St. John’s Calabash Boom affordable housing subdivision is ready to begin taking on buyers and renters, and the V.I. Housing Finance Authority will be having an information session Tuesday on available grants, mortgage programs and tax credits for first-time homebuyers.
The session will be held at the Battery in Cruz Bay, St. John, at 5:30 p.m., according to the Housing Finance Authority.
A partnership between the V. I. Housing Finance Authority and Reliance Housing Foundation, the Calabash Boom project has been marred by numerous delays and challenges. After 16 and a half years, the moderately priced housing division is at last ready to open.
Because of the astronomical cost of construction in the territory (and St. John in particular), bringing this development to fruition—and making it affordable—made it necessary to cobble together money from several sources, including the St. John Capital Improvement Fund, the Stamp Tax Fund and lease revenues.
The authority’s first affordable homeownership subdivision on St. John, Calabash Boom features 24 three-bedroom, 1.5-bath town homes for sale, and 48 rental units financed through low-income housing tax credits.
While the units will be sold for $295,000, there are subsidy programs available to provide mortgages as low as $125,000.
The housing and subsidy programs are aimed at first-time homebuyers.
For more information, call (340) 777- 4432.