(i) there is a critical shortage of decent, safe, sanitary, aesthetically acceptable, high quality housing for persons of low and moderate income;
(ii) there is considerable demand for owner-occupied single-family housing units and multifamily rental housing for such persons;
(iii) new housing must be provided at a cost affordable to persons of low and moderate income in order to meet such demand;
(iv) the rising cost of land, construction and financing make it difficult for the private sector housing construction industry alone to address the housing needs of such persons;
(v) the construction industry in the Virgin Islands for the most part produces housing, primarily condominiums, for upper income persons, most of whom are investors and nonresident home buyers;
(vi) single-family units are, therefore, in great demand; however, very few residential subdivisions offering single-family homes have been developed in the Virgin Islands; instead, the typical new single-family home in the Virgin Islands is built or contracted out directly by the owner;
(vii) there is a shortage of multifamily rental housing available at rents affordable to persons of low and moderate income; therefore it is necessary for the Government of the Virgin Islands to provide incentives for the production of such housing;
(viii) with the cutback in housing assistance programs by the Federal Government, continued rapid population growth and the growth in household formation, the housing crisis in the Virgin Islands is likely to continue unabated;
(ix) such conditions and the prospects for the continuation thereof necessitate an expansion of the Virgin Islands Government's role in the provision of affordable housing by establishing and implementing a comprehensive low and moderate income affordable housing program; and
(x) it is in the public interest and essential to the public health and welfare, to further encourage home ownership and provide decent housing for persons of low and moderate income and that there be undertaken an additional program of home ownership and rental housing development.