A Florida county loaned $3.4 million in state funds in 2004 to a capital firm for a low-income housing project--and almost a decade later, nothing has been built. ABC Tampa reports:
In 2004, Pinellas County loaned $3.4 million dollars in state funds to Crest Capital LLC to buy the land for the construction of townhomes, many of which would be used as low-income housing.
Eight years later, nothing has changed. The low-income housing was never built. In fact, the project never even started. But the money is gone. All the taxpayers got for their money are the weeds, trees, and sand on the lot.
Pinellas County’s Division of Inspector General investigated the county’s deal with Crest Capital. The 2011 audit found the county’s Community Development department chose a company with "no assets and little to no experience in construction." They also found the department had indications the land might have environmental problems, but neglected to do further investigation.