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A Federal Investigation Sheds Light on Potential Lender Fraud Through LIHTC Program

National Real Estate Investor, 2018-08

COPYRIGHT 2018 Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries ;Copyright Penton Media, Inc., Penton Business Media, Inc. Aug 30, 2018 ;ISSN: 0027-9994

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  • Title:
    A Federal Investigation Sheds Light on Potential Lender Fraud Through LIHTC Program
  • Author: Anderson, Bendix
  • Subjects: Affordable housing ; Banking industry ; Banks ; Competition ; Debt financing ; Fraud ; Fraud investigation ; Housing developers ; Housing developments ; Investigations ; Low income housing ; Low income housing credit ; Profits ; Real estate development ; Tax credits
  • Is Part Of: National Real Estate Investor, 2018-08
  • Description: Federal investigators are taking a hard look at some of the biggest banks that finance affordable housing developments subsidized with federal low-income housing tax credits (LIHTCs). “Most banks and investors using the Low Income Housing Tax Credit program work with the highest integrity to increase the supply of affordable housing and minimize the cost to taxpayers,” says Priya Jayachandran, president of the National Housing Trust, a non-profit engaged in housing preservation and based in Washington, D.C. Several large banks, including Wells Fargo, offer to both buy the LIHTCs from affordable housing developments and provide debt financing to those projects through a “one-stop-shop.” The Department of Justice is now looking into whether banks including Wells Fargo and PNC "colluded" with developers to accept lower prices for LIHTCs for some properties than might have been available from other LIHTC investors in exchange for better loans terms for other assets or even agreements to fund less desirable deals, according to experts familiar with the case.
  • Publisher: Atlanta: Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries
  • Language: English
  • Identifier: ISSN: 0027-9994
  • Source: ProQuest Central
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