(a) All applicants for land and dwellings in a moderate income housing project shall be residents, persons of moderate income, and at least 18 years of age, except for the class of priority purchasers referred to in paragraph (5) of section 191j of this title. Applications shall be made in writing to the Executive Director of the Virgin Islands Housing Finance Authority on forms supplied by the Executive Director of the Virgin Islands Housing finance Authority. All applications shall be indorsed by two persons of good repute.
(b) No applicant shall be considered eligible for purchase of land and dwelling if such applicant already owns a home or a building which may be used as a home, other than a superficiary building, and in no event shall an applicant be allotted more than a dwelling on one-half of one acre of land. No applicant having once been allotted a house and plot shall be considered eligible for any additional allotment. An applicant who owns a plot of land may apply for an allotment for construction of a building to be used solely as a home.
(c) Notwithstanding any other provisions of this chapter and in the case of extreme hardship, no application for land and a dwelling in a moderate income housing project shall be denied, when such applicant otherwise qualifies, solely on the basis that such applicant already owns one acre of land or less on which a dwelling could be constructed on solely because such applicant is owner of a substandard dwelling.