The Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands. Ronald R. Pennington, Chair of the BoltNagi PC's Real Estate & Financial Services Practice Group served as counsel to Reliance Housing Foundation in the transaction.
The contractor, GEC, will be entering the area for staging within the next week, and will start with the trimming of trees (not cutting down) before heavy equipment is brought in. Hospital Ground Apartments will be an affordable housing development using approximately Twenty Million Dollars ($20,000,000.00) for the completion targeted date over a 20 months span.
Once completed, the Hospital Ground Apartments’ total development will consists of 54 Low Income Housing Tax Credit rental units, distributed evenly among one, two and three bedrooms with adequate off street parking said Yvonne Milliner, Executive Director of the VIHM.
"We were pleased to be a part of this transaction," Pennington noted, "which will bring additional affordable housing to the Territory."
BoltNagi PC is a full service business law firm with offices in St. Thomas, United States Virgin Islands. The firm concentrates its practice in real estate, bank, finance, corporate, tax, estate planning, commercial transaction, government relations, civil litigation, insurance, labor & employment law, business immigration, family law and children's issues.