(a) In addition to any other powers conferred upon him by this subchapter or any other provisions of law, the Executive Director of the Virgin Islands Housing Finance Authority, with the approval of the Governor, and on behalf of the Government of the United States Virgin Islands, may:
(1) acquire any real property or superficiary house, or any interest or estate herein, by lease, option, purchase, gift, grant, donation, appropriation, bequest, devise or by the exercise of eminent domain, or otherwise, as required for the purposes of this subchapter;
(2) pledge, obligate, mortgage or otherwise encumber land, property, revenues, and income acquired or received by the Government for the purposes of this subchapter; Provided, That no indebtedness shall be incurred which may be a general obligation of the Government;
(3) acquire by eminent domain any interest in real property, including a fee simple title thereto, which the Executive Director of the Virgin Islands Housing Finance Authority may deem necessary for or in connection with any of the purposes of this subchapter; Provided, That acquisition of land for the purposes of this subchapter shall be approved by the Governor and Legislature. The Governor and the Legislature shall not approve, nor shall the Executive Director of the Virgin Islands Housing Finance Authority initiate any proceeding for the acquisition of real property for such purposes unless (1) the Executive Director of the Virgin Islands Housing Finance Authority and the Advisory Committee have first made a finding and declaration that the acquisition of such property (which shall be generally described in the finding and declaration) is necessary for such purposes and the land is located in a manner which will be most compatible with the greatest public good and the least private injury, and (2) a public hearing has been held in accordance with the provisions of section 191p of this title.
(4) for the purposes of this subchapter, sell, transfer, lease or otherwise dispose of any property acquired under the provisions of this subchapter;
(5) construct, maintain, and operate such buildings and facilities and improvements as he deems necessary for the purposes of this subchapter;
(6) enter into contracts in accordance with procedures set forth by law, and formalize and execute all instruments necessary or advisable in the exercise of the powers granted to him or the Government in carrying out the purposes of this subchapter;
(7) in accordance with the provisions of section 191o of this title enter, upon notice to the owners or holders, or their representatives, on any real property for the purpose of making surveys, studies, or investigations in regard to the nature, conditions and value of such real property;
(8) for the purposes of this subchapter, subdivide, allot and reallot designated government acquired land areas in such manner as will provide for the construction of better dwellings and for home development;
(9) have prepared such surveys and maps as may be necessary for the distribution and sale of land areas acquired under the provisions of this subchapter;
(10) subject to the provisions of this subchapter, appraise and determine the selling price and the installments payable for each separate parcel allotted under this subchapter, basing such selling price in part upon (A) topography, (B) size, (C) accessibility to roads and water and (D) proportionate cost of acquisition;
(11) receive applications for land and dwellings, and subject to the provisions of this subchapter, determine the eligibility requirement of persons of moderate income under this subchapter, and make allotments to eligible applicants for the construction of homes, cisterns and/or foundation slabs, until such time as the applicant can qualify for a mortgage loan through private channels;
(12) reserve such parts of the government acquired land areas or structures as should be used for roads, water courses, cisterns, catchment areas, or for other public purposes important to any project under this subchapter;
(13) adopt, alter, amend, or repeal regulations to govern the Government's policies and activities in general in carrying out the purposes of this subchapter and in exercising and discharging the powers and duties granted to and imposed on him by this subchapter, which regulations or amendments thereof, after approval by the Governor, shall have the force of law.