(a) The Authority shall collect the installments and rental fees from the holders of land or homes and in like manner and under the same conditions and by the use of the same powers which are made use of in or for the collection of property taxes.
(b) In the case of any contract for the sale of land for homestead purposes, as provided in this chapter, upon completion of the payments by the purchaser, the Authority shall execute a deed referred to in clause (7) of section 7 of this title shall be executed in the name of the Government of the Virgin Islands and delivered to the purchaser. The contents of the deed shall include a clause giving the Government of the Virgin Islands first option to purchase the land at a fair market value if the owner decides to sell within ten years after his receipt of the deed.