Monday, November 02, 2009

Corrected: that $55 million in federal tax credits for Forest City would not go to arena bonds

So the $55 million in federal tax credits going to an affiliate of Forest City Enterprises, as reported Friday, will not in fact be for the arena bonds, as an Empire State Development Corporation (ESDC) spokeswoman initially confirmed.

The ESDC's Elizabeth Mitchell offers a correction:
ESDC is making $55M worth of bond volume capital available. It was merely a coincidence that this was the amount allocated to Forest City Community Development Entity, LLC from the federal Community Development Financial Institutions Fund. The $55M of federal New Markets Tax Credit Allocation are entirely unrelated to the Arena bonds.

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