(a) The Legislature hereby finds and declares:
1. that there exists throughout the Virgin Islands a critical shortage of adequate building lots and housing available for purchase within the economic reach of persons of moderate income;
2. that as a direct result of this shortage, such persons of moderate income are compelled in alarming numbers to live in substandard and crowded dwellings, or pay extremely high rentals for the severely limited amount of adequate housing facilities available from private enterprise or owners;
3. that this lack of decent housing for too many Virgin Islanders has caused severe hardship to result and the continuance of the situation would constitute an intolerable threat to the safety, health and human dignity of our people;
4. that the social and economic well-being and stability of the Virgin Islands community would be vastly improved by a substantial increase in private home ownership;
5. that it is in the public interest, and essential to the public necessity and welfare, in order to encourage home ownership and provide decent housing for persons of moderate income, that there be undertaken the program of home ownership and development set forth in this subchapter;
6. that the taking of property for the purposes of this subchapter is declared to be essential and material for the economic and social advancement and prosperity of the Virgin Islands community.
(b) It shall be the purpose of this subchapter to provide for adequate, safe and decent housing for families of moderate income and to stimulate private home ownership in the Virgin Islands through a program of land acquisition and home development. Lands acquired by the Government of the United States Virgin Islands in any manner under this subchapter or any provisions of law supplemental thereto are declared to be acquired for the public utility, convenience and necessity.