Wealthy Investors Exploit This Loophole to Raise Rents on Poor Tenants

Four and a half years ago, a newly formed corporate entity purchased a low-income housing complex with 264 apartments in Phoenix. The property had received more than $4 million in federal tax credits and, in exchange, was supposed to remain affordable for decades. The company then used a legal loophole that stripped the affordability protections from the apartments. The maneuver appears to…

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