Providers of affordable housing pursuant to an approved Affordable Housing Development Agreement entered into with the Government of the United States Virgin Islands under the United States Virgin Islands Affordable Housing Program and vendors of construction supplies and material for use in affordable housing projects, and local suppliers of that portion of supplies and materials, provided exclusively to contractors and subcontractors to be used on affordable housing projects pursuant to the Virgin Islands Housing Program, shall be exempt from the payment of all customs duties in excess of a 1% handling charge on all materials, goods, equipment, articles, and commodities imported into the United States Virgin Islands to be used exclusively in the production of affordable housing as provided in Title 29, section 713e of this code.