Beautiful Virgin Islands

Thursday, Jul 03, 2025

Gov’t assures Joe’s Hill homes not for investment buyers

Gov’t assures Joe’s Hill homes not for investment buyers

Social Development Minister Marlon Penn has given assurance that the housing units at the Joe’s Hill Housing Development on Tortola will not be sold to persons who are looking to use them solely for investment purposes.
The Joe’s Hill Housing Development is the responsibility of the Social Security Board and was recently completed at a cost of $26,666,905.02.

One of the main aims of the project is to enable residents who are first time homebuyers to get access to affordable homes. During a recent sitting of the House of Assembly, At-Large representative Carvin Malone asked Minister Penn whether the housing units are still being offered exclusively to first time homebuyers.

Malone also asked whether considerations are being given to persons wishing to purchase units for investment purposes, only.

In response, Minister Penn said, “the short answer to that question is no. Measures are being put in place to prevent the homes from being purchased or used for investment purposes. Property covenants will require the units to be occupied by homeowners as their primary place of residence; and would also regulate any subsequent renting, leasing, or disposal of the units by homeowners in extenuating circumstances.”

The Joe’s Hill Housing Development has 25 buildings, comprising 52 residential units plus commercial rental space.

Minister Penn revealed that some applicants have already been verified by the Social Security Board and are now actively seeking pre-qualification for financing from the banks of their choice, as part of the Board’s selection process.

The Minister also said the allocation of homes will primarily depend on the actual number of applicants that are pre-qualified for bank financing.

“At the end of November 2022, if there are more pre-qualified applicants than available units in a particular category (based on the size and style of unit selected), then a randomized selection procedure may become necessary to ensure transparency in the allocation of those units,” Minister Penn said.

After that, each selected applicant will be allowed up to 90 days to finalise a mortgage and complete the property purchase transaction.

The units at the Joe’s Hill Housing development are a mix of one-, two-, and three-bedroom condos, single-family homes, and townhouses. The government said they are to be sold at fair market value to qualifying first-time homeowners who would occupy the property as their primary residence.

Only BVIslanders, Belongers or residents who’ve lived in the BVI for the last 20 years can qualify for the homes. Persons must also be first-time homeowners and must occupy the property as their primary residence.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×