(a) There is established in the Treasury of the Virgin Islands a special revolving fund to be known as the Moderate Income Housing Fund. The Commissioner of Finance shall provide for the administration of the said Fund as a separate and distinct fund in the Treasury, and no amounts therein shall be available for expenditure or disbursement except as provided in this section.
(1) all sums appropriated thereto from time to time by the Legislature;
(2) the proceeds of all sales or rentals of moderate income housing pursuant to subchapter IX of chapter 1 of Title 29;
(3) all proceeds, up to $250,000 annually, of the gross receipts tax collected pursuant to chapter 3 of this title;
(4) all amounts transferred thereto by the Governor from the Emergency Housing Fund in accordance with the provisions of chapter 2 of Title 29;
(5) all amounts borrowed pursuant to the provisions of section 191h of Title 29.
(b) Monies pertaining to the Moderate Income Housing Fund shall be disbursed by the Commissioner of Finance, for payment of annual installments and for prepayments, authorized by the Governor, on the principal and interest on the loan authorized by law from the reserves of the Employees Retirement System. The balance of monies in the said Fund, in excess of cash requirements set aside annually as a reserve to meet the foregoing installment payments, shall be disbursed by the said Commissioner, upon certification by the Executive Director of the Virgin Islands Housing Finance Authority, for the purposes of carrying out the provisions of subchapter IX of chapter 1 of Title 29, and for use in connection with moderate income housing projects (as defined in section 191b of Title 29) recommended by the Advisory Committee established within the Virgin Islands Housing Finance Authority under the provisions of section 191e of Title 29.