AY developer gets $55M in federal tax credits
November 04, 2009 10:00AM
Bruce Ratner
Bruce Ratner's controversial Atlantic Yards project may soon benefit from $55 million in federal tax credits. The funds, which have been awarded to Ratner's company Forest City Enterprises, are part of a $5 billion tax credit package announced by the Treasury Department last week. Though the credit is not earmarked for the Prospect Heights project, Bill Luecht, a spokesperson for the Community Development Financial Institutions Fund, which allocates the money, said it could be used in any low-income area. The Atlantic Yards site qualifies, he said. Forest City Enterprises is currently facing a lawsuit that argues against its right to force out current residents for the development, and also needs to sell $650 million in bonds and break ground before a Dec. 31 deadline for tax-exempt financing. [NYDN]
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Comments
Anonymous
WHAT IS OBAMA DOING??? Why does he have to bail out rich people? Oh I get it, rich people donate to his campaign. More of the same - this is not the change we voted for.
Comment #1 Posted By: Anonymous 11/04/09
Anonymous
You are an idiot! Read the article. Do you know what the Atlantic yards is? Do you know this is NOT a bail out? Do you know this is good for low income areas? No you are just talking is all.
Comment #2 Posted By: Anonymous 11/04/09
Anonymous
I completely agree with # 2
Comment #3 Posted By: Anonymous 11/04/09
Anonymous
That's a little harsh #2. Please explain how receiving additional tax credits does not amount to an economic benefit to this private developer.
Comment #4 Posted By: Anonymous 11/04/09
Anonymous
Good for you Bruce Ratner. I am really tired of listening to the retoric bull that has gone on and on about AY for several years now. This so called group of concerned Brooklynites are mostly younger foolish naive gentrifiers. Guess what....I'm happy for this it is wha true Gentrificaton is all about....Change We Can Believe In. hahahahaha
Comment #5 Posted By: Anonymous 11/04/09