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Bill

36-0081

An act amending title 21 Virgin Islands Code, chapter 2, section 103, by increasing the compensation for nongovernment members of the Housing Finance Authority

2025-2026 Regular Session

Raises compensation for nongovernment members of the Virgin Islands Housing Finance Authority; new rates will be set in Section 103, affecting HFA budgets.

Introduced
0
WeVote Research Nonpartisan
Bill Summary · 36-0081

Bill 36-0081 — Summary

Overview

Bill 36-0081 is an introduced act that proposes amending title 21 of the Virgin Islands Code, chapter 2, section 103. The purpose is to increase the compensation paid to nongovernment (non-governmental) members of the Housing Finance Authority (HFA). The bill is classified as a bill and is in the introduction stage.

What the bill would do

  • Amend Title 21, Virgin Islands Code, Chapter 2, Section 103.
  • Increase the compensation paid to nongovernment members of the Housing Finance Authority.
  • The precise new compensation levels, formulas, or payment structure would be established by the amended statutory text itself (the exact amounts and terms are not provided in the summary available here).

Key provisions (conceptual)

  • Change to compensation: The central change is a higher compensation rate or structure for nongovernment HFA members.
  • Scope: Applies specifically to nongovernment members serving on the Housing Finance Authority.
  • Implementation details (e.g., effective date, transition provisions, per diem vs. stipends, caps) would be defined within the amended Section 103 text.

Affected parties

  • Nongovernment members of the Housing Finance Authority (board or similar governance body).
  • The Housing Finance Authority itself (in terms of budgeting for increased compensation).
  • The Virgin Islands government, to the extent that HFA compensation is funded from public or quasi-public sources.

Financial and budgetary considerations

  • Increased compensation would have a budgetary impact on the HFA’s funding plan and potentially on the territory’s overall expenditures.
  • Depending on how compensation is funded (HFA budget, general funds, or dedicated sources), there could be implications for appropriations and future fiscal planning.

Procedural and timeline details

  • Received: January 24, 2025
  • Assigned: January 29, 2025
  • To Senate: April 16, 2025
  • Introduced (official status update): May 8, 2025
  • Status: Introduced (as of the information provided)

Next steps and process notes

  • If the Senate approves, the bill would typically proceed to the Governor for consideration (signature or veto, with potential for negotiation or amendments).
  • Legislative text and committee referrals (e.g., banking, housing, or appropriations committees) will determine the schedule and any public hearings or amendments.

Additional context

  • The exact compensation amounts, eligibility criteria, and effective date will be determined by the amended Section 103 text in the final bill language. For detailed figures and specific provisions, refer to the bill’s official text and docket materials.

Compiled from official sources — confirm details with the bill’s official record.

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