In order to facilitate the production of decent, safe, sanitary, aesthetically acceptable, high quality affordable housing in the Virgin Islands, to create jobs for Virgin Islanders and to stimulate increased economic development in the Virgin Islands through involvement of the local construction industry in the production of housing for low income and moderate income persons, the VIHFA may, with the approval of the Legislature, may enter into agreements with housing production firms, including, but not limited to, manufactured housing firms, to acquire, construct, manage and operate such housing production facilities as necessary or convenient to exercise the authority hereby conferred; provided, however, that in connection with such housing production facilities, preference shall be given to contractors and subcontractors licensed to do business in the Virgin Islands for a period of at least one (1) year in the production, installation, operation and management of such housing production facilities and the housing products produced in such housing production facilities. The VIHFA may, with the approval of the Legislature, may enter into agreements to purchase, lease or otherwise acquire or dispose of real and personal property of every kind and character as necessary and appropriate to further the public purposes of providing such housing production facilities.