VIHFA Approves CDBG-MIT Housing Applications for 340 North and MainStreet Homes, Advancing Projects to Federal Review Stage

The Virgin Islands Housing Finance Authority has approved two major project applications under its CDBG-MIT Housing Programs, including a $7.5 million application tied to The Residences at 340 North on St. Thomas and a $3.7 million application for the MainStreet Homes project. VIHFA said the approvals mark significant progress for resilient housing initiatives across the territory, while stressing that neither project has received final clearance to begin construction.

According to VIHFA, the authority approved the application submitted by AC Development, LLC for The Residences at 340 North under the CDBG-MIT Single Family Resilient New Home Construction (Homeownership) Program, in the amount of $7.5 million. VIHFA also approved the MainStreet Homes project, proposed by Waterfront Development and Management, LLC, under the CDBG-MIT Multifamily Resilient Housing Program, in the amount of $3.7 million.

VIHFA emphasized that these approvals do not constitute final project approval or authorization to start construction. Before any construction or ground-disturbing work may proceed, VIHFA said the following must be completed: a full Environmental Review under HUD regulations (24 CFR Part 58), compliance with Choice-Limiting Actions restrictions (24 CFR §58.22), issuance of an Authorization to Use Grant Funds (AUGF), successful completion of VIHFA’s Capacity Assessment, execution of a formal Developer/Subrecipient Agreement, and submission and approval of all outstanding application deliverables.

The authority said the projects reflect its commitment to mitigation-focused housing development, aimed at strengthening resilience, reducing disaster vulnerability, and promoting long-term stability. VIHFA also said it remains committed to public-private partnerships while maintaining oversight to ensure responsible and transparent use of federal funds, and that the public can expect continued updates as the projects progress toward mobilization.