3rd para in this article is dishonest. Developers are SUPPOSED to sell the credits to investors. 1/2
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That's how the program works. But you make it sound likes that's somehow corrupt. 2/2
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(Sigh). Wrong priorities.
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Less than a fourth of the units have to be rented to low income families to get the tax break. The other 3/4 is profit!
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Don't know about in urban areas, but in rural areas, most of these type developments wouldn't exist w/o the subsidies.
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Also in my experience the developers have been NFP orgs that put more $ in they eventually get out.
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I live in a HUD Subsidized Housing Neighborhood in Connecticut. I pay full rent. Lying Slumlords got lots of scams going. Kill the Credit.
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Will the WSJ speak out against anti-development zoning too?
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