- Associated Press - Tuesday, December 23, 2014

BATON ROUGE, La. (AP) - The brother of a former Tangipahoa Parish councilman will pay a $1,000 fine for flipping a piece of property his councilman-brother helped secure tax credits to develop.

The Advocate reports (https://bit.ly/13tc2Ye ) the Louisiana Board of Ethics on Friday approved the fine for Salvador Petitto.

His brother, Michael Petitto, in 2006 sponsored a council resolution supporting a housing project near Amite just one day after Salvador Petitto signed an exclusive option to buy the 18 acres where it would be built.

The developer submitted the resolution with an application for low-income housing tax credits through the Louisiana Housing Finance Agency.

After the LHFA approved the credits, Salvador Petitto bought the land and “flipped it” the same day to the developer for a $197,000 profit.


Information from: The Advocate, https://theadvocate.com



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