NOTICE 2023-001 
Virgin Islands Economic Development Bank 
 
To:             
Licensed U.S. Virgin Islands Lenders 
 
From:       
Wayne L. Biggs, Jr. 
Chief Executive Officer 
 
Copy:  
USVIEDA Governing Board 
Dwayne A. Benjamin, Assistant Chief Executive Officer 
Monique T. Samuel, Managing Director, Economic Development Bank 
Adrienne L. Williams-Octalien, Director, Office of Disaster Recovery 
 
Date:  
August 23, 2023 
 
Subject:   
Modification to the CLTV and DTI Requirements in the VI Slice Moderate Income 
Homeownership Program 
 
The Virgin Islands Economic Development Authority (“USVIEDA”) through its subsidiary entity the 
Economic Development Bank of the U.S. Virgin Islands (“EDB”) administers the VI Slice Moderate Income 
Homeownership Program (“VI Slice”) in partnership with the Office of Disaster Recovery (“ODR”) and 
lenders licensed in the U.S. Virgin Islands.  EDB has received inquiries and concerns from the Territory’s 
lenders about the VI Slice requirements of the Combined Loan-to-Value (“CLTV”) ratio of 95% and the 
Debt-to-Income (“DTI”) ratio of 31%. 
Upon consideration of these concerns and discussion with ODR, the VI Slice CLTV and DTI requirements 
have been modified effective immediately.  
1. The maximum CLTV ratio has increased from 95% to 105%. 
2. The DTI ratio has increased from 31% to 36%. 
 
These enhancements to VI Slice will further align the program with its purpose to accommodate a wider 
cross-section of the demographic and stimulate economic growth through increased lending.  
If under the previous CLTV and DTI stipulations there were marginal cases that were not submitted, 
lenders with a fully executed VI Slice Memorandum of Agreement in place with USVIEDA are encouraged 
to revisit said cases and submit them to USVIEDA/EDB for consideration. 
USVIEDA is committed to its role of catalyzing the economic growth of the Territory and looks forward to 
continued collaboration with our lending partners to achieve this goal.  Should you have any questions 
regarding this Notice, please contact Ms. Monique T. Samuel, Managing Director, Economic Development 
Bank at 340.773.6499 or vislice@usvieda.org. 
Thank you for your support.