99- RUPCO PRODUCES MORE FALSE CLAIMS

I was on the RUPCO website just now, looking at RUPCO's claims of tax revenue expected from Woodstock Commons.  First of all, the project is supposed to have 53 units, not 63 units.  The contact person for questions and comments on this information is Brad Will, so I guess Brad, the ARCHITECT, can be excused for not knowing that the project was reduced from 63 to 53 units YEARS ago since he is JUST the guy who DREW THE PLANS.

But that's the least of the problems with this table:

After looking at this table, I of course called up the National Association of Home Builders (NAHB) and was immediately connected with a very nice lady who told me that the NAHB uses economic models to derive tax revenues from multi-unit housing projects.  She said that there is one model for market-rate housing and one model for affordable housing.  She said the models are based on projects of 100 units.  She also said she would email me the model.

I have received nothing yet, but I have found an 18-page paper by NAHB about the economic model used to project tax income from affordable housing projects, based on 100 unit projects.  If you are interested in looking at it, here it is:

http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=35601&subContentID=119693

The study used housing projects from six states, including New York.  The study used a single method of estimating the taxable income from the projects, which is based on the market value of the properties.  As I have pointed out before, in New York State, under Real Property Law 581-A, the market value of the property has nothing whatsoever to do with the tax rate on affordable housing projects.  This has been the case since 2006.  The study was produced in 2007, which means that the data probably was collected in 2006, and since the study uses states from across the country, it is understandable that the New York data is older than the RPTL 581-A implementation date, and disregards the law entirely.

The bottom line is that Brad Will, the architect, and RUPCO, the builder, is using absolutely false numbers, under the current law governing tax generation from affordable housing.