Goldman says potential school developers would commit to fund

Former Virginia Democratic Party Chairman Paul Goldman says that potential developers who could renovate old schools under a proposed change in the law would also agree to donate 10 percent of their profits to a scholarship fund.

Goldman is to hold a news conference this afternoon to discuss the latest step in his move to change the federal law to allow private investors the ability to receive historic tax credits for rehabilitating school buildings and then lease the structures back to the localities.

Goldman and former Gov. George Allen, a Republican, first outlined their School Modernization and Revitalization Tax Credit in an opinion article last week in the New York Times.

Allen and Goldman also said that if Congress changes the historic tax credit law to allow investors to rehabilitate schools it would create jobs and a needed boost to the economy.

Goldman says he’s not only spoken with investors who are ready to commit to such a program, but they also say they would give 10 percent of their profits to establishment of a scholarship fund.