Category: Program administration

You don’t expect me to LOSE money, do you? Part 3, you want WHAT?

13 February, 2008 (10:19) | Economics, LIHTC, Program administration, Tax credits, Theory, US News |

[Continued from the previous Part 1 and Part 2.]   So far our exploration of Cornerstone Apartments in Haltom City, Texas, has covered rapes, shootings, backed-up sewers, dead rats, no heat over a weekend, enormous water bugs, and an astonishing flyer from the management agent demanding that residents repair defects that are the owner’s responsibility […]

You don’t expect me to LOSE money, do you? Part 2: who, me?

12 February, 2008 (11:31) | Economics, LIHTC, Program administration, Theory, US News |

[Continued from yesterday’s Part 1.]   Yesterday we saw that Cornerstone Apartments in Haltom City, TX, a mature and nearly post-mature LIHTC property rehabbed in 1994, is in deplorable condition, despite being owned by a partnership controlled by the esteemed Chancellor of Texas Tech University, Kent Hance.    The maintenance staff is fully committed   […]

You don’t expect me to LOSE money, do you? Part 1: what problems?

11 February, 2008 (10:31) | Economics, LIHTC, Program administration, Tax credits, Theory, US News |

    Kent Hance, Chancellor of Texas Tech University, is an unlikely owner of LIHTC properties, but back in 1994, he made a financially brave decision, to take over as controlling general partner of Cornerstone Apartments in Haltom City, Texas, a small town northeast of Fort Worth.  As described in an article from the Fort […]