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78 79 “The factof thematter is thatonSt.Thomas, becausewe’reasmall islandwitha lotof dollarscoming infromvariousplaces,the averagepriceof asingle-familyhomewith threebedrooms isabout$500,000,”hestates. “We’re theonlygame intownthatwouldsell thesamehome forhalf of that.” Today,VIHFAis the territory’s local adminis- trator for severalU.S.DepartmentofHousing andUrbanDevelopmentprograms,including theCommunityDevelopmentBlockGrant programandtheEmergencyShelterGrant program,whichserves thehomeless.The agencyalsooversees theHOMEprogram, whichprovides low-interest loansandgrants, primarilyfor first-timehomebuyers,andthe LowIncomeHousingTaxCreditprogram, whichhelpscreateaffordableapartment communities withbelow-market rents throughtaxincentives toprop- ertyowners. VIFHAfundsarecommonlyusedto supplementbankloans that clientshave arrangedfor ahomepurchase.“Alotof the times,we’reactuallyinthesecondposition,” saysGriffith.“So,for example,saythehome is$250,000.They’ll gotoabankandthey’ll get a traditional loanfor$200,000,and wemightbe insecondpositionandgive thema loanfor thedifference,or agrant, dependingontheir income.” Theagencyalsosells lotsatdiscounted prices that clientscanuse tobuildahome usingself-arrangedor agencyfinancing. “Whenwewereoriginallyestablished,we weregiven lots fromthecentral govern- ment;weweregiventractsof landto develop”Griffithsays.“Someof the lots that we’redevelopingnowweregivenbythecentral govern- ment,but some,likeourWhisperingHillsdevelopmenton St.Thomas,areon landthat theauthoritypurchased itself.” At Bert Smith & Co., we understand that in today’s fast-paced business environment, heritage alone is not enough. Commitment, integrity and objectivity must continue to be the foundation of our service. We can only be of service to our clients if we help them prepare for the future. HOW WE CAN HELP o ACCOUNTING o FINANCIAL & PERFORMANCE AUDITS o FINANCIAL MANAGEMENT SYSTEMS o FINANCIAL REPORTING & ANALYSIS o FINANCIAL PLANNING & PERFORMANCE MEASUREMENT o MANAGEMENT CONSULTATION Visit berthsmithco.com to discover how we can add value to your organization: GOVERNMENT, HEALTHCARE, NON-PROFITS, EDUCATION, AND RETIREMENT 1090 Vermont Ave., NW Suite 920 Washington, DC 20005 T: 202.393.5600 | TF: 1.855.479.0548 | F: 202.393.5608 | W: bertsmithco.com HELPING CLIENTS SUCCEED TODAY... AND PLANNING FOR TOMORROW CERTIFIED PUBLIC ACCOUNTANTS & MANAGEMENT CONSULTANTS To succeed in today’s fast-paced, and often confusing business environment, you need the support of accounting professionals who do more than just the basics. And Bert Smith & Co. has consistently been ranked among the top accounting firms in the region. We have dedicated staff members of more than 60 CPAs and management consultants who are trained in the latest tax, auditing and consulting practices and all applicable laws. Our comprehensive accounting and audit services are guided by a consistent focus on integrity in all our dealings, and by strict adherence to ac- cepted accounting principles and practices. We understand that the world of commerce is never static. It is constantly changing in re- sponse to new concepts and legislation on national, state and local levels. We have evolved as our clients’ needs have changed. Today, many of our relationships focus on management consulting in addition to traditional accounting disciplines. By offering an impartial and knowl- edgeable perspective, we help businesses, governments and organizations function more effectively in order to achieve their financial objectives. Our goals are to help our clients identify oppor- tunities, avoid pitfalls, plan successfully for the future and make the most out of every dollar. Our numerous long-term relationships with clients provide the best barometer of the level of value that Bert Smith & Co. provides. It’s not just what we do, it’s how we do it. bertsmithco.com THE VIRGIN ISLANDS HOUSING FINANCE AUTHORITY