On March 12th, 2024, Enterprise Community Partners, and the Federal Home Loan Bank of New York (FHLBNY) hosted an in-person workshop at The Emerald Beach Resort in St. Thomas, U.S. Virgin Islands (USVI), “Financing Affordable Housing Development in the Virgin Islands.” This event brought together current and prospective housing developers to receive training, share lessons learned, and network with local stakeholders.
The workshop was offered as part of the USVI Housing Ecosystem Development Grant Program (HEDGP), which aims to build private capacity to provide more affordable housing in the USVI. Among the participants were inaugural HEDGP grantees: the St. Croix Foundation for Community Development, WM Williams and Partners, Inc. (St. Thomas), and Adrian Realty, LLC. (St. John). Other attendees included representatives of various government agencies, local banking institutions, philanthropic organizations, and local nonprofits. Workshop participants reflected a broad coalition of stakeholders, all dedicated to this cause.
The primary goal of the workshop was to share in-depth information with grantees and interested developers on various affordable housing funding programs. Experts delivered presentations on a variety of programs and funding sources, including:
- FHLBNY Affordable Housing Program
- Community Development Block Grant and Mitigation (CDBG-MIT)
- Low-Income Housing Tax Credit (LIHTC)
These sessions were designed to provide participants with the knowledge and tools necessary to navigate and leverage these programs effectively. Additionally, participants had the opportunity to engage in 1-on-1 or small group conversations with experts and funders during breakout sessions, allowing for a more personalized and detailed exploration of the programs and funding sources relevant to their projects.
The presence of government officials, local developers, community-based organizations, and funders fostered an environment ripe for meaningful dialogue, making connections, and ensuring that participants were well-informed about the resources available to them. Attendees, funders, and presenters were able to exchange contact information, laying the groundwork for future collaboration. This collective effort promises to enhance the development of affordable housing, ensuring that the needs of the USVI community are met with robust and sustainable solutions.