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November 5, 2009
Forest City Ratner says AY is not eligible for $55 million in federal tax credits
Atlantic Yards Report
Norman Oder is trying to uncover the details of the federal tax credit [for Atlantic Yards*]:
Well, like some other people, I'm still trying to figure out for what Forest City Enterprises got $55 million in federal tax credits, if it wasn't for Atlantic Yards.
The New York Daily News today advanced (and muddied) the story today, with an article headlined Forest City Enterprises could get $55M boost from feds [for Atlantic Yards*]. Note that the words in brackets were later excised from the article.
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Well, multiple states were listed [on the tax credit]: Connecticut, District of Columbia, New Jersey, New Mexico, New York, Pennsylvania. If the feds won't tell us (and Luecht [spokesman for the Community Development Financial Institutions Fund] didn't respond to three queries I sent since Friday), maybe Forest City can do so.
NoLandGrab: The developer says the tax credit isn't for Atlantic Yards and Federal "Community Development Financial Institutions Fund" won't say what projects are eligible or were on the application. Since money is fungible, it's ridiculous to pretend to be hiding something... unless they're really hiding something.
Posted by lumi at November 5, 2009 5:12 AM