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VI Slice gap-financing program has helped dozens but faces funding limit
Summary
The VI Slice gap-financing program has approved dozens of home loans and closed more than 60 transactions, but administrators warned the $8 million ARPA allocation will be exhausted this year if current pipeline applications close.
The Virgin Islands Economic Development Authority told the Legislature that its VI Slice moderate-income homeownership program has approved dozens of gap-financing awards for first-time buyers but faces an imminent funding limit.
EDA Director Wayne Biggs said VI Slice, an $8 million American Rescue Plan Act grant administered by the authority, provides supplemental financing to bridge the gap between a primary mortgage and total project cost. The authority reported that a substantial pipeline of applications has already committed most of the allocation.
"We anticipate at this level that we will run out of VI Slice funding…
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