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Committee questions $1.28 million write‑off tied to failed LIHTC deal, asks for clearer documentation
Summary
Members asked why an accrued-interest balance tied to a 2006–2011 LIHTC financing is being presented as uncollectible and asked departments to provide documentation before the item is set for full-council adoption.
Resolution 26-37, which would write off several small delinquencies and a larger accrued-interest balance of roughly $1.28 million tied to an earlier low‑income housing tax credit (LIHTC) transaction, was reported out of committee but with reservations and a request for additional documentation.
Deputy Director Carrie Castle (Budget & Fiscal Services) said the resolution covers three debt holders: liquor law violations (~$4,021), facilities maintenance (~$4,333), and an accrued interest balance of about…
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