The Government of the Virgin Islands has decided to purchase the Joe’s Hill Manor Estate for $20 million.
Premier Dr. Natalio Wheatley announced the plan to acquire the property from the Social Security Board (SSB) during recent budget proceedings.
According to the Premier, the goal is to improve access to homeownership for first-time buyers who have been locked out of the development. According to Premier Wheatley, the government will collaborate with the SSB and lenders to formulate a more equitable process for distributing homes.
He acknowledged complaints that steep pricing had prevented rental tenants ready for ownership from transitioning within the Joe’s Hill project. The government invested $26 million in constructing the estate to create affordable starter homes. However, it soon became clear that final selling prices remained out of reach for most applicants.
Premier Wheatley conceded that the program’s design was flawed despite good intentions.
Going forward, Dr. Wheatley plans to appoint an expert committee tasked with putting forward sustainable solutions for first-time Virgin Islands home buyers. He vowed zero tolerance for perpetuating unsafe conditions or “ghettos” in the name of affordability.