The Real Deal Miami

Developer sentenced to prison for tax-credit scam

Lloyd Boggio was among 7 charged with inflating construction costs and housing tax credits
Lloyd Boggio's home at 3316 Devon Court in Coconut Grove. Inset: Boggio

Lloyd Boggio’s home at 3316 Devon Court in Coconut Grove. Inset: Boggio

A federal judge sentenced Miami developer Lloyd Boggio to about five years in prison for laundering money in a housing development scheme to steal government funds.

Prosecutors last year accused Boggio, 70, and six others of a conspiracy to steal money from the U.S. government through a program that awards federal tax credits to developers of rental housing for tenants with low income.

U.S. District Court Judge Ursula Ungaro on Friday sentenced Boggio, who took a plea deal before the start of his trial in September.

The other defendants pleaded guilty much earlier and cooperate with authorities to get shorter prison sentences.

Boggio will start his prison term in February. He also has agreed to pay $2 million from his bank accounts plus proceeds from the sale of a Coconut Grove residence to satisfy a judgment requiring him to forfeit $7.2 million.

Judge Ungaro recently sentenced Matthew Greer, 38, to three years in prison for his role in the conspiracy to steal from the federal tax credit program. As part of a plea agreement, Greer has repaid $16 million that he stole from the government.

At the center of the conspiracy was Carlisle Development Group, a real estate business Greer bought from Boggio about a decade ago. Boggio retained an interest in several investment deals with Carlisle.

FBI and IRS agents said Boggio, Greer and five others stole $34 million in housing subsidy money by inflating construction costs for more than a dozen affordable housing developments in Miami-Dade County. [Miami Herald] Mike Seemuth