(a) There is hereby established within the Public Finance Authority of the United States Virgin Islands a separate and distinct trust fund to be designated the “Housing Trust Fund”, which fund shall be maintained by the Commissioner of Finance and administered at the direction of the Authority for the benefit of low income and moderate income persons and families for the purpose of promoting the availability of decent, safe, sanitary, aesthetically acceptable, high quality affordable housing for such persons. No moneys therein shall be available for expenditure or disbursement except as provided in this section and sections 940, 943 and 944 of Title 29, Virgin Islands Code, as amended.
(b) There is authorized to be appropriated and deposited in the Housing Trust Fund each year, such sums from the Treasury of the United States Virgin Islands as are determined by the Legislature, upon recommendation of the Virgin Islands Public Finance Authority and with the concurrence of the Governor, to facilitate the construction financing of housing units for low and moderate income residents in the United States Virgin Islands. The Housing Trust Fund shall consist of all monies appropriated thereto by the Legislature, and of all repayments of loans, payments of interest, and other receipts arising out of transactions financed from the Housing Trust Fund and the transfer of available unencumbered balances from the Housing Construction Revolving Fund.
(c) Except as provided herein for the establishment and administration of affordable housing permits, monies shall be disbursed from the Housing Trust Fund by the Commissioner of Finance, upon authorization of the Virgin Islands Public Finance Authority, exclusively to finance or facilitate financing of the construction or rehabilitation of housing units for low and moderate income residents in the United States Virgin Islands; provided, however, that no monies for programs or projects not specified in Title 29, section 944 shall be disbursed from the Housing Trust Fund unless prior approval for such program or project is obtained from the Legislature of the Virgin Islands. The Affordable Housing Advisory Committee shall advise the Governor and the Public Finance Authority regarding the use of moneys in the Housing Trust Fund.
(d) The Commissioner of Finance and the Virgin Islands Public Finance Authority shall maintain a detailed accounting record of all monies deposited into and disbursed from the Housing Trust Fund.
(e) The Housing Trust Fund shall be constituted of:
(1) tax increments required to be credited to the Housing Trust Fund pursuant to Title 33, section 2302, Virgin Islands Code;
(2) as necessary and appropriate, funds raised by issuance of bonds or other instruments for the financing of low and moderate income affordable housing;
(3) transfers of monies appropriated to the Department or VIHFA by the Legislature for low, affordable or moderate income housing related projects and approved by the Director of Budget; and
(4) such other amounts as may hereafter from time to time be appropriated by the Legislature for such purposes.