(Bloomberg View) – Loraine Helber runs the public housing authority in Punta Gorda, Florida, a city of 18,000 just north of Fort Myers at the mouth of the Peace River.
In March, she hopes to celebrate a milestone: the opening of new apartments for the elderly, replacing about 80 units destroyed by the hurricane.
But the storm that destroyed the original public housing wasn't Hurricane Matthew; it was Hurricane Charley, 12 years ago. Neither the insurance company nor the federal government provided enough money to rebuild what was lost. Construction could proceed only once Bank of America, through a subsidiary, invested in the new building to get a tax write-off.
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