(a) The name of the Virgin Islands Housing and Urban Renewal Authority, as heretofore established shall hereafter be “Virgin Islands Housing Authority”, and shall continue to be a public body corporate and politic of the Virgin Islands within the Virgin Islands Housing Finance Authority for administrative purposes only. The Virgin Islands Housing Authority shall constitute a “public housing agency” within the meaning of the United States Housing Act of 1937, as amended, and a “local public agency” within the meaning of Title I of the Housing Act of 1949, as amended. The Authority shall have all the powers, rights, duties, privileges, functions, obligations, and status as a public body corporate and politic, prescribed, or provided by this chapter.
(b) Except as provided in, and subject to the provisions of section 81(b) of this title, all the records, property, contracts, funds, obligations, rights and duties, and personnel of the Virgin Islands Housing and Urban Renewal Authority shall be deemed, forthwith and without lapse or interruption, those of the Virgin Islands Housing Authority, and no further ratification, confirmation or validation of any kind shall be required effectively to vest in such Authority all such records, property, contracts, funds, rights and personnel.