Sorry, forgot to add corrupt...
Kushner company stands to benefit from freeze on federal mortgage payments
With more than $800 million in federally backed properties, Kushner Companies could reduce its payments to zero under provisions of the recovery bill.
Jared Kushner’s family business could be a prime beneficiary of a provision in the federal recovery bill that allows owners of apartment buildings to freeze federal mortgage payments on low- and moderate-income properties.
Kushner Companies, the real estate firm started in 1985 by Kushner’s father, Charles, controls thousands of low- and moderate-housing units across the country, some of which are funded through an $800 million federally backed loan the firm received in 2019.
The option for owners to temporarily freeze mortgage payments on low- and moderate-income housing developments, in exchange for promising not to evict tenants who can’t pay their rent, was one of the economic provisions approved by Congress and signed into law by President Donald Trump last week. It is considered a way to keep lower-income apartment dwellers in their homes, but also shifted the burden of housing them from their landlords to the federal government and taxpayers.
Because Kushner Companies, like many real estate companies, establishes buildings as a network of individual LLCs, it may be possible for it to obtain federal help for some buildings even if it has enough money to cover the mortgage payments, said Shekar Narasimhan, an expert in real estate financing and managing partner of the firm Beekman Advisors.
“Could he take advantage of it? Yes, his company could,” Narasimhan said. “They’re supposed to have deep pockets, but most owners set each building up to an LLC. So in theory, he doesn't have an obligation to write a check.”
https://www.politico.com/news/2020/0...ry-bill-162652
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How is his dad receiving a $800 million government loan not a conflict of interest? smh