(a) All property, including funds of the Virgin Islands Housing Finance Authority, shall be exempt from judicial process of every kind, including, without limitation, attachment, levy, execution, and sale by virtue of an execution, and no judgment shall be a lien or charge upon its property or funds: Provided, That the provisions of this subsection shall not apply to or limit the rights of obligees of the Virgin Islands Housing Finance Authority to foreclose or otherwise enforce any mortgage or other security of the Virgin Islands Housing Finance Authority or to pursue any remedies for the enforcement of any lien or pledge given by the Virgin Islands Housing Finance Authority upon its rents, fees, or revenues, or to the rights of the Federal Government to pursue any remedies conferred upon it by Federal law, any contract, or the provisions of this chapter.
(b) The property of the Virgin Islands Housing Finance Authority, acquired or held for the purposes of this chapter, is declared to be public property used for essential public and governmental purposes, and such property, and the Virgin Islands Housing Finance Authority, are exempt from all taxes and special assessments of the Virgin Islands or of any taxing authority or body therein: Provided, That with respect to any property acquired or held for the purposes of urban renewal, such tax exemption shall terminate when the Virgin Islands Housing Finance Authority sells, leases, or otherwise disposes of such property in an urban renewal area to a purchaser or lessee which is not entitled to tax exemption with respect to such property.
(c) In lieu of taxes on its housing projects, the Virgin Islands Housing Finance Authority may agree to make such payments to the Government of the United States Virgin Islands, or to any political subdivision thereof as may be specifically designated by law, as it finds consistent, from time to time, with the maintenance of the low-rent character of housing projects, the obligations of the Virgin Islands Housing Finance Authority, and the achievement of the purposes of this chapter.
(d) In lieu of taxes on real property in an urban renewal area acquired and owned by the Virgin Islands Housing Finance Authority as part of an urban renewal project, the Virgin Islands Housing Finance Authority may agree, from time to time and with respect to any taxable year, to make to the Government of the United States Virgin Islands, or to any political subdivision thereof as may be specifically designated by law, payments in an amount equal to the ad valorem taxes which would have been levied upon such property if it had been subject to the ad valorem taxes and not exempt therefrom by virtue of subsection (b) of this section: Provided, That in all cases such payments in lieu of taxes shall be prorated for the period during which such property is owned by the Virgin Islands Housing Finance Authority as a part of the urban renewal project.