(a) In addition to any other powers conferred upon him by this chapter or other 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 Virgin Islands, may—
(1) pledge, obligate, mortgage or otherwise encumber land, property, revenues, and income acquired or received by the Government pursuant to this chapter;
(2) for the purposes of this chapter, sell, transfer, lease or otherwise dispose of any property referred to in clause (1) of this subsection;
(3) construct, maintain, and operate such facilities and improvements as he deems necessary;
(4) enter into contracts, 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 chapter;
(5) borrow money for any of the purposes of this chapter, and secure the repayment thereof by encumbering, mortgaging, selling, or pledging all or any of the land, property, revenues, income, or contracts referred to in clauses (1) and (4) of this subsection and clause (2) of subsection (b) of this section;
(6) enter, upon notice to the owners or holders, or their representatives, on any land for the purpose of making surveys, studies, or investigations in regard to the nature, conditions and value of such land;
(7) hold mortgages insured under the National Housing Act as security or as collateral or for any other purpose not inconsistent with the provisions of this chapter, subject to regulations of the Federal Housing Commissioner;
(8) subdivide, allot and re-allot designated government homestead areas in such manner as will provide for family-sized farms (giving due respect to topography and soil conditions and best land use), and for such other purposes as are conducive to the success of that type of homestead project;
(9) distribute and improve government land designated by the Legislature or its predecessors for farming purposes, and administer such farm projects, including those existing on the effective date of this Code as well as those hereafter designated for such purposes;
(10) have such surveys and maps as are necessary for the distribution and sale of government homestead areas;
(11) subject to the provisions of this chapter, appraise and determine the selling price and the installments payable for each separate subdivision allotted under this chapter, basing such selling price in part upon (A) size, (B) topography, (C) accessibility to roads and water, and (D), with respect to the type of homesteads referred to in clause (8) of this subsection, fertility of the land;
(12) receive applications for homestead lots, and, subject to the provisions of this chapter, determine the eligibility requirements of purchasers under this chapter, and make allotments to such eligible and worthy applicants as he deems best able to make proper use of the land and fulfill the contract obligations incurred, giving due consideration, in selecting applicants, to character and, with respect to the type of homesteads referred to in clause (8) of this subsection, physical ability and industry;
(13) reserve such parts of the government homestead areas or structures as should be used for roads, water courses, cisterns, catchment areas, dwellings, or for other purposes important to any project under this chapter;
(14) develop the water supply of any government homestead area, and regulate the fair distribution of available water, first, among homesteaders, and second, among other needy persons in the neighborhood;
(15) make such use of unallotted homestead land as he deems best;
(16) with respect to the type of homesteads referred to in clause (8) of this subsection, require that purchasers shall make proper and reasonable use of land contracted for in order that the purposes of land distribution for farming may be accomplished;
(17) with respect to the type of homesteads referred to in clause (8) of this subsection, settle all disputes over boundaries, property rights and water rights which may arise with regard to any homestead plots;
(18) make zoning regulations for building construction in any area acquired for the purposes of this chapter, and set minimum building costs in such area;
(19) adopt, alter, amend, or repeal regulations to govern the Government's policies and activities in general in carrying out the purposes of this chapter and in exercising and discharging the powers and duties granted to and imposed on him by this chapter, which regulations or amendments thereof, after approval by the Governor, shall have the force of law;
(20) engage such transportation, and take such other permissible steps as may be necessary to carry out the provisions and purposes of this chapter;
(21) subdivide government homestead areas as designated by legislative enactment and as will best provide for the allotment and re-allotment of plots for the building of private homes and allot or re-allot such plots pursuant to the provisions of this chapter and the Executive Director of the Virgin Islands Housing Finance Authority shall effect the provisions of this subdivision (21) and of this chapter without regard to or subjection to the provisions of subchapter IV, chapter 3, Title 29, Virgin Islands Code; and
(22) exchange land with the recipient or recipients of homestead land in any government homestead area for land in any other government homestead area on such terms and conditions deemed to be equitable.
(b) The Executive Director of the Virgin Islands Housing Finance Authority, in the name of the Government of the Virgin Islands, shall—
(1) perform or discharge all remaining duties or obligations required of, or incurred by, the former Municipal Land Authority of St. Thomas and St. John, or the former Homestead Commission of St. Croix, or any of their predecessors, or the Government, under any contracts or agreements executed or entered into by them under prior homestead and home loan laws; and
(2) collect, enforce, or liquidate, according to their terms, all outstanding loans, agreements, or obligations granted to, entered into with, or incurred by, other persons under such prior laws.