Gillum’s LG Pick, Chris King, Made Millions with Government Subsidized Housing

Gillum’s LG Pick, Chris King, Made Millions with Government Subsidized Housing

It appears Chris King, Andrew Gillum’s lieutenant government pick, has made millions by buying and selling government subsidized multi-family properties through his company Elevation Financial Group.

King’s recently filed a personal financial disclosure that shows a net worth of $17 million.

During his campaign for governor, King has called for more affordable housing options for Floridians.

For the most part, the media has described King as a progressive entrepreneur. King’s reliance on government subsidies hardly came up during his campaign for governor, and when it did, it was minimized.

For example, in an early bio piece in the Tampa Bay Times, political reporter Adam Smith wrote that King’s business, Elevation Financial Group, “relies little on public funding…”

However, a review of the Elevation Financial Group website cites the role of government subsidizes in King’s affordable housing business model.

From the Elevation Financial Group web site:

By understanding the stresses and complexities impacting a wide array of affordable housing programs and by developing strong local, state and regional relationships with housing agencies, public housing authorities and the Department of Housing and Urban Development, Elevation has become a leader in acquiring, managing and revitalizing these historic senior and multifamily communities.

And there is this:

Elevation raises private investment equity and combines the capital with low-leverage financing from banks, GSE lenders or charitable foundations. Elevation purchases conventional assets along with assets that often have some connection to government programs such as Section 236, Section 8 or tax credits.

The objective of HUD’s Section 236 Preservation initiative is to preserve the affordability of rental housing units originally developed through the Section 236 mortgage program.

The popular HUD Section 8 program authorizes the payment of rental housing assistance to private landlords.

TR confirmed through web searches that a number of Elevation properties participate in Section 8 programs.

Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of nearly $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.

To gather more information, TR reached out to the Elevation Financial Group’s main office in Winter Park, Florida to ask about the role of government subsidizes in the business and we were referred to a campaign official.

TR will update the article when more information is available.

16 Responses to "Gillum’s LG Pick, Chris King, Made Millions with Government Subsidized Housing"

  1. DEstruction of established neighborhoods by Section 8 Housing that dumps a bunch of loosers into subsidized housing next to hard working law abiding families is some more of suto liberal socialisum that the far left endorses . We can only vote and pray the Democratic position on such policies changes as they realize the vast majority of tax paying citizens in this country abhore such practices. Diana S. said it right !

  2. *yawn*

    How much are you commenters paid? Gotta be a great gig. Do you get paid by the post? Or, by the number of different sites you post on?

  3. Section 8 housing should be done away with. It is absolutely unfair & dangerous to tax-paying, home owners to move individuals into their communities who do not have the same values. I know a burglary sergeant at TPD very well, and he relates that over & over again victims cry about their neighborhood being over run by these “individuals” who sit on their porches watching the home owners drive off to work. Talk about easy pickings! These home owners work hard & save to buy a house in a decent neighborhood, then the govt. comes along & drops people in there who do not value hard work & obeying the law. So wrong! And this guy King, if he takes advantage of it, he’s part of the problem.

    1. I challenge Steve Stewart to do an exposé of all the Section 8 property concentrations in Tallahassee, and who profits from them. Most of you would be shocked at how close you live to them. Many, many apt. complexes are full of subsidized housing. It ain’t just 2502-B Holton and 2525 Texas St.

      And Hope, Skippy and Billy are more likely to get huge raises and promotions for advancing the cause, err, I mean their inaction, than get fired.

  4. Breaking news!

    Tallahassee Democrat editor William Hatfield is attempting to smear the Republican nominee for governor of Florida by cherry picking articles from an ultra-liberal activist journalist who published a book accusing the FBI of manufacturing the war on terrorism. Editor Hatfield has gone off the deep end and is so irresponsible that USA Today must step in immediately and remove him from his position as his irresponsible journalism is escalating to new levels of irresponsibility.

    1. The Tallahassee Democrat ran over 50 articles related to the FBI investigation in Leon Schools. To this day they refuse to challenge any Rocky Hanna’s statements. The facts are TDO manipulated the coverage of the investigation, the refuse to publish the evidence how this was a set up by Rocky Hanna! How could Rocky go for years withholding child support and it not be front page news? For goodness sake the man was sued for back child support owing over $100,000 in back child support, he brokered a payment deal on back child support using his Leon County Schools email account, he dated at least one teacher he evaluated, he falsified information to state and federal authorities and not a single TDO article details the ongoing misadventures of Rocky Hanna.

  5. Tallahassee Democrat editor William Hatfield has gone Rogue! He is jeopardizing the public safety of the citizens of Tallahassee by his irresponsible journalism that continues to hide the high crime rate. Remember this is the editor who recently took $10,000 from a Public Relations firm to do a public relations ad with no disclosures or disclaimers disguised as journalism. The reporter involved in this yellow journalism was Tamaryn Waters. Please USA Today Step-in and save Tallahassee from this despot of an editor.

  6. Breaking news!

    Just when you thought the Tallahassee Democrat couldn’t sink any lower not Only are their reporters and (I use that term lightly) using propaganda to boost Gillium disguised as journalism, but they now are publishing biased slanted smear rants from ultra-liberal alternative news sources in a desperate attempt to smear to DeSantis.

    We are not fooled. There must be a call for the editor to resign immediately for this irresponsible journalism that has catapulted our crime rate into the stratosphere. William Hatfield, editor of the Tallahassee Democrat, please resign so that responsible journalism may be restored to the Tallahassee Democrat!

  7. A two faced pocket lining progressive of the first order has found another two faced pocket lining progressive of the first order. The despot never starves…only the people they claim to be helping do.

  8. Hopefully the FBI will announce indictments very soon and Gillum will be so occupied with trying to avoid jail that he’ll have to quit his candidacy. Gillum’s Tallahassee record of booming violent crime and no economic growth being extended over all of Florida is a frightening thought.

  9. I’m unsure how taking advantage of government programs that help your business create affordable housing is wrong, but taking advantage of government tax breaks to enrich only yourself is good. Both take eggs from the same goose.

  10. What would be the State mandated process if Gillum were to withdraw from the race prior to the election? Is there even a process in place?
    Like maybe statute or code states that if a LT Gov. has been selected than the LT Gov may be placed as Gov for the election. Or maybe something like both the Gov and LT Gov are out of the election and the candidate with the 2nd number of votes shall represent the party for Gov in the election. Or maybe something like the election shall be delayed until such time as the state can hold a Democratic (in this case) runoff…is it even addressed?

    1. Great question that should be posed to and answered by the party through the media. The scenario of Gillum being indicted is possible if not probable.

      Guessing that Gillum would refuse to step aside ala Corrine Brown.

  11. Looking forward to more information on this.

    Meanwhile it is been 20 days since Andrew Gillum appeared on CNN on Election night and lied to America about there being no crime problem in Tallahassee when nothing could be further from the truth.

    Sadly, there have been 34 shootings multiple deaths yet the Tallahassee Democrat refuses to expose Gillum for lying on national TV about there being a crime problem in Tallahassee. Not only did Gillium lie but his reaction to the crime problem instead of doing something about it he had his chief of police report that crime was down the very next week. Again, nothing could be further from the truth. Simultaneously there was a shooting and a special needs school was on lockdown. Helicopters flying overhead… And then multiple shootings at student apartment buildings where one student died. Andrew Gillum fails to not only acknowledge that there is a problem but he hides the problem and does nothing about it.

    But, he did give his friend and extension on a $90,000 lobbyist contract this week.

    The Tallahassee Democrat and some of the reporters have become complicit in the high crime rate cover up which hinders the public safety and jeopardizes the public safety of the citizens of Tallahassee. They go along with the manipulated numbers and they refused to expose Gillum for lying on national TV about they’re not being a crime problem. The editor buries deep in the article that there have been 34 shootings. It should be Headline News. Not only is the Tallahassee Democrat complicit in covering up the crime problem in Tallahassee that jeopardizes the safety of the citizens of Tallahassee they are a propaganda machine for Andrew Gillum disguised as journalism which a journalist by the name of News Maven so eloquently pointed out recently. One Tallahassee Democrat journalist went so far as recently as today attacked a citizen speaking against Andrew Gillum at a city commission meeting by reporting that the citizen speaker delivered a diatribe. This same very citizen filed an Ethics complaint against the city manager of Tallahassee where are the Florida Commission on ethics found probable cause and the Tallahassee city manager resigned recently. Yet the reporter irresponsibly is attacking this citizen for speaking out.

    Again, day 20 since the Tallahassee Democrat has covered up for Andrew Gillum’s lies to America about there being no crime problem in Tallahassee.

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