U.S. Virgin Islands Tag Archives

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.

Michaels Opens Caribbean Office, Welcomes New Regional Vice President

The Michaels Organization announced that it has significantly expanded its presence in the Caribbean, with the opening of a new regional office in Puerto Rico. The office will be headed by Michaels’ newly named Regional Vice President, Larry Padilla, who will focus on the redevelopment of Michaels affordable portfolio in St. Croix and St. Thomas in the Virgin Islands, as well as on new affordable and mixed-income development opportunities in Puerto Rico.

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CRA Credit to be Given for Revitalization Activities in U.S. Virgin Islands and Puerto Rico Following Hurricane Maria

The announcement came last week in an interagency statement from the Federal Deposit Insurance Corporation, Federal Reserve Board of Governors, and Office of the Comptroller of the Currency: financial institutions will receive favorable Community Reinvestment Act (CRA) consideration for activities that revitalize or stabilize the U.S. Virgin Islands and Puerto Rico, regardless of where the financial institutions’ assessment areas are located. The policy is in response to the aftermath of Hurricane Maria, which led to President Trump designating the U.S. Virgin Islands and Puerto Rico as major disaster areas.

The FDIC clarified in a letter that this favorable consideration will only be given “as long as the institution has been responsive to the community development needs and opportunities of its assessment area(s)”. Activities in the disaster areas will further have no requirement regarding income, for either the census tract or the individual, though more weight may be given to serving low- and moderate-income areas and individuals.