(a) The Virgin Islands Housing Finance Authority shall manage residential rental properties of all kinds owned or controlled by the government, except as limited by Federal law, hotels and housing development programs or projects any tenant of public housing who is displaced by fire, earthquake, windstorm, flood or any other Act of God or by a man-made disaster must be given first preference in re-occupying the unit vacated when the unit is made livable. All business and commercial properties owned or controlled by the government shall be managed by the Department of Property and Procurement.
(b) There is hereby created and established as a separate and distinct fund within the Treasury of the Virgin Islands a fund to be designated and known as the “Business and Commercial Properties Revolving Fund”. There shall be deposited into such Fund all rentals and other income derived from the properties managed by the Department of Property and Procurement. The Commissioner of the Department of Finance shall disburse monies deposited into Business and Commercial Properties Revolving Fund upon warrant of the Commissioner of Property and Procurement exclusively to carry out the functions of the Department of Procurement and to manage and administer the Government of the Virgin Islands property and procurement program.
(c) The Commissioner of Finance shall annually forward to the Governor and the Legislature a detailed accounting of the disbursements from and the unobligated balance in the Fund.