Virgin Islands Housing Authority
## Slide 1 Virgin Islands Housing Authority Affordable housing strategy & Revitalization plan 1 St. Thomas/St. John St. Croix ## Slide 2 Agenda 2 ## Slide 3 Overview Post-Hurricane Challenges Over $200 million in deferred capital improvements. $240 million in additional damages from the 2017 storms. Limited use of approved recovery funds, emphasizing the need for a refreshed strategy. VIHA Portfolio Status 22 developments across 12 Asset Management Properties (AMPs). 2,426 units, adjusting to approximately 2,000 units due to demolitions and redevelopment. Annual target of revitalizing or constructing 300 units. 3 ## Slide 4 Strategic Approach 2020 Strategy 10-year plan to replace aging infrastructure. Revised Approach Shortened to 3-4 years due to high construction & insurance costs. Prioritizing FEMA funds for disaster-related damages. Use of annual capital funds for deferred maintenance. Exploring innovative financing (RAD & Mixed Finance). …
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## Slide 1 Virgin Islands Housing Authority Affordable housing strategy & Revitalization plan 1 St. Thomas/St. John St. Croix ## Slide 2 Agenda 2 ## Slide 3 Overview Post-Hurricane Challenges Over $200 million in deferred capital improvements. $240 million in additional damages from the 2017 storms. Limited use of approved recovery funds, emphasizing the need for a refreshed strategy. VIHA Portfolio Status 22 developments across 12 Asset Management Properties (AMPs). 2,426 units, adjusting to approximately 2,000 units due to demolitions and redevelopment. Annual target of revitalizing or constructing 300 units. 3 ## Slide 4 Strategic Approach 2020 Strategy 10-year plan to replace aging infrastructure. Revised Approach Shortened to 3-4 years due to high construction & insurance costs. Prioritizing FEMA funds for disaster-related damages. Use of annual capital funds for deferred maintenance. Exploring innovative financing (RAD & Mixed Finance). 4 ## Slide 5 Strategic Approach Physical Improvements & FEMA Funding Communities Impacted: Estate Bovoni Apartments, Oswald Harris Court, Paul M. Pearson Gardens, H. H. Bergs Home & Additions, Lucinda Millin Home, Michael J. Kirwan Terrace, Knolls at Contant, Joseph E. James Terrace, Mount Pleasant, Marley Homes & Additions and the partial redevelopment of John F. Kennedy Terrace Improvement Focus: Roofs, exterior doors/windows, and painting. FEMA Funding: $100 - $120 million allocated. HUD Capital Fund Program Projects Capital Fund Renovations: Aureo Diaz Heights & Candido Guadalupe Terrace CDBG-MIT Applications: Alphonso "Piggy" Gerard and Stoney Ground. Partial demolition of John F. Kennedy Terrace, new units to be developed at Ludvig Harrigan Court, Nicasio Nico Apartments, and Land Swap parcels for Ralph deChabert Place. 5 ## Slide 6 Redevelopment Project Status Estate Donoe (Tutu I) Units: 84 (Family) 9% LIHTC Developer: Pennrose Financial Closing: 2025 Completion: 2027 Estate Tutu North Senior (Tutu II) Units: 60 (Senior) 4% LIHTC Developer: Pennrose Financial Closing: 2025 Hamilton Project Units: 106 4%/9% LIHTC Developer: MDG Status: Financial Closing in 2024 Completion: 2026 Walter I. M. Hodge Pavilion Units: 248 9% LIHTC Developer: MDG Status: Completion 2024 John F. Kennedy (JFK) Partial Demolition & Redevelopment Status: Section 18 application to be submitted in 2025 Development Plan: 100-unit building to be pursued by VIHA self-development with 4% tax credits Alphonso Piggy Gerard Revitalization Status: Predevelopment Development Plan: 26-unit rehab to be pursued by VIHA self-development with CDBG-MIT funds. Stoney Ground Redevelopment Units: 98 (Senior) Developer: TBD Development Plan: New construction 6 ## Slide 7 Willams Delight Homeownership Key Statistics Homeowners: 44 families have purchased homes In-Progress Sales: 7 families closed, 5 families working towards closing Down Payments: 35 families made payments for homeownership Future Opportunities: 54 residents still have the chance to purchase homes Funding Support ARPA Fund Allocation: $300,000 for financial assistance ($15,000 per household). Awarded Families: 20 families have received assistance, with continued support through 2025-2026. 7 ## Slide 8 Future Vision- Refresh Key Focus Areas Infrastructure renewal and revitalization. Increasing affordable housing availability through redevelopment and new units. Enhancing community resilience and livability across the Territory. Meeting the growing demand for safe, quality housing for families. Funding Support Continuing redevelopment efforts, improving living conditions, and addressing urgent housing needs. Collaboration with local and federal partners to support sustainable progress and meet long-term goals of affordable housing availability. 8 ## Slide 9 THANK YOU 9