(a) In addition to the provisions in title 33, section 2552 and 2494a, of this Code, an owner of real property in lieu of having the real property sold at public auction, may choose to convey the property in lieu of property taxes on any other contiguous real property of not less than one acre to the Government of the Virgin Islands if:
(1) the tax lien is against not less than one acre of contiguous real property; and
(2) the property taxes owed is equal to or less than the actual value of the property.
(b) The owner of the real property in the Virgin Islands, may in exchange for conveying not fewer than three acres of contiguous real property located in the Virgin Islands, may receive a 20-year property tax abatement based on the actual value of the property, as determined under title 33, chapter 89, of this Code.
(c) The real property conveyed to the Government, under the provisions of this section, shall be conveyed to the Virgin Islands Housing Finance Authority, established under this title, to carry out the provisions of this chapter. The Virgin Islands Housing Finance Authority shall also identify suitable government property for transfer and conveyance under the provisions of this chapter.
(d) Notwithstanding any other law, all real property conveyed under this section and title 33, section 2494a, of this Code which is not less than one acre, shall be conveyed under the provisions of this chapter.