(a) The Authority is hereby declared to be the trustee of the Housing Trust Fund, established pursuant to Title 33, chapter 111, section 3074, as amended. There shall be deposited in the Housing Trust Fund from time to time all moneys appropriated by the Legislature for such purpose and all other moneys and securities directed to be deposited therein from time to time by law including amounts received for Housing Trust Fund purposes pursuant to section 943 of this title and available unexpended balances from the Housing Construction Revolving Fund. Moneys credited to the Housing Trust Fund shall be held in trust for the benefit of low and moderate income persons and families for the purpose of promoting the availability of decent, safe, sanitary, aesthetically acceptable, high quality affordable housing for such persons in the Virgin Islands. Administrative and personnel costs incurred in the establishment and administration of the trust fund may be paid from such fund. Administrative and personnel costs incurred in the establishment and administration of the Affordable Housing Program, including the processing of permits required by the Affordable Housing Program, may be paid from such Housing Trust Fund. Moneys in the Housing Trust Fund which are not currently needed for the purpose of the program shall be invested at the direction of the Authority for the benefit of the Housing Trust Fund. All interest earned on such investments shall be retained in the Housing Trust Fund.
(b) Moneys credited to the Housing Trust Fund may be used by the Authority to carry out and effectuate the public purposes of the Act, including, without limitation, to secure credit enhancement from financial institutions, to provide or induce the provision of mortgage insurance, to make cistern and house foundation loans, to make subordinated mortgage loans to low income persons and moderate income persons, to provide assistance for low income housing development, to pay closing costs with respect to housing units purchased by low income persons and moderate income persons, to provide assistance to applicants pursuant to Affordable Housing Development Agreements, to pay program expenses and such other purposes as shall be determined by the Authority.
(c) The Authority is authorized and directed to cooperate with the Virgin Islands Housing Finance Authority, and such other agencies, authorities or departments as shall be authorized by law to undertake housing developments consistent with the purposes of the Act and the program, including disbursement of funds to such other agencies, authorities or departments from the Housing Trust Fund and the entering into of agreements with such entities or other appropriate entities.
(d) In addition to the permissible uses of the Housing Trust Fund specified in paragraph (b) above, moneys in the Housing Trust Fund may be used to guarantee obligations incurred by the Authority and the Virgin Islands Housing Finance Authority (hereinafter “VIHFA”). Such guarantees shall be undertaken under the Program to provide security for bonds, notes, performance bonds and other obligations incurred by the Authority and the VIHFA. Pursuant to any such guarantee arrangement, the Authority is authorized among other things to pledge monies available in the Housing Trust Fund.