(a) The Virgin Islands Housing Finance Authority, on behalf of the Government of the Virgin Islands, is authorized to contract with builders, contractors and developers and others, as necessary and appropriate, to finance, develop, acquire, construct, rehabilitate and manage homeownership as provided under this chapter.
(b) Builders, contractors, developers, and others selected by the Virgin Islands Housing Finance Authority to provide services for the Government under this chapter shall not be deemed agents or employees of the Government of the Virgin Islands or the Authority and shall provide evidence of adequate personal liability, fire, casualty and other appropriate insurance to protect the interests of the Government and the Authority. They shall also be required to provide performance bonds and completion guarantees, or other forms of performance and completion assurances pursuant to written rules and regulations to minimize risks to the Government and the Authority in the event of their failure to perform adequately under their construction agreements. The developers shall also provide, to the Authority, a commitment fee that is at least equal to the amount of the stamp tax that would be due and payable under title 33, chapter 7, of this Code, if the property had been transferred to the developer.
(c) In exchange for tax exemptions of excise taxes, and income taxes, on their profits equal to the costs of the placement of the infrastructure, the builder, contractor, developer, or others shall be required to:
(1) employ, for the duration of the project, at least 90% of individuals who have resided in the Virgin Islands for not less than five years and as determined by the Virgin Islands Department of Labor;
(2) provide wages to its employees which are consistent with the wages established by the Wage Board under title 24, of this Code;
(3) install the infrastructure needed for the project, including but not limited to portable water lines, buried utility lines, roads, streetlights and fire hydrants;
(4) install all homes with shutters in an amount as determined by the Authority;
(5) for all developments over four (4) acres, provide a green space, a community center, and playgrounds;
(6) provide appliances that are energy efficient and solar-powered water heaters;
(7) provide designs that include a combination of single family homes, condominiums and townhouses; and
(8) provide at least three (3) different home designs.