VIHFA’s Homelessness Initiatives Stalled by Funding Delays
The delay in releasing $5 million in Stamp Tax revenues has hampered the V.I. Housing Finance Authority's efforts to ramp up homeless initiatives and other crucial programs
2024-07-12 13:08:43 - VI News Staff
The V.I. Housing Finance Authority has yet to receive a $5 million appropriation promised to them in their FY2024 budget. The allotment, taken from Stamp Tax revenues, was earmarked for several VIHFA projects, now shelved until the Office of Management and Budget releases the funds.
The update was provided by Eugene Jones who has spent the past three months as VIHFA’s new executive director. Though new to the position, he told lawmakers he has already sought an update from OMB. “We haven't had a chance to process it,” was the explanation offered to the authority. The response was deemed “unacceptable” by Senator Marvin Blyden, who promised to get to the root of the issue. The delay in the transfer of funds to VIHFA is perhaps another consequence of the Government of the Virgin Islands’ chronic cash flow issues.
Without the $5 million, Mr. Jones says VIHFA is currently unable to “create some different types of programs, especially [ramping] up homeless initiatives on the territory.” The inability of the authority to tackle issues like homelessness due to insufficient funding disappointed Senator Donna Frett-Gregory. “You hear a lot of conversation about the challenges that we have with homelessness… but if we're not going to get the minimal amount of money that we need to push these programs forward, then all we're doing is talking,” she said.