PRESS RELEASE
FOR IMMEDIATE RELEASE
DATE: MAY 16, 2003
CONTACT: LT. GOVERNOR VARGRAVE RICHARDS
TEL: 773-6449

AS PART OF ST. CROIX'S ECONOMIC REVITALIZATION LT. GOVERNOR MEETS WITH HOUSING SPECIALISTS

LIEUTENANT GOVERNOR VARGRAVE RICHARDS YESTERDAY MET WITH REPRESENTATIVES FROM THE U.S. DEPARTMENT OF AGRICULTURE, ALLIED HOME MORTGAGE CAPITOL CORPORATION, EXECUTIVE DIRECTORS OF THE VIRGIN ISLANDS HOUSING AUTHORITY AND HOUSING FINANCE AUTHORITY, COMMISSIONER OF HOUSING, PARKS AND RECREATION AS WELL AS SEVERAL ENTREPRENEURS IN THE CONSTRUCTION ARENA, TO DISCUSS ASSISTANCE IN CONSTRUCTING AFFORDABLE HOMES ON ST. CROIX.

PRINCIPAL WILLIAM HASTON, ESQ. AND CEO JIM HODGE OF ALLIED HOME MORTGAGE CORPORATION ASSISTED IN BRINGING TOGETHER COMPONENTS OF THE FEDERAL GOVERNMENT, THE VIRGIN ISLANDS GOVERNMENT AND THE PRIVATE SECTOR TO CREATE A SYNERGY OF OPPORTUNITY FOR THE VIRGIN ISLANDS, ST. CROIX IN PARTICULAR.

HASTON STATED: "THIS GROUP HOPES TO DEVELOP PROGRAMS DIRECTED AT MEETING THE COMPREHENSIVE HOUSING NEEDS OF LOCAL RESIDENS." IN ADDITION, CEO HODGE ALSO EMPHASIZED: "WITH CREATIVE PARTNERSHIPS SUCH AS THESE, WE CAN ASSIST RESIDENTS OF THE VIRGIN ISLANDS TO ACHIEVE INCREASED HOUSING OPPORTUNITIES."

LOCAL HOUSING REPRESENTATIVES AGREED WITH HASTON AND HODGE AND SAW YESTERDAY'S MEETING AS A "REAL OPPORTUNITY" TO EXPAND HOUSING AVAILAIBITY."

LIEUTENANT GOVERNOR VARGRAVE RICHARDS ALSO FELT THAT THE OBJECTIVE OF THE MEETING REINFORCED THE NEED TO "MAXIMIZE AND

IDENTIFY EVERY POSSIBLE OPPORTUNITY TO BRING AFFORDABLE
HOUSING AND CREATIVE HOMEOWNERSHIP PROGRAMS TO THE TERRITORY.

RICHARDS ALSO STATED THAT: "TOO OFTEN DUE TO FINANCIAL CONSTRAINTS RESIDENTS WHO CANNOT AFFORD TO OWN A HOME ARE FORCED TO RENT FOR TOO MANY YEARS WHEN OPPORTUNITIES CAN BE CREATED TO BRING HOMEOWNERSHIP POSSIBILITIES TO FRUITION."

JIM HODGE OF ALLIED RE-EMPHASIZED THE COMMITTMENT OF THE GROUP TO "ADVANCE HOUSING OPPORTUNITIES IMMDEIATELY TO MEET THE NEEDS OF THE LOCAL POPULATION."

OPPORTUNITIES DISCUSSED AT YESTERDAY'S MEETING ENGENDER ECONOMIC REVITALIZATION THAT WILL LOUNGE CONSTRUCTION ACTIVITY, CREATE JOBS AND THE CIRCULATION OF MONIES INTO THE COMMUNITY. IT BECOMES A WIN-WIN SITUATION FOR ALL.

RICHARDS' CONCLUDED: " DEVELOPING UNIQUE AND INNOVATIVE OPPORTUINTIES WITH CREATIVE FINANCES FOR SENIOR CITIZENS AND PERSONS WITH ASSISTED LIVING NEEDS IS PARAMOUNT IN MOVING ST. CROIX AND THE VIRGIN ISLANDS TOWARD GREATER ECONOMIC REVITALIZATION."