consultants are sandburs

Thursday, May 29, 2014

Flaherty told no on a subsidy. Good. But they still are in the hunt. Does that surprise?

Here, stating:

May 28, 2014 4:33 PM

MUNCIE — An Indianapolis developer is collaborating with the Muncie Housing Authority and the city on a proposed $7.6 million proposal that would achieve a major victory in the battle on blight and abandoned housing.

The Indiana Housing and Community Development Authority (IHCDA) in February rejected Flaherty & Collins’ application for $684,158 in rental housing tax credits and a $500,000 Development Fund loan for the project.

Five other projects in Indianapolis, South Bend and Princeton were chosen as finalists to submit full applications by July 1.

“We applied for that project but didn’t get invited to come back in the July round,” said Duane Miller, a vice president at Flaherty & Collins. “We’re still trying to pursue something like that still for November. We haven’t given up on the project yet. It’s still a possibility.”

Without a shred of shame, trying the well again. It is in the Flaherty genetic code, apparently. Or imprinted on the mental patterns, via positive Pavlovian reinforcement. Suggest a subsidy, they salivate.

Later, same item, same been there and seen that stuff:

Flaherty & Collins proposes to tap into the American Recovery and Reinvestment Act’s tax credit assistance program funds to serve as an equity bridge loan for the project. Those funds would be fully repaid over time by a limited partnership.

In that final sentence, "might" instead of "would" fits better, in light of Flaherty and its North Carolina LLC shenanigans. Perhaps it should be,

"... would be fully repaid over time" in the absence of turning to Bankruptcy Court "by a limited partnership."

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