(a) There is established in the Treasury of the Virgin Islands a special revolving fund to be known as the Contractors Commitment Fee Fund. The Commissioner of Finance shall provide for the administration of this 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.
(b) The said fund shall consist of all sums appropriated thereto from time to time by the Legislature and the repayments of any sums loaned therefrom.
(c) Monies shall be disbursed from the said fund by the Commissioner of Finance upon the authorization of the Virgin Islands Housing Finance Authority for the purpose of assisting qualified contractors in the payment of commitment fees to the Virgin Islands Housing Finance Authority for the reservation of funds to be used for mortgage loans on qualified low and moderate income housing to be constructed by such qualified contractors from the proceeds of bonds authorized and issued by the Virgin Islands Housing Finance Authority pursuant to Title 21, chapter 2, Virgin Islands Code. Eligibility for and terms of said mortgage loans and the construction loans to be obtained by such qualified contractors shall be determined by the Virgin Islands Housing Finance Authority in accordance with Title 21, chapter 2, section 103, Virgin Islands Code; provided that preference shall be given to qualified local contractors who have been licensed to do business in the Virgin Islands for two or more years.
(d) Monies disbursed from the Fund shall be repaid to the Fund by the qualified contractor prior to conveyance of the home or property to the respective purchaser.