Glenwood also benefited from another state-administered program, using it to obtain more than $1 billion in low-interest, tax-exempt bond financing since 2000, to buy land and construct eight buildings it has put up since 2001, according to testimony at Mr. Silver’s trial. Each application to the program, under which a developer must set aside 20 percent of a new building’s units for low-income housing, must be approved by an obscure state agency, the Public Authorities Control Board.
The three-member board is made up of the governor and the two legislative leaders, or their designees. All applications require unanimous approval, giving each member a potential veto as well as, prosecutors suggested, power and leverage.
Glenwood also benefited from another state-administered program, using it to obtain more than $1 billion in low-interest, tax-exempt bond financing since 2000, to buy land and construct eight buildings it has put up since 2001, according to testimony at Mr. Silver’s trial. Each application to the program, under which a developer must set aside 20 percent of a new building’s units for low-income housing, must be approved by an obscure state agency, the Public Authorities Control Board.The three-member board is made up of the governor and the two legislative leaders, or their designees. All applications require unanimous approval, giving each member a potential veto as well as, prosecutors suggested, power and leverage.
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