Chancellor Manor v. United States

OPINION

LYDON, Senior Judge.

The plaintiffs in this action are each the owner of a multifamily rental housing project whose construction was financed with a low-cost mortgage loan insured by the U.S. Department of Housing and Urban Development pursuant to section 236 of the National Housing Act, as amended. Plaintiffs assert *140that they each entered into a contract with the United States, through the Department of Housing and Urban Development, which granted them the right to prepay their mortgages without government approval after 20 years, and thereby free themselves of regulations limiting…