG STUDENT MY FIRST YEAR IN COLLEGE I AM NOT ENTIRELY EDUCATED ABOUT THE PROCESSES TA ARE BUYING A HOME.

I FEEL LIKE A LOT OF PEOPLE MY AGE AREN´T REALLY EDUCATED ON THAT AS WELL.

I KNOW THERE ARE SO MANY THINGS THAT GO INTO BUYING A HOME, LOANS, MORTGAGE, LAND TAX.

ALL OF THESE THINGS I FEEL LIKE HAVE BEEN MENTIONED BUT NOT ANYTHING WE´VE HAD THE OPPORTUNITY TO BE FULLY EDUCATED ON ESPECIALLY IN SCHOOL.

IF I WERE TO BUY A HOME I´D HAVE TO TAKE THE TIME OUT TO REALLY RESEARCH AND LEARN THESE THINGS ON MY OWN, BECAUSE THESE THINGS AREN´T TAUGHT.

>> OH, WOW.

YOU KNOW, BOY, DO WE HAVE SOME INFORMATION FOR YOU.

YOU DON´T HAVE TO FIGURE IT OUT.

>> NOT AT ALL.

>> IT WAS VERY INTERESTING TO HEAR HER SAY THAT SHE DIDN´T LEARN THIS IN SCHOOL SO THEREFORE THIS IS ANOTHER ASPECT OF CONTINUOUS LEARNING BUT, YOU KNOW, THE VIRGIN ISLANDS FINANCE AUTHORITY IS ON CUE WITH BEING ABLE TO PROVIDE THOSE.

>> ABSOLUTELY.

WE HAVE OPTIONS.

OPTIONS FOR YOU.

SO WE HAVE IT WHERE YOU CAN SIGN UP ONLINE AND DO A SELF-COURSE.

TAKE IT AT YOUR TIME AND LEARN ALL ABOUT PURCHASING A HOUSE.

WE ALSO DO AN IN-PERSON SIX-WEEK COURSE.

REALLY IN DEPTH.

AND THAT IS FOR YOU.

I URGE YOU TO GO TO VIHSA.GOV SO YOU CAN SIGN UP FOR WHATEVER FITS YOUR LIFESTYLE SO YOU CAN GET EDUCATED ON HOME BUYING.

>> ALL RIGHT.

YES.

I KNOW IN THE PAST I´VE HEARD REALLY, REALLY GOOD FEEDBACK ON THE IN-PERSON AND AFTER COVID YOU WERE ABLE TO ADAPT.

>> YES.

>> AND PROVIDE IT ONLINE AS WELL SO IF YOU ARE EXTREMELY BUSY AND DON´T HAVE TIME TO COME TO THE CLASSES YOU CAN DO ONLINE.

WE´LL PUT UP SOME NUMBERS AS TO WHERE YOU CAN CALL AND ALSO GO ONLINE FOR THOSE WHO WANT TO TALK TO A REAL LIFE PERSON AND YOU CAN CALL 777-4432 ON ST. THOMAS AND 772-4432 ON ST. CROIX.

YOU GUYS ARE, YOU KNOW, THIS IS YOUR BABY.

HOME OWNERSHIP AND PROVIDING HOME OWNERSHIP OPPORTUNITIES.

I KNOW YOU HAVE A LOT GOING ON IN THAT REALM.

>> WE DO ACTUALLY.

AND SORT OF WHY I BROUGHT ANN HERE TODAY.

SHE IS A LITTLE SHY.

REALLY TO TALK ABOUT OUR OWNER LOT BUILD A HOME PROGRAM UNDER THE CDBGR PROGRAM AND HOW THAT, TOO, CAN HELP SOMEBODY IN THE TERRITORY BECOME A HOMEOWNER.

>> FOR THE HOUSING FINANCE AUTHORITY SIMILAR TO EDA WE PROVIDE GAP FINANCING.

OUR PROGRAM IS FOR LOW TO MODERATE INCOME INDIVIDUALS.

WE PROVIDE GAP FINANCING UP TO $250,000 FOR INDIVIDUALS WHO OWN PROPERTY AND THEY WOULD LIKE TO -- >> YOU GOT A FROG THERE.

>> -- I GOT A FROG.

AND THEY WOULD LIKE TO PURCHASE TO CONSTRUCT THEIR FIRST HOME.

THE FINANCE AUTHORITY, YOU WOULD GO TO THE LENDER.

WE ARE PARTNERING WITH THE BANK WHO WOULD SEND TO US MORTGAGE READY INDIVIDUALS.

UNLIKE MR. BIGGS HERE THAT SAYS THE BANK DOES EVERYTHING AND THERE ARE NO OTHER REQUIREMENTS WE DO HAVE A REQUIREMENT BECAUSE WE WORK WITH HUD.

HUD REQUIRES US TO DO AN VIERMAL AND A TIER 2 ENVIRONMENTAL AND WE ASSESS THE PROPERTY.

FOR EXAMPLE IF YOU ARE BUILDING IN A FLOOD ZONE AREA, YOU WILL BE REQUIRED TO ELEVATE THE PROPERTY.

SO ONCE YOU HAVE FINALIZED YOUR ENVIRONMENTAL REVIEW, THEN YOU WOULD GET APPROVAL AND WITH THE APPROVAL WE WOULD BE DETERMINING WHAT THAT GAP FINANCING IS.

SIMILAR TO EDA THERE IS A DIFFERENCE IN TERMS OF WHAT WOULD BE APPROVED BASED ON DISTRICT.

FOR ST. CROIX IT IS 400,000, ON THE HIGHER END AND ON ST. THOMAS IT IS 500,000 AND ST. JOHN ABOUT 900,000.

THOSE RATES WERE FROM FHA WHICH IS THE FAIR HOUSING ADMINISTRATION.

THOSE ARE THE ANNUAL READS FOR 2023.

>> YOU SAID SOMETHING IMPORTANT THOUGH ABOUT THE ENVIRONMENTAL.

EVERY PROGRAM DOESN´T NECESSARILY NEED ENVIRONMENTAL, BUT UNDER HUD WE HAVE TO DO ENVIRONMENTAL.

CAN YOU GET AWAY FROM THAT?

>> NO WE CANNOT.

>> CAN YOU BE DISQUALIFIED?

>> YES.

YOU CAN BE DISQUALIFIED IF SOME ISSUES ASSOCIATED WITH THE PROPERTY.

WE DO HAVE AREAS WHERE WE WILL NOT PROVIDE GAP FINANCING FOR.

FOR EXAMPLE OCEAN FRONT PROPERTY.

WE WILL NOT DO THAT.

BUT PRETTY MUCH IN MIXED USE COMMUNITIES WE WILL PROVIDE FINANCING TO PROVIDE FIRST TIME HOME OWNERSHIP.

WE ARE EXCITED ABOUT THIS BECAUSE I THINK ONE OF THE THINGS WE DO KNOW AS RESIDENTS IS THAT WE ARE LAND RICH.

AND IT HAS BEEN DIFFICULT FOR A LOT OF US TO BE ABLE TO OWN HOMES IN THE VIRGIN ISLANDS AND THIS OPPORTUNITY WOULD REALLY LIKE TO GIVE TO HOME OWNERS.

SO, THEREFORE, IF THERE IS ANYONE OUT THERE WHO WOULD LIKE TO CONSTRUCT THEIR FIRST TIME HOME, THIS WILL PROVIDE THAT.

>> A LOT OF PEOPLE HAVE LEARNED WHETHER YOUR PARENTS PASS IT DOWN TO YOU, MAYBE, YOU KNOW, YOU WERE ABLE TO PURCHASE LAND EARLY ON, AND YOU ARE REALLY TO THE POINT WHERE YOU WANT TO GET YOUR HOME STARTED, SO THIS IS ABSOLUTELY EXCITING.

>> IT IS.

>> THAT YOU CAN MOVE TO THE NEXT STEP, YOU KNOW, THEY JUST SAID THEY´RE NOT BUILDING BEACH FRONT PROPERTIES.

>> NO.

>> FORGET THE CONDO ON THE BEACH.

THAT IS NOT HAPPENING.

>> WE DO THAT.

>> BUT, YOU KNOW, IT IS IMPORTANT FOR YOU TO REALLY DO THE RESEARCH.

THERE ARE A LOT OF PRODUCTS OUT THERE AND SEE THE RIGHT ONES FOR YOU TO BE ABLE TO GET YOUR OWN HOME.

YOU KNOW?

>> IT IS THE MOST -- MOST PEOPLE IT IS THE LARGEST PURCHASE YOU ARE EVER GOING TO MAKE IN YOUR LIFETIME UNLESS YOU´RE GOING TO BUY A BOAT OR A YACHT.

>> I THINK THE HOME IS STILL GOING TO BEAT IT OUT UNLESS YOU BUY A YACHT.

>> YES.

I LIKE THAT.

UNLESS YOU´RE GOING TO BUY A YACHT.

BUT, YOU KNOW, IT IS IMPORTANT TO GET EDUCATED ABOUT IT.

>> ABSOLUTELY.

>> AND LEARN AND MAKE SURE YOU MOVE AROUND AND GET ALL THE INFORMATION YOU´LL NEED IN ORDER TO BECOME A FIRST TIME HOME BUYER.

MISS HANLEY YOU OUTLINE A LOT OF WHAT IS NEEDED TO ACCESS A LOT OF YOUR PROGRAMS BUT YOU HAVE HER WORKING DAY TO DAY ON IT.

LET´S HEAR FROM HER ON SOME OF THE SPECIFICS.

>> SO THE OWNER LOT BUILD A HOME PROGRAM IS DESIGNED TO ASSIST FAMILIES IN OUR COMMUNITY WITH BUILDING THEIR FIRST SINGLE FAMILY HOME WITH AN EXISTING PROPERTY THAT THEY OWN.

TO QUALIFY FOR THIS PROGRAM YOU HAVE TO BE A FIRST TIME HOME OWNER RESIDENT WITH A THREE-YEAR JOB HISTORY, MINIMUM CREDIT SCORE OF 620, PROOF OF CITIZENSHIP AND RESIDENCY AND PROPERTY QUALIFIED BASED ON THE VALUATION.

THIS PROGRAM IS DESIGNED TO ASSIST FAMILIES WITH UP TO $250,000 IN THE FORM OF A FORGIVABLE LOAN.

FAMILIES WOULD BE QUALIFIED BASED ON THE INCOME LIMITS GUIDED BY THE CDGBR PROGRAM.

AN EXAMPLE WOULD BE A SINGLE FAMILY, SINGLE PERSON MAKING $60,000 A YEAR WOULD START BY GOING TO THE BANK AND GETTING PREQUALIFIED.

IF THE PREQUALIFICATION DETERMINES THEY QUALIFY FOR A $200,000 AND THE COST OF CONSTRUCTION IS $350,000, ESSENTIALLY THE DIFFERENCE OF $150,000 IS WHAT IS BEING REQUESTED FROM THE HOUSING FINANCE AUTHORITY.

>> ALL RIGHT.

YOU GET AN A.

SO THERE ARE A LOT OF DIFFERENT THINGS YOU HAVE TO DO BUT THE OUTPUT IS REALLY WORTH IT AT THE END.

SO THAT YOU CAN BECOME A HOME OWNER.

I KNOW A LOT OF THE BANKS HERE ARE NOT DOING CONSTRUCTION LOANS RIGHT NOW.

WHAT IS YOUR EXPERIENCE AT THE EDA?

>> RIGHT NOW ONLY ONE BANK IS DOING CONSTRUCTION LOANS WE ARE AWARE OF.

WE HAVE TWO -- I´M SORRY.

THERE ARE TWO BANKS DOING CONSTRUCTION LOANS.

WE ANTICIPATE TWO ADDITIONAL BANKS WILL COME ONLINE IN REFERENCE TO CONSTRUCTION FROM THE INDICATION THEY´VE GIVEN US.

IN OUR PROGRAM RIGHT NOW ONLY THOSE TWO ARE DOING CONSTRUCTION LOANS WE ARE AWARE OF.

>> HAS THAT BEEN ANY CHALLENGES FOR THE VAHSA?

>> YES IT HAS.

>> OKAY.

>> WE CONTINUE TO WORK WITH BANKING INSTITUTIONS, LENDING INSTITUTIONS, TO TRY AND BRING THEM ONBOARD.

>> OKAY.

IF YOU DON´T OWN YOUR HOME RIGHT NOW THIS IS REALLY A GREAT TIME TO START AND TALKING ABOUT JUNE BEING HOUSING MONTH SO IF YOU ARE NOT READY NOW IS A GREAT TIME FOR YOU TO GET READY.

SO WHAT ARE YOU ACTUALLY HAVING IN SUNNY ISLES TOMORROW?

AND TUTU PARK?

>> A NICE BIG HOUSING EXPO.

COME OUT AND LEARN ABOUT THE PRODUCTS WE OFFER.

EDA WILL BE THERE AS WELL.

>> WE´LL BE THERE.

>> ABSOLUTELY.

JUNE 10th ON ST. CROIX AND SUNNY ISLES.

JUNE 17th ON ST. THOMAS AT THE TUTU PARK MALL.

COME AND LEARN ABOUT ALL THE PROGRAMS AND OPPORTUNITIES WITHIN THE TERRITORY TO HELP YOU BECOME A HOMEOWNER.

WE´LL TALK ABOUT A MODERATE HOME INCOME PROGRAM, HOME LOAN PROGRAMS, IN ADDITION TO THE VI SLICE.

AS WELL AS OUR VETERANS HOUSING LOAN PROGRAM.

>> YOU HAVE HOME OWNERSHIP ACTIVITIES INITIATIVES.

CAN YOU STILL PURCHASE LAND FROM VIHSA AND IF SO WHERE?

>> ABSOLUTELY.

WE ARE STILL MAKING LAND SALES.

WE HAVE A SMALL INVENTORY BUT WE ARE TRYING TO WORK WITH THE DEVELOPERS, ETCETERA, SO WE ARE ABLE TO PURCHASE MORE LAND AND OFFER LAND.

WE ARE WORKING ON A DEAL RIGHT NOW MOSTLY IN THE ST. CROIX DISTRICT THAT WE´LL BE ABLE TO OFFER MORE LAND.

COME AND TALK TO OUR HOME OWNERSHIP TEAM TO LEARN WHAT IS OUT THERE AS WELL.

>> YOU ALSO HAD GROUNDBREAKING AD WILD PINEAPPLE OVER IN ST. THOMAS.

WHERE ARE YOU WITH THE WORK THERE?

>> SO THAT IS PART OF OUR DISASTER RECOVERY SO THE TEAM IS STILL WORKING WITH OUR APPLICATIONS TO GET APPROVAL, LOOKING FOR HOUSING IN THE PLACE THEY CALL AFRICA IN ST. THOMAS, QUEEN LOUIS OVER THERE.

A NUMBER OF PROPERTIES, WHISPERING HILLS.

WE ANTICIPATE MORE COMING ONLINE, STARTING SOME BUILDING THIS YEAR.

>> OKAY.

VERY, VERY EXCITING.

AND IN ADDITION TO ALL OF THE OPPORTUNITIES OFFERED THROUGH THE FEDERAL FUNDING BY HUD, RESIDENTS OF THE TERRITORY CAN ALSO LOOK TO THE U.S. DEPARTMENT OF AGRICULTURE.

USDA HAS BEEN A REAL PLAYER HERE IN THE TERRITORY AND HAS BROUGHT DREAMS HOME AND MADE THEM A REALITY FOR MANY PEOPLE.

AREA SPECIALIST PENNY ARMSTRONG TELLS US MORE ABOUT USDA AND WHAT THEY ARE DOING.

>> THE IMPORTANCE OF OUR PROGRAMS AT USDA RURAL DEVELOPMENT IS TO AID OUR LOCALS IN ESTABLISHING AND MAINTAINING FINANCIAL LITERACY AND GENERATIONAL WEALTH BY WAY OF OUR FIRST TIME HOME BUYERS, SINGLE FAMILY HOUSING, DIRECT LOAN PROGRAMS.

THE ENTIRE UNITED STATES VIRGIN ISLANDS AND ITS UNIQUE GEOGRAPHICAL MAKEUP IS CONSIDERED RURAL SO WE HAVE THE PLEASURE OF HOUSING ALL OF OUR RESIDENTS ONCE ELIGIBILITY FOR THIS PROGRAM IS MET.

QUALIFYING FOR THE DIRECT LOAN PROGRAM REQUIRES SEVERAL COMPENSATING FACTORS SUCH AS HOUSEHOLD SIZE, CREDIT, AND DEBT-TO-INCOME RATIOS.

THE PROGRAM PROVIDES FINANCIAL ASSISTANCE FOR LOW TO MODERATE INCOME HOUSEHOLDS IN THE FORM OF A LOW DOWN PAYMENT DIRECT LOAN WHICH WE PROCESS IN HOUSE.

CURRENTLY, OUR INTEREST RATE OF 4.15% FOR A 33-YEAR TERM CAN BE SUBSIDIZED FOR AS LOW AS 1% FOR A 38-YEAR TERM.

USDA, RURAL DEVELOPMENT IS A PRIMARY LENDER AND WE CAN PARTNER WITH OTHER LOCAL ISLANDS HOUSING FINANCE AUTHORITY´S HOME PROGRAM AND THE ECONOMIC DEVELOPMENT AUTHORITY´S VI SLICE PROGRAMS TO PROVIDE ADDITIONAL SECONDARY FINANCING TO QUALIFYING APPLICANTS.

WE BELIEVE HOME OWNERSHIP IS A DEFINITE WAY TO ENSURE OUR COMMUNITY IS THRIVING TODAY, TOMORROW, AND FOR A LIFETIME.

>> YOU HEAR THAT?

TODAY, TOMORROW, AND FOR A LIFETIME.

I LOVE IT.

SHE TALKED ABOUT THE INTEREST RATES.

WHAT ARE YOU SEEING NOW WITH THE MORTGAGES?

>> DEFINITELY IF ANYBODY HAS BEEN FOLLOWING THE U.S. MAINLAND YOU´VE SEEN INTEREST RATES INCREASE SIGNIFICANTLY CAUSING A BURDEN BECAUSE OF COURSE YOUR PAYMENTS GO UP AS INTEREST RATES GO UP.

LUCKILY, BECAUSE WE ARE A GRANT PROGRAM OURS ARE INTEREST FREE.

SO THERE IS NO INTEREST RATE ADDED ON.

ADDITIONALLY WHEN THE BANKS ARE DOING THEIR DEBT TO WORTH RATIO, BECAUSE IT IS A GRANT IT IS NOT INCLUDED.

SO IF IT WAS A LOAN IT WOULD BE INCLUDED INTO THE RATIOS AND POTENTIALLY KNOCK YOU OUT OF THE RANGE REQUIRED.

BECAUSE WE WANTED TO MAKE THE PROGRAM AS EASY AS POSSIBLE IF THE BANK HAS DIFFERENT RATIOS THEY CAN JUSTIFY WHAT THEIR POLICIES ARE AND WE´LL GO AHEAD AND FOLLOW THEIRS.

WE´RE TRYING TO WORK WITH THE BANKS.

THE PRIMARY PURPOSE IS TO GET RESIDENTS AND VIRGIN ISLANDERS INTO HOMES.

>> YOU ARE LOOKING, IT IS IMPORTANT TO HIGHLIGHT THE ADDITIONAL FUNDS YOU ARE PROVIDING IS A GRANT AND IT DOES NOT ADVERSELY AFFECT YOUR INITIAL MORTGAGE BUT ACTUALLY ENHANCES.

>> WE WORDED IT TO SAY IT IS A GRANT THAT TURNS INTO A LOAN IF YOU DON´T HAVE THE TEN-YEAR REQUIREMENT INSTEAD OF SAYING IT IS A LOAN THAT TURNS INTO THE GRANT.

IF WE SAID IT IS A LOAN THAT TURNS INTO A GRANT THEY HAVE TO FIGURE THOSE NUMBERS AND WHAT IS THE REPAYMENT ON THE LOAN WHEN THEY ARE DOING THEIR CALCULATIONS IN REFERENCE TO DEBT TO RATIO AND VALUE TO WORTH AND THAT SORT OF STUFF.

>> OKAY.

SO I SPEAK THE LINGO BUT I´M SURE THERE ARE A LOT OF FOLKS OUT THERE NOT SPEAKING, DEBT TO INCOME AND ALL OF THIS STUFF.

VERY SIMPLY PUT IF YOU HAVE A HOUSE THAT IS A HUNDRED THOUSAND DOLLARS AND YOU´RE ONLY -- JUST USING THESE VERY ROUND, EASY TO COUNT NUMBERS BECAUSE I HAVE TO COUNT ON MY FINGERS.

A HUNDRED THOUSAND DOLLARS.

YOU´RE ABLE TO QUALIFY FOR 75 -- $100,000, $75,000 THEN YOU WILL BE ABLE TO PROVIDE THE $25,000 TO THE BANK TO HELP THEM -- >> WE ARE PROVIDING IT TO THE INDIVIDUAL VIA THE BANK.

WE GIVE THE MONEY TO THE BANK BUT THE INDIVIDUAL SIGNS A NOTE BECAUSE THEY ARE RESPONSIBLE.

>> REMEMBER WE´RE NOT DOING TECHNICAL.

>> RIGHT.

JUST TRYING TO MAKE THE PROCESS CLEAR BECAUSE PEOPLE WILL COME BACK AND SAY, WELL, I DIDN´T KNOW I HAD TO SIGN THAT NOTE.

SO WE REALLY NEED TO BE CLEAR ON THE PROCESS.

WE PROVIDE THE MONEY TO THE BANK SO THEY HAVE THE MONEY AT CLOSING BUT WHEN YOU ARE DOING THE CLOSING YOU SAY YOU´LL GET THIS MONEY FROM THE VI SLICE PROGRAM.

>> SO THE VI SLICE PROGRAM AS PART OF CLOSING WILL PROVIDE THE SHORTFALL, THE GAP FINANCING TO ALLOW YOU TO BE ABLE TO BE ELIGIBLE TO PURCHASE THE HOME.

ON YOUR SIDE IN THAT SAME SCENARIO, IF WE HAVE A $100,000 HOME YOU ARE ABLE TO DO THE SAME THING AND PROVIDE THE GAP FINANCING AS WELL.

>> CORRECT.

>> BUT YOU HAVE OTHER REQUIREMENTS BECAUSE YOU´RE USING THE MONEY FROM HUD.

>> CORRECT.

>> SO YOU HAVE TO DO AN ENVIRONMENTAL REVIEW.

ANYTHING ELSE?

>> WELL, THE BASIC DIFFERENCE IS THE ENVIRONMENTAL REVIEW.

UNLIKE EDA WHERE IT IS A TEN-YEAR, OURS IS FIVE.

>> OKAY.

YOU HAVE A FIVE-YEAR.

ALL RIGHT.

EITHER WAY, YOU BOTH HAVE STIPULATIONS THAT DON´T ALLOW FOLKS TO COME IN, TAKE ADVANTAGE OF THE PROGRAM, FLIP IT, AND MAKE MONEY BECAUSE YOU MUST SAFEGUARD THE FEDERAL DOLLARS IN THE PROGRAM.

>> RIGHT.

I TELL PEOPLE THE PROGRAM IS NOT TO ENRICH YOU BUT TO ALLOW YOU TO GET A HOME.

YOU ARE CORRECT.

WE TRY TO PUT SOME BARRIERS SO PEOPLE DON´T COME IN AND PURCHASE AND FLIP.

IF THAT IS THE CASE THEN YOU´VE BEEN IN THE HOUSE FOR A YEAR AND NOW YOU WANT TO SELL THE HOME, THEN YOU NEED TO REPAY THE GRANT SO SOMEBODY ELSE FROM THE TERRITORY CAN BENEFIT FROM THE MONEY.

>> ALL RIGHT.

I LIKE IT.

DURING THIS PART OF OUR SHOW WE USUALLY TAKE QUESTIONS FROM SOCIAL MEDIA BUT THESE WERE SO MANY EXCELLENT QUESTIONS WE´VE HAD ON THE CHAT FOR THE WEBINAR, SO LET´S GO OVER A FEW OF THOSE.

>> WHAT HAPPENS WHEN THE $20 MILLION IS DEPLETED.

DOES THE PROGRAM END?

>> UNLESS WE FIND ANOTHER PROGRAM TO SUPPLEMENT THE FUNDING.

HOWEVER THE PROGRAM CONTINUES UNTIL THE LAST LOAN WAS GRANTED FOR TEN YEARS.

WE HAVE TO CERTIFY FOR THE TEN YEAR PERIOD BEFORE IT IS A GRANT.

TECHNICALLY THE PROGRAM DOESN´T END BUT THE FUNDING PORTION ENDS.

>> THE FUNDING ENDS BUT OF COURSE ALL THE REPORTING REQUIREMENTS DO NOT END.

>> IF YOU ARE LISTED ON A DEED FOR A HOUSE FROM A TRUST DOES THAT MEAN YOU ARE NOT A FIRST TIME HOME BUYER?

>> CASE BY CASE.

WE NEED MORE INFORMATION SO SEND IT TO VI SLICE THROUGH THE WEBSITE.

WE´LL ASK YOU SOME ADDITIONAL QUESTIONS SO WE CAN GATHER THE INFORMATION AND THEN MAKE THAT DETERMINATION.

IF YOU ARE ON A DEED AND LIVING IN A HOUSE AND HAVE BENEFIT TO THE HOUSE AND ARE THERE WITH SOME OTHER KIDS WE MAY SAY YES YOU ARE NOT A FIRST TIME OWNER BECAUSE YOU BENEFIT.

BUT IF YOU´VE NEVER REALLY HAD ANY REAL INTEREST A LOT OF PARENTS FOR INSTANCE PUT THEIR KIDS, I GUESS THEY THINK IT IS THE BEST WAY IN CASE ANYTHING HAPPENS BUT THE CHILD HAS NO INTEREST OR CAN´T MAKE THAT DETERMINATION WE MAY LOOK AT THAT DIFFERENT.

THE PROGRAM IS TO PROVIDE PEOPLE HOMES.

IF YOU DON´T HAVE A REAL DIRECT INTEREST WE CAN LOOK AT IT DIFFERENTLY.

SO ADDITIONAL INFORMATION WOULD BE NEEDED.

>> LIKE YOU SAID DON´T DISQUALIFY YOURSELF.

>> CASE BY CASE.

>> TYPICALLY, AS A RULE OF THUMB, YOU KNOW, ANY ASSET THAT IS STILL IN PLAY YOU DON´T PUT MINORS ON THERE.

IT IS A BAD PRACTICE.

AN EASY ONE.

WHEN IS THE NEXT HOME BUYER EDUCATION CERTIFICATE PROGRAM BEGINNING?

I KNOW YOU SAID YOU CAN DO IT ONLINE.

IS THERE A SPECIFIC TIME THEY START?

>> WE JUST STARTED A CLASS IN JANUARY.

WE´LL GET READY TO START ONE RIGHT AFTER OUR HOME OWNERSHIP EXPO SO COME AND GET SOME INFORMATION.

IF YOU ARE READY TO START TODAY, GO TO THE VIHSA.GOV AND SIGN UP FOR THAT SELF-CLASS AND YOU CAN GET STARTED AND YOU DON´T HAVE TO WAIT.

>> WELL.

WHAT A SHOW.

IF YOU DO NOT OWN A HOME I HOPE THIS HOUR HAS BEEN MOTIVATING IN GETTING YOU TO THE POINT WHERE YOU´LL GET OUT THERE AND GIVE IT A SHOT.

IF YOU ARE STILL NOT CONVINCED MAKE SURE YOU ATTEND THE EXPO ON JUNE 10th ON ST. CROIX AND JUNE 17th ON ST. THOMAS AT THE TUTU PARK MALL.

WE RAN OUT OF TIME.

WHAT DO YOU HAVE TO STAY SAY TO YOUR PEOPLE OUT THERE?

>> AGAIN, DO NOT DISQUALIFY YOURSELF.

CONTACT US.

A GENTLEMAN TALKED ABOUT INVENTORY.

WE´VE DRIVEN AROUND AND REALIZE THERE IS LACK OF INVENTORY BUT THERE ARE A LOT OF HOMES THAT NEED REPAIR.

THAT IS WHY WE CREATED THE PURCHASE AND REHABILITATION SO WE CAN GIVE YOU MONEY IF YOU PURCHASE THE FIXER UPPER TO HELP REPAIR IT AND GET IT BACK INTO INVENTORY.

THAT MAY BE AN OPTION IF YOU DON´T SEE A HOME ALREADY READY TO LIVE IN.

>> ALL RIGHT.

THANK YOU GUYS FOR BEING HERE.

WE´RE GOING TO SEND PEOPLE OVER TO THE EXPO AND MAKING SURE THAT WE SHOW OUR APPRECIATION AND ALWAYS WANT TO THANK THE VIEWERS FOR TUNING IN AT RECOVERING FOCUS AND HOPE THIS SHOW HAS HELPED YOU TO DISCOVER A PATH TO OWNING A SLICE OF THE VI PUN INTENDED FOR YOU AND GENERATIONS TO COME.

FOR MORE INFORMATION FIND US ONLINE AT USVIODR.COM AND ALSO KEEP THE DISCUSSION GOING ON FACEBOOK.COM/WTJX.

THANK YOU FOR WATCHING.

WE´LL CONTINUE TO BUILD A LEGACY OF RESILIENCE.

♫♫ >>> THE VIEWS EXPRESSED ON THIS PROGRAM ARE NOT NECESSARILY THOSE OF WTJX, ITS BOARD, STAFF, OR UNDERWRITERS.