(a) The Virgin Islands Housing Finance Authority in conjunction with the V.I. Interagency Council on Homelessness and the Commissioner of the Department of Human Services shall cooperate in the preparation of plans, construction and maintenance of buildings, and administration of emergency housing to be made available for the accommodation of persons or families living in homes unfit for human habitation, or who are dispossessed from, or obliged to vacate premises in circumstances where:
(1) such eviction is ordered by a court of competent jurisdiction;
(2) the tenant voluntarily surrenders possession of the premises upon the request of the owner or person entitled to possession, and such eviction is ordered or request made upon lawfully recognized grounds other than those specified in sections 840(a)(3) and 840(a)(4) of Title 28; or,
(3) the premises are ordered demolished or vacated in accordance with law by a governmental authority, department or agency authorized by law to so order.
(b) In cases where the person or family referred to in subsection (a) of this section owns fee simple title to land on which a home may be constructed, provisions may be made, with the approval of the Governor for the construction or erection of an adequate building on said land, under the Emergency Housing Program to be paid for by said person or family in accordance with rules and regulations promulgated by the Governor which shall include such matters as financing, security, and other safeguards; Provided, That no building so constructed by the Government shall be sold for less than actual cost, including all necessary charges; And provided further, That a period not exceeding 25 years shall be allowed for full payment of the purchase price.