CHARLOTTE AMALIE, St. Thomas, U.S. Virgin Islands – February 10, 2025 – The Virgin Islands Economic Development Authority (VIEDA) announces two significant developments in the VI Slice Moderate Income Homeownership Program (VI Slice), administered by its lending arm, the Economic Development Bank (EDB), in partnership with local participating lenders.

First VI Slice Loan Approved on St. John

The program has approved its first loan on the island of St. John. The VI Slice funding will support a mortgage with primary lender Banco Popular, facilitating new home construction and covering associated closing costs.

Wayne L. Biggs, Jr., chief executive officer of VIEDA, remarked, “Given the unique housing market on St. John, with inventory that is more limited than on St. Croix and St. Thomas, this first St. John VI Slice transaction is a major milestone for the program.”

Program Impact and Expansion

Since its inception in 2023, VI Slice has assisted a total of 48 families in purchasing or building their first homes. To date, 32 transactions have been completed on St. Croix, 15 on St. Thomas, and now 1 on St. John, underscoring the program’s effectiveness across the Territory.

In a move to broaden the program’s reach, VIEDA has entered into a Memorandum of Agreement (MOA) with Virgin Bay Mortgage USVI, marking the seventh lender to join the program. Monique T. Samuel, managing director of the EDB, expressed optimism about this partnership, stating, “We believe that the addition of Virgin Bay Mortgage USVI will provide our residents with wider options to purchase their first home through the VI Slice Program.”