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L.A. reaches settlement with developer accused of fraud
L.A. reaches settlement with developer accused of fraud

A real estate developer accused of defrauding Los Angeles while receiving nearly $30 million in city affordable housing funds has reached an agreement to repay a fraction of the money. The city sued Advanced Development & Investment in 2011, saying the company repeatedly padded construction invoices at subsidized housing projects in Chinatown, Echo Park and other neighborhoods. Under a settlement agreement approved Wednesday by the City Council, ADI would provide $7.5 million to the city's Affordable Housing Trust Fund, which has been depleted in recent years. Collecting that money is far from assured. Roughly 30 other lawsuits have been filed against ADI by contractors,...

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