No New Public Funding for Miami Developer Linked to Housing Fraud
Bad news for Miami-based Pinnacle Housing Group LLC: A state appellate court refused to lift a suspension order barring it from receiving public funds.
August 15, 2017 at 02:00 PM
4 minute read
Bad news for Miami-based developer Pinnacle Housing Group LLC: A state appellate court refused to lift a temporary suspension order barring it from receiving public funds after its affiliate admitted to fraud and misrepresentation.
Pinnacle develops affordable housing and relies on government funding and tax credits for its ventures. But its funding stream is in jeopardy after prosecutors said an affiliated company fraudulently pocketed millions meant to benefit low-income residents—a move that prompted administrative proceedings and a temporary suspension order by the Florida Housing Finance Corp.
That order was the subject of a petition to the Third District Court of Appeal from Pinnacle, its affiliate PHG Builders LLC and their principals Felix Braverman, Michael M. Friedman, Louis Wolfson III, David O. Deutch and Mitchell M. Friedman, seeking review on constitutional and due process grounds.
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