Word: tax-exempt
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...Extend authority to issue tax-exempt bonds to benefit lower-income first-time homebuyers through June...
...increases took effect this summer as a City Councillor claimed that Harvard was charging rents below market rate in the buildings. He has since stopped calling the apartments underpriced but still says the University benefits unfairly from the units' tax-exempt status...
Walsh wrote that Harvard enjoys "the best of both worlds" because the University can "invoke tax-exempt status for affiliated housing...turn around and rent it at full market value...claim the exemption and thereby be assured that those units [affiliated housing complexes] are not under rent control...
Although Harvard's affiliate housing is tax-exempt, the rents it receives do affect city revenues. For the past two decades the University has paid the city 11.11 percent of its annual rent income "in lieu of taxes." The payment came to $989,543 in fiscal 1988. Harvard also paid the city $2,561,642 on its taxable property...
...councillor said Cambridge might gain more revenue if the University were to raise its rents or pay taxes on the buildings. Much of the University's property is tax-exempt because it belongs to an academic institution...