(a) The Governor, for and on behalf of the Government of the United States Virgin Islands, is hereby authorized to issue bonds, borrow from public or private trust funds or from government insurance fund for the purposes of procuring monies to be loaned, appropriated, contributed or granted to the Executive Director of the Virgin Islands Housing Finance Authority for the purpose of carrying out the provisions of this subchapter and for use in connection with any moderate income housing project recommended by the Committee; provided that the total amount of funds procured by this subsection shall not at any one time exceed $10,000,000. Bonds to be issued pursuant to the provisions of this subsection shall be issued pursuant to the provisions of subsection 8(b) of the Revised Organic Act of the Virgin Islands, approved July 22, 1954, or any other applicable law which may hereinafter be enacted.
(b) The Government may subordinate any mortgage lien held by it to the lien of any person or institution advancing funds for the purposes of this subchapter.