Claudette Konola Makes Huge Financial Math Mistake

Claudette Konola, Colorado's Senate District 7 candidate, touts her 14-year experience placing loans for low-income businesses in economically distressed communities by offering socially-motivated investors New Market Tax Credits (NMTC) through her power point presentation containing logic-destroying calculations: http://www.nado.org/conference_files/konola.pdf

In her 14-year, career-defining presentation, Claudette Konola added the tax credit earned by one of ten investors to the interest at 10% earned on the whole loan by all ten of the investors and declared that total as the earnings for the entire group of ten investors. People in Colorado expect more from a former bank executive and state senatorial candidate.

The US Treasury NMTC program is managed by the IRS under published regulations http://www.irs.gov/businesses/article/0,,id=223578,00.html explaining Claudette Konola's calculation without her huge mistake.

From March 1995 to April 2009, she was working for Community Reinvestment Fund (CRF), which purchased economic development and affordable housing loans as an active Fannie Mae-approved servicer, pooled them into asset-backed securities with New Markets Tax Credit funds and sold these packages to institutional investors through private placement.

Claudette Konola worked for two banks from 1976 to 1993 leaving as vice president. Her problem with numbers appears in other areas such as claiming a 15-year career at CRF http://www.konolaforcolorado.com/1/category/jobs/1.html but documenting only 14 years http://www.linkedin.com/in/konola

For more information, see http://konolatherealclaudette.webs.com/