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.
