Rangel Got Interest-Free Loan on Dominican Villa

New York Representative Charles Rangel received an interest-free loan from the developer of his Dominican Republic vacation villa, a resort official said.

Jose Oliva, director of the Punta Cana Yacht Club, where Rangel owns a three-bedroom unit, said Rangel was among non- Dominican investors known as “pioneers” who got the break on their loans in 1990 because the property wasn’t producing sufficient income. Rangel, the Democratic chairman of the tax- writing House Ways and Means Committee, learned of the loan details in the last week, said his lawyer, Lanny Davis.

Read more: (Ryan J. Donmoyer, “Rangel Got Interest-Free Loan on Dominican Villa,” Bloomberg, 9/05/08)