No applicant for a plot of land shall be considered eligible if such applicant (or the spouse of such applicant from whom the applicant is not legally separated) already owns a home (other than a superficiary house) or plot of land upon which a home may be constructed; and in no event shall an applicant be allotted more than one-half of 1 acre of land for construction of a home or more than 5 acres of land for farming. No applicant having once been allotted a plot of land, whether for home construction or farming, shall be considered eligible for any additional allotment of land. Any applicant for land for farming shall furnish the Executive Director of the Virgin Islands Housing Finance Authority with satisfactory proof that he is or was a farmer, or of his immediate intention and ability to go into farming, before such land is allotted; Provided, however, That the limitations on the size of plots of land herein specified may be waived not to exceed one acre by the Executive Director of the Virgin Islands Housing Finance Authority upon his written findings that by reason of topography, accessibility, or other reason relating to the characteristics of the plot of land such land cannot be effectively utilized for homestead or farming purposes.