(a) There exists a serious shortage of residential low and moderate income housing in the Territory.
(b) The lack of low and moderate income housing is injurious to the health, safety and welfare of the people of the Virgin Islands.
(c) A steady program of uninterrupted housing construction for low and moderate income families will contribute substantially to economic stability in the Territory.
(d) The sporadic availability of construction and mortgage money has contributed to the housing shortage.
(e) It is the purpose of this chapter to provide a program to stimulate low and moderate income housing construction, rehabilitation and renovation and homeownership through the issuance of revenue bonds to obtain funds to be used for low interest mortgage loans to qualified purchasers of low and moderate income housing.
(f) The programs, powers and authority established by this chapter are valid public undertakings within the meaning of section 8(b)(i) of the Revised Organic Act of the Virgin Islands.
(g) This act shall be construed as cumulative authority for the exercise of the powers herein granted and shall not be construed to repeal any existing laws with respect thereto, it being the purpose and intention of this act to create full and complete additional and alternative methods for the exercise of such powers. The authority and powers conferred by, and the procedures set forth in, this act shall not be affected or limited by any other statute or by any charter, except the Revised Organic Act of the Virgin Islands, in particular section 8(b)(i) thereof, and the laws of the United States made applicable to the territory of the Virgin Islands, and except as otherwise herein provided.