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.