Virgin Islands Housing Finance Authority

What Virgin Islands Housing Finance Authority does

The Virgin Islands Housing Finance Authority (VIHFA) is a territorial government housing finance authority established in 1981 and headquartered in St. Croix, U.S. Virgin Islands, with a regional office in St. Thomas. It is the sole designated Housing Credit Agency and HUD Responsible Entity for environmental reviews in the territory, administering federal housing and community development programs on behalf of the U.S. Virgin Islands. VIHFA operates a platform-plus-modules architecture spanning homeownership programs (First-Time Homebuyers, HOME, Homeowner Assistance Fund), rental programs (Emergency Housing across 9 communities and 108 units, Subsidized Housing, Tax Credit Housing), federal grant administration (CDBG, ESG, CoC, HOME-ARP, CDBG-DR, CDBG-MIT), housing counseling and education, home inspection services, environmental review services, and loan servicing through a Collections & Servicing Division.

Revenue mechanics are pass-through federal allocations plus fee-based services. VIHFA receives roughly $1.9M annually in CDBG, $150K in ESG, and approximately $2.68M in LIHTC allocations, plus a one-time $8.5M Treasury Homeowner Assistance Fund. Service-side pricing includes home inspections ($200-$600+ by square footage), environmental reviews ($3,400 base fee), and loan products up to $250,000. Distribution is direct through two territorial offices plus a network of property managers (Royal American Management, VIHM), subrecipient NGOs, and service providers (Catholic Charities, Women's Coalition).

VIHFA is currently operating under a HUD funding suspension following a federal investigation that found only $570M of $1.9B in post-hurricane (Irma/Maria, 2017) CDBG-Disaster Recovery funds had been spent nine years after receipt, with documented fraud, false certifications, and weak internal controls. The former COO has been convicted on bribery charges. A new Executive Director was appointed in April 2024 to lead remediation, while the agency continues to operate core homeownership and rental programs and advance new initiatives including the Wild Pineapple development and the $10M Community Electrical Innovation Program.

Name

Virgin Islands Housing Finance Authority

Legal name

Virgin Islands Housing Finance Authority

Website

https://vihfa.gov

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

The Virgin Islands Housing Finance Authority is the sole territorial housing finance agency for the U.S. Virgin Islands, administering federal HUD programs, LIHTC, mortgage revenue bonds, and disaster recovery funds for low-to-moderate income residents across St. Thomas, St. Croix, and St. John.

Ownership category

akta.pro rank

Product category

Government Housing Finance

NAICS

Administration of Housing Programs (92511), Administration of Housing Programs (925110), Residential Property Managers (531311), Administration of Urban Planning and Community and Rural Development (92512)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

State & Local Housing Finance Agencies (HFAs) (FSALAKAA)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

Keywords

• Affordable housing finance
• Community development grants
• Disaster recovery assistance
• Low-income housing tax credits
• Homeownership loan programs

Headquarters

HQ city

Thomas

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Federal Grants Administration: VIHFA receives and administers federal funding from HUD including Community Development Block Grants (CDBG), HOME Investment Partnerships, Emergency Solutions Grants (ESG), and CDBG-Disaster Recovery funds. The authority typically receives approximately $1.9 million annually in CDBG funds and approximately $150,000 annually in ESG funds.
2. Tax-Exempt Mortgage Revenue Bonds: VIHFA originates programs using tax-exempt Mortgage Revenue Bonds to create affordable housing and stimulate development throughout the Territory.
3. Low Income Housing Tax Credits: VIHFA serves as the Housing Credit Agency for the U.S. Virgin Islands, allocating Low Income Housing Tax Credits (LIHTC) to housing projects under Section 42 of the Internal Revenue Code. The Territory's annual allocation is approximately $2.68 million.
4. Homeowner Assistance Fund: Territory received $8.5 million in Homeowner Assistance Funds from the U.S. Department of the Treasury to assist homeowners with delinquent mortgages, property taxes, insurance, and HOA fees. Eligible residents can receive up to $90,000.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

The Virgin Islands Housing Finance Authority (VIHFA) is the territorial government housing finance authority for the U.S. Virgin Islands that administers federal housing and community development programs and originates affordable housing financing. It provides first-time homebuyer mortgage loans, administers the HOME Program and Homeowner Assistance Fund, manages subsidized/tax-credit/emergency rental housing, allocates Low Income Housing Tax Credits, administers CDBG/HOME/ESG/HOME-ARP/Continuum of Care federal grants, delivers CDBG-DR disaster recovery programs, and offers home inspection, environmental review, and homebuyer counseling services. The authority was established in 1981 and operates offices on St. Croix and St. Thomas.

Product overview

VIHFA operates as a multi-program housing and community development agency with a platform-plus-modules architecture. The core offerings span homeownership programs (First-Time Homebuyers Program, HOME Program, HAFP), rental housing (Emergency Housing, Subsidized Housing, Tax Credit Housing), federal grant administration (CDBG, CDBG-DR, CDBG-MIT, ESG, CoC, HOME-ARP), housing counseling and education services, home inspection services, environmental reviews, and loan servicing. Specialized programs address disaster recovery from hurricanes Irma and Maria (2017), energy resilience through the Community Electrical Innovation Program, and low-income housing tax credit allocation. All programs are federally-funded or federally-regulated, primarily under HUD jurisdiction.

Differentiator

Problem solved

Functional benefit

Products and services

• First-Time Homebuyers Program Mortgage assistance program for moderate-income, first-time home buyers to purchase, construct, improve, or rehabilitate single-family homes in the USVI. Provides loans up to $250,000 at fixed rates with 30-year terms.
• HOME Program Federally-funded program expanding affordable housing supply for very-low and low-income families through grants and low-interest loans. VIHFA has assisted over 500 families since 1995.
• Homeowner Assistance Fund Program (HAFP) Emergency assistance program providing up to $90,000 to eligible residents for delinquent mortgages, property taxes, HOA/condominium fees, and insurance. Funded by $8.5 million allocation from US Treasury.
• Homebuyers Education & Counseling HUD-certified counseling and education services including 14-hour Home Buyers Education Program (HBEP) via Zoom, post-purchase counseling, financial fitness training, and community education seminars.
• Emergency Housing Rentals Temporary housing program for victims of domestic violence, natural disaster, catastrophic incidents, and financial hardships. Manages nine emergency housing communities across St. Croix and St. Thomas with 108 total rental units.
• Subsidized Housing Rentals Economic assistance program reducing housing costs for low-to-moderate income residents. Properties include Bethlehem Village (96 units), Profit Hills (98 units), Frits Lawaetz Complex (60 units), and Ruby M. Rouss Apartments (114 units).
• Tax Credit Housing Rentals Low Income Housing Tax Credit (LIHTC) properties providing affordable rental units for low-income persons. Communities include Altona (8 units), Grandview 1&2 (72 units), and Amalie Terrace (54 units) on St. Thomas.
• Community Development Block Grant (CDBG) Program HUD formula allocation grant program for viable urban community development including decent housing, suitable living environments, and economic opportunities. Territory receives approximately $1.9 million annually.
• Emergency Solutions Grant (ESG) HUD-funded program assisting persons literally homeless or at risk of homelessness to quickly regain housing stability. Territory expects approximately $150,000 annually.
• Continuum of Care (CoC) Program HUD funding program promoting community-wide commitment to ending homelessness through rapid re-housing, access to mainstream programs, and self-sufficiency optimization.
• Low Income Housing Tax Credit (LIHTC) Services VIHFA serves as the Housing Credit Agency for USVI, allocating and administering LIHTC under Section 42 of the Internal Revenue Code. Annual allocation is approximately $2.68 million (2015 figure).
• Home Inspection Services Construction management services including building plan review, estimation, owner representative services, and inspection reports covering structural, electrical, plumbing, and appliance systems. Fees range from $200-$600 based on square footage.
• Environmental Review Services HUD Responsible Entity function for USVI, completing environmental reviews for all HUD-assisted projects following NEPA. Base fee of $3,400 with additional pricing based on project scope.
• HOME-ARP Supportive Services & TBRA Program $3.3 million program delivering supportive services and tenant-based rental assistance to individuals experiencing homelessness, at-risk of homelessness, or facing housing instability under the American Rescue Plan.
• Collections & Servicing Mortgage servicing and loan management including payment processing (online portal, direct debit, credit card, mail, in-person), loss mitigation options (repayment agreements, refinance, loan modification, deed in lieu), and foreclosure prevention.
• CDBG-DR Disaster Recovery Programs Community Development Block Grant-Disaster Recovery programs for recovery from hurricanes Irma and Maria (2017), including housing rehabilitation, infrastructure repair, and economic recovery. Currently under HUD funding suspension pending investigation.
• CDBG-Mitigation Program Long-term mitigation program funded through CDBG-MIT to reduce disaster risk and build community resilience following the 2017 hurricanes.
• Community Electrical Innovation Program (CEIP) $10 million program strengthening energy resilience in the USVI through solar and battery systems, transformer replacements, and electrical grid improvements.

Quantifiable outcome

• Since 1995, assisted more than 500 families to become first-time homeowners through the HOME Program
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Five partnerships are on record, tiered core, secondary and minor.

• National Council of State Housing Agencies (NCSHA)coreStrategic or Co-development PartnerVIHFA is affiliated with NCSHA, a national organization representing state and territorial housing finance agencies. The affiliation provides advocacy, research, and best practice sharing for affordable housing programs.
• NeighborWorks AmericasecondaryStrategic or Co-development PartnerVIHFA partners with NeighborWorks America, a national nonprofit that provides training, technical assistance, and resources to community-based housing organizations.
• U.S. Department of Agriculture – Rural Development (USDA-RD)secondaryStrategic or Co-development PartnerUSDA-RD provides financing for rural housing development. VIHFA works with USDA-RD to provide gap financing and coordinated assistance to homebuyers.
• VI Housing AuthoritysecondaryStrategic or Co-development PartnerAffiliated territorial housing authority providing public housing and Section 8 vouchers. The two agencies coordinate on housing initiatives for Virgin Islanders.
• Jackson Development CompanyminorStrategic or Co-development PartnerPrivate development company partnering with VIHFA on multi-family housing acquisitions. VIHFA closed on a multi-family housing acquisition with Jackson Development Company in January 2025.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Guam Housing Corporation: U.S. territorial housing finance entity for Guam administering federal housing programs and mortgage finance. Comparable as a small-jurisdiction territorial HFA with similar federal program dependency.
• Virgin Islands Housing Authority: Sister territorial agency providing public housing and Section 8 vouchers in the USVI. Comparable as a co-jurisdictional housing entity coordinating on tenant assistance and affordable housing delivery within the same territory.
• Hawaii Housing Finance and Development Corporation: State housing finance authority administering LIHTC, MRBs, HOME, and affordable rental programs. Comparable functional peer with similar island geography, high cost-burden housing market, and reliance on tax-exempt bond authority.
• Puerto Rico Housing Finance Authority: Territorial housing finance authority for Puerto Rico administering CDBG-DR, HOME, LIHTC, and mortgage revenue bond programs. Closest functional analog as a Caribbean territorial HFA managing post-disaster federal funding under HUD oversight.

Others

• NeighborWorks America: National nonprofit providing training, technical assistance, and resources to community-based housing organizations. VIHFA's secondary strategic partner, comparable as a capacity-building entity supporting HUD-aligned housing programs.
• National Council of State Housing Agencies: Industry association representing state and territorial HFAs including VIHFA. Adjacent ecosystem participant providing advocacy, research, and peer benchmarking that directly shapes HIVFA's policy and program environment.

Regional players

• USDA Rural Development: Federal partner providing rural housing financing including Section 502 loans that VIHFA coordinates with for gap financing. Comparable as a parallel federal housing credit channel serving low-income buyers in the same territory.

Broad incumbents

• California Housing Finance Agency: Large state HFA operating MRB, LIHTC, and first-time homebuyer programs at materially greater scale. Comparable as a fellow NCSHA HFA with overlapping program architecture, though operating in a vastly larger market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@virginislandshousingfinance
• Facebookfacebook.com/VIHousingFinance
• Instagraminstagram.com/VIHousingFinance
• LinkedInlinkedin.com/company/virgin-islands-housing-finance-authority

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virgin Islands Housing Finance Authority