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It is the policy of the Government of the Virgin Islands that all tenants in good standing of the public housing projects of the Virgin Islands shall be entitled to purchase existing or future public housing units on favorable negotiated terms. Such purchase shall vest in the buyer all the rights and privileges of a homeowner, including the right to sell, lease, or transfer the property through inheritance. For qualifying buyers, the negotiated price may be as little as one dollar.
The implementation of the policy set forth in this section shall be pursuant to the provisions and conditions of this chapter. This policy shall be executed by the Virgin Islands Housing Authority and the Virgin Islands Housing Finance Authority to the maximum extent feasible consistent with federal law and the provisions and conditions of this chapter.