Subsidized landlords win compensation
Recap Advisors has posted a legal and policy analysis on a decision by the U.S. Court of Federal Claims in the consolidated cases of Cienega Gardens v. U.S. and Chancellor Manor v. U.S.
The combined decision this Monday said owners of subsidized apartments under Secs. 221(d)(3) and Sec. 236 were due compensation because they suffered temporary takings under the Emergency Low Income Housing Preservation Act (ELIHPA) and the later Low Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). The two laws thwarted several types of private landlords when they attempted to pay off subsidized mortgages early, forcing them to stay in the low-income housing business longer than some of them wished.
The Recap analysis notes this is a major decision with important implications for Sec. 515 apartment owners as well.
The combined decision this Monday said owners of subsidized apartments under Secs. 221(d)(3) and Sec. 236 were due compensation because they suffered temporary takings under the Emergency Low Income Housing Preservation Act (ELIHPA) and the later Low Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). The two laws thwarted several types of private landlords when they attempted to pay off subsidized mortgages early, forcing them to stay in the low-income housing business longer than some of them wished.
The Recap analysis notes this is a major decision with important implications for Sec. 515 apartment owners as well.
posted by Martha Bridegam at 2:25 PM
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