Calabash Boom St. John USVI

72 Units, completed in 2009 2010
24 Affordable For Sale Townhomes
48 Affordable Rental Apartments

Leasing:
For leasing information, please contact Calabash Boom Apartments at (340) 714-2443.

Affordability:
Homeownership: 100% at 130% AMI or less
Rental: 100% at 60% of Area Median Income, or less

Funding:
Low Income Housing Tax Credits
Conventional Mortgage
Virgin Islands Housing Finance Agency Funding

The island of St John, because of its remote location has the highest construction costs in the US. Local working families have been displaced by the high cost of housing. The average price of a single family home has exceeded $1,200,000 for much of the last decade. Virgin Islands Housing Finance Agency owned the Calabash Boom development site for many years. Their goal of developing affordable homeownership units in St John was impeded by the high cost of construction on St John. Reliance and VIHFA worked together to formulate a development plan for Calabash Boom, including 48 Low Income Housing Tax Credit funded rental apartments and 24 affordable for sale townhomes. The tax credit portion of the development leased their portion of the site from VIHFA for 50+ years, the lump sum lease payment helped subsidize the for sale housing units, which were further subsidized with local government contributions. Calabash Boom is a sustainable community, utilizing roof water catchment for potable water, along with reclaimed water for toilet flushing and irrigation.

Total Development costs - $55,000,000