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Council and housing staff press legal and legislative responses after out‑of‑jurisdiction housing finance deals
Summary
Arlington officials discussed recent activity by out‑of‑jurisdiction housing finance corporations and said staff has written to one jurisdiction and is evaluating legal and legislative options to block perceived ‘gaming’ of tax‑exempt status and revenue loss to Arlington.
Council members and Arlington housing staff devoted a substantial portion of committee reports to what they described as an emerging problem: housing finance corporations (HFCs) formed outside Arlington that seek to issue bonds or obtain tax‑exempt status tied to projects located in or affecting Arlington. Several councilmembers called the practice “unacceptable” and asked staff and the city attorney to pursue all lawful remedies.
Mindy Cochran, executive director of the city’s housing office, told council she and staff are monitoring the issue and have identified local and out‑of‑state limited liability companies formed to pursue HFC‑type…
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