St. Croix, VI – January 29, 2025 — Enterprise Community Partners and the Federal Home Loan Bank of New York hosted the Housing Our Community: Workshop and Networking Event, bringing together grant recipients of the USVI Housing Ecosystem Development Grants Program and key stakeholders to collaborate on advancing affordable housing solutions in the U.S. Virgin Islands.
Held at The Buccaneer Resort in St. Croix, the event convened past and present grantees, government officials, banking representatives, developers, and housing advocates. Participants, united by a shared commitment to affordable housing, engaged in discussions, exchanged insights, and explored collaborative strategies to address the territory’s housing challenges.
Key Challenges Identified
Despite concerns over a federal pause on grants and loans, as outlined in a Management and Budget Office memo, attendees remained focused on identifying opportunities and innovative solutions to support housing development in the territory.
When asked about the biggest barriers to affordable housing, the most frequently cited challenges included:
- Funding limitations
- High land and construction costs
- Complex administrative processes
- Lack of readily available information
Insights from the Federal Home Loan Bank of New York
Representatives from the Federal Home Loan Bank of New York provided valuable insights into the Affordable Housing Program, detailing the three-phase application process, project eligibility requirements, and scoring criteria. Notably:
- Projects must demonstrate financial feasibility and a need for subsidy.
- Rental housing projects must ensure at least 20% of households served earn 50% or less of the median family income (MFI).
- Affordable housing projects in the USVI receive an automatic six points in the scoring process.
- The 2024 cycle saw 164 applications, with 61 awarded projects. Scoring averages ranged between 63-70.9 points.
- Nonprofit sponsorship was highlighted as a strong advantage in the competitive application process.
Additionally, financial feasibility reviews are conducted to assess subsidy needs for development and operations.
Opportunities and Solutions Discussed
Expanding Homeownership Opportunities
A major highlight was the Homebuyer Dream Program Suite, which includes:
- Down Payment Assistance Program – Offering $30,000 to first-time homebuyers.
- Homebuyer Dream Program Plus – Supporting individuals in the 80-120% AMI bracket, extending up to 150% AMI in the USVI, with a focus on first-generation homeownership.
Enhancing Support for Developers
Developers expressed a need for greater clarity in the application process, emphasizing the importance of pre-event resources and follow-up support. Attendees called for:
- Simplified administrative processes.
- Improved communication from government entities and financial institutions.
- More educational opportunities to build local capacity.
Encouraging Resilient Construction
Participants stressed the importance of innovative, resilient construction methods designed to withstand extreme weather events while remaining affordable.
Strengthening Collaboration and Partnerships
The forum underscored the need for expanding partnerships within the affordable housing sector to create a more robust ecosystem for long-term success.
Moving Forward
While challenges remain, the Housing Our Community event reinforced a shared commitment to tackling housing issues in the USVI. By fostering collaboration, streamlining processes, and promoting resilient, innovative solutions, stakeholders are working together to build a more sustainable and accessible housing future for the territory.
For the latest updates on grantees and upcoming activities, please visit our USVI Housing Ecosystem Development Grants Program webpage.