All housing stock of Virgin Islands Housing Finance Authority or the Virgin Islands Housing Authority may be sold to tenants under the terms and conditions of this chapter, provided that such stock is sold pursuant to a plan that is approved by the U. S. Department of Housing and Urban Development, in the case of the Authority. No property may be sold that is not in good and habitable condition. New units may be sold under an approved plan. Renovated or reconditioned units must have a remaining useful life that is sufficient to justify the purchase plan.