Wednesday, March 23, 2011

Because they can!

I am glad that the link to retrieve my forgotten password at PJ Star does not work. I would probably regret any comment I might make today. I know that most intelligent people do not give much credibility to some of the consistently negative commenters, but that is beside the point. At least two of the comments on the story concerning the City Council voting against the low-income, elderly development proposed for the corner of Sheridan and War Memorial Drive contained misleading inuendos.

Some how the PHA Board was put in the mix in one of the comments. The PHA had nothing to do with this proposed development. It is not their development. Peoria Opportunities Foundation was working with the developer, not the Peoria Housing Authority. Seems like numerous locals think every low to moderate income development in the city is under the PHA. Not true folks!

Another commenter showed real lack of knowledge concerning a Internal Revenue program that encourages banks and large corporations to make investment in low income housing in exchange for a credit toward their corporate taxes. Tax Credits are issued to the states by the Internal Revenue Service and development projects enter into a very difficult competitive process to be granted these tax credits. Once granted, they are sold to various corporations or syndicators that represent corporations that get the credit over a period of years (normally 10 years). Without the Tax Credit Program, corporations would be paying much higher taxes than they are (which could lead to moving companies off-shore) or they would find less worthy loopholes to avoid the taxes. The program is not the direct flow of Joe Citizen's tax dollars into low income housing.

Rant over!

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