V.I. Housing Finance Authority receives second HUD disaster-recovery funding agreement

The Virgin Islands Housing Finance Authority said on January 6, 2020, that the grant agreement for the second allocation of Community Development Block Grant disaster-recovery funding, totaling $779.2 million, had been transmitted by the U.S. Department of Housing and Urban Development to Gov. Albert Bryan for signature.

The agency said the second allocation was in addition to the $242.7 million the territory received in September 2018, bringing the total HUD-approved CDBG-DR allocation for long-term recovery from Hurricanes Irma and Maria to about $1.02 billion.

According to the statement, the territory's action plan for the second allocation was approved by HUD in March 2019. VIHFA said the territory would be able to access the full amount for approved disaster-recovery projects after the agreement was fully executed.

The statement said more than $1 billion from the first and second tranches had been budgeted for housing recovery, infrastructure and economic revitalization projects, including housing and rental reconstruction, Water and Power Authority work on the electrical system, port and airport improvements, and tourism and workforce-development support.

Official source: https://www.vi.gov/v-i-housing-finance-authority-receives-second-tranche-of-hud-recovery-funding/