(a) Loans may be made from public or trust funds to property owners financially unable to comply with sections 62–64 of this title, for the construction of water storage facilities. Such loans shall not exceed $1,000 to any one person, shall be repaid in installments within a period not to exceed 5 years, and shall bear simple interest at the rate of 4 per centum per annum. The total of such loans outstanding at any time shall not exceed $80,000. The Executive Director of the Virgin Islands Housing Finance Authority shall receive applications for such loans and shall be responsible for processing and acting upon such applications and for the general administration of this section.
(b) Loans authorized by this section may be made to persons whose properties are in the country districts of St. Thomas and St. Croix or on the island of St. John regardless of the provisions of sections 61 and 62 of this title.
(c) Loans authorized by section 68 of this title may be made only upon the following conditions—
(1) they shall be secured by first or second mortgages upon real property and shall not exceed 60 per cent of the value assessed for tax purposes upon the property offered for security;
(2) the owners shall have clear title to the building or buildings;
(3) loans may be made with security in superficiary houses when the tenant has a satisfactory lease for the land which will extend during the term of the loan; and
(4) the property offered as security shall be insured against fire.