Franconia Associates v. United States
Court of Appeals for the Federal Circuit
1Opinion of the Court
SCHALL, Circuit Judge.
Appellants are owners of low income rental housing units financed by mortgage loans from the Farmers Home Administration of the United States Department of Agriculture (“FmHA”).1 The loans were made pursuant to section 515 of the National Housing Act of 1949, Pub.L. No. 87-723, § 4(b), 76 Stat. 671 (1962) (codified as amended at 42 U.S.C. § 1485 (1994)) (“National Housing Act”), and provided funding for low income housing in rural areas. In exchange for a low interest mortgage loan, each of the appellants agreed to restrictions on the use of the property that was subject…
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