Pennrose Selected as Master Developer by the Virgin Islands Housing Authority

Pennrose was selected as Master Developer by the Virgin Islands Housing Authority (VIHA) for the disaster recovery and redevelopment efforts in St. Thomas. The redevelopment efforts will serve as Pennrose’s first projects in the U.S. Virgin Islands and Caribbean and is planned for approximately 700 units on St. Thomas. Pennrose will partner with Jackson Development Company on the initiative, a developer located in the U.S. Virgin Islands.

After Hurricanes Irma and Maria devastated several Caribbean islands in 2017, HUD allocated $243 million of Community Development Block Grant Disaster Recovery (CDBG-DR) funds to the U.S. Virgin Islands to support long-term recovery efforts, with $32 million targeted for public and affordable housing.