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An approved plan for conversion of public housing units to private ownership by the tenants of public housing may include any viable economic method of sale and transfer of title. The plan shall give a first priority preference to the current occupant of any unit offered for sale. No tenant of public housing shall be moved from the unit he currently occupies because such unit is declared available for sale, unless the occupant voluntarily elects to move to another unit.
Under the terms of the Homeownership program of the United States Housing Act of 1937, as amended, units of public housing may be offered at less than fair market value to the tenants of public housing. The economic viability of an approved conversion plan need not include any requirement that the buyer or buyers repay part or all of the outstanding mortgage on the public housing units, if such mortgage or other form of debt is held by the Government of the United States, provided that the forgiveness of such debt is approved by the Government of the United States in its acceptance of the housing conversion plan. No debt of the Government of the Virgin Islands that is secured by the assets of the public housing units to be sold shall be forgiven or assumed without such security, if the forgiveness or the assumption undermines the bond rating of the Government of the Virgin Islands.
Nothing in this chapter shall prohibit the sale or conveyance of property by the Authority to the tenants of public housing through approved housing purchase plans that include a first or second mortgage held by the Authority that is ultimately forgiven if the purchaser qualifies for such forgiveness under the terms contained in the approved plan. Such forgiveness may be conditioned on the purchaser meeting financial responsibilities for a term agreed upon, limiting the resale to qualified buyers, or prohibiting the resale for a period of time necessary to protect against windfall profits to the purchaser.