Anaheim Gardens v. United States

OPINION

DAMICH, Judge:

Plaintiffs are a number of owners and developers of low-income housing projects who *406claim a taking of their contractual right to prepay government-insured mortgages on their respective projects and thus to terminate certain governmental restrictions on rents and other aspects of the properties’ use. These “affordability restrictions” were part of their bargain to provide below-market rate rents to low-income tenants in exchange for mortgage guarantees and interest subsidies from the federal government.

Plaintiffs allege that Congress’s enactment of the Low Income Housing…