(a) There is established in the Treasury of the Virgin Islands a special revolving fund to be known as the Housing Construction Revolving 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. The said fund shall consist of all sums appropriated thereto from time to time by the Legislature and the proceeds of all sales of government-owned real property on which a housing unit or units is constructed if said construction was funded by the proceeds of this fund or if said real property was purchased or repurchased by the Government with the proceeds of this fund.
(b) Except as provided in subsection (c) of this section, monies contained in the Housing Construction Revolving Fund shall be disbursed by the Commissioner of Finance for the construction of housing and site improvements and/or interim construction financing on government-owned real property, real property that is part of a government affordable housing program or for the purchase or repurchase of real property on which a housing unit or units has been constructed; provided, however, that no monies for programs or projects shall be disbursed from the Fund unless prior approval for such disbursement is obtained from the Legislature of the Virgin Islands.
(c) As soon as practicable after the sale, the Commissioner of Finance shall transfer from the Housing Construction Revolving Fund to the Land Bank Fund, created by section 3004 of this title, that portion of the proceeds of each sale of real property on which a housing unit or units has been constructed which is attributable to the fair market value of the land only, on or about the time of the sale, less the costs of site improvements and/or interim construction financing provided under this section. The Commissioner of Finance shall make the final determination with regard to each sale of the proper amount to be transferred; Provided, however, That the Commissioner of Property and Procurement shall assist the Commissioner of Finance in making such determination on the request of the Commissioner of Finance.