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Katrina aid going to inland luxury condos

By Satyam Khanna on August 13, 2007 at 8:47 pm

"Katrina aid going to inland luxury condos"


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The AP reports that “rich federal tax breaks designed to spur rebuilding are flowing hundreds of miles inland to investors who are buying up luxury condos.” The Gulf Opportunity Zone Act of 2005 granted “generous tax benefits available to investors. Now, investors are renting out luxury condos in Tuscaloosa, Alabama, which “got only heavy rain and scattered wind damage from Katrina.” “It was supposed to be about getting people..to put housing in New Orleans, Louisiana, or Biloxi, Mississippi. It was not about condos in Tuscaloosa,” said a developer.

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