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September 27, 2007
Five million dollars released to fund settlement of St. George Villas Development Suit Gov. John P. deJongh, Jr. said Wednesday that $5 million has been authorized by the Office of Management and Budget to fund a settlement between homeowners of Estate St. George Villas on St. Croix and the V.I. Housing Finance Authority. The settlement followed passage of funding legislation last year. "Now that the settlement has been signed, I have taken steps to make certain the monies are released to the homeowners as soon as possible. For too long, their quality of life has been negatively impacted and I thank them for their patience as we worked towards the settlement," deJongh said Wednesday. deJongh thanked the 26th Legislature for identifying the funding source for the settlement and extended his appreciation to the 27th Legislature for amending the enabling legislation so it remains available until expended. The homeowners filed suit in 2003 citing that their homes were severely damaged and should be considered for demolition. The modular homes make up the St. George Villas development. Homeowners had expressed concerns that the end of the Fiscal Year 2007 was approaching without any indication of when the settlement agreement money would be released. OMB Director Debra Gottlieb said Wednesday that the monies were released to the Housing Finance Authority which will in turn draw down the funds from the Department of Finance. "The funds are being made available today in accordance with Act 6890." Gottlieb said the funding was released once she was advised that a settlement was reached between the St. George homeowners and the VIHFA. |
