Taxpayer dollars that were intended to help poor communities are instead being used to finance luxury hotels, according to a new story inBloomberg Markets magazine.
A Federal program, called New Market Tax Credits, gives a substantial tax refund to institutions that bankroll development projects in poor neighborhoods, according to Bloomberg. But in practice, it hasn't always worked out that way. Developers use 10-year-old Census data to claim a neighborhood is low-income and deserving of a jobs-creating development. Many of the neighborhoods receiving taxpayer assistance have since become upscale. Some of the projects being financed are among the most luxurious of their kind. [ Continue Reading ]
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