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July 12, 2005
BROOKLYN DEVELOPMENT
Legislation in Congress Could Bar Forest City Ratner From Subsidies
WOULD PREVENT FEDERAL MONEY GOING TO EMINENT DOMAIN PROJECTS
Momentum is gathering in both the House and the Senate behind bills that could bar a development firm, Forest City Ratner, from receiving federal subsidies for its proposed high-rise hub in the Atlantic Yards area in downtown Brooklyn.
If Mr. Ratner and his firm lose eligibility for tax-exempt bonds and Low Income Housing credits as a result of the Sensenbrenner and Cornyn bills, “At a minimum, it would make it very difficult for him to advance the affordable housing element of his plan," [Brad] Lander said.
Posted by lumi at July 12, 2005 7:15 AM