Sweetheart Deal

Number 19567
Subject Developers
Source Dallas Observer
State TX
Year 2002
Publication Date 4/25/02
Summary A program meant to help nonprofit housing organizations ended up being used by developers to make quick profits off government tax breaks. In this story by the Dallas Observer, Virginia McGuire promised a variety of social programs and other amenities when she took over the Williams Run apartment complex. Two years later, she profits heavily through her "nonprofit" and the services never materialized. The loophole is causing Texas legislators to go back and reexamine the issue of property tax abatements for nonprofit.
Pages 10
Keywords taxes;property taxes;nonprofit;tax loopholes;developers;low income housing;housing;low income;tax abatements
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