Article from The Washington Free Beacon by Brent Scher.
Since Claire McCaskill joined the Senate, her husband Joseph Shepard has made at least $11 million through a business that buys up tax credits awarded to Missouri affordable housing developers and sells them to high-income entities seeking tax relief.
Shepard’s company, the Missouri Tax Credit Fund, operates within the Low-Income Housing Tax Credit (LIHTC), a $9 billion a year federal program that awards tax credits to developers building qualified affordable housing projects. The LIHTC program is designed for developers in need of cash to attract investors for projects by offering them tax credits.
Analysis by policy institutions and government investigators, however, has found the LIHTC program to be inefficient, with much of the money—intended for affordable housing—ending up in the pockets of middlemen syndicators who connect developers with investors, earning lofty fees from both sides.
Shepard plays the lucrative role of syndicator and has made millions off the government program.
Read the entire article at the Washington Free Beacon.
wpDiscuz
I am SHOCKED and DISMAYED!!! /s
It seems like the spouse always makes out whether honest or not
This should be illegal. If spme company is awarded a tax credit to build an appartment complex they need to build it. Not be able to sell it so anpther company for a profit. They should be penalised for this type of action.
So how else do you think these senators and their families get filthy rich? It sure isn’t on their salaries. What a bunch of corrupt crooks!
This is illegal just like the credits that made Al Gore rich during the fake global warming issue! Democrats just cannot think legally!