Chancery Nixes Investor Suit To Force Subsidized Apt. Sale

By Jeff Montgomery (May 2, 2022, 4:36 PM EDT) -- In a precedential, contract-focused ruling, the Delaware Chancery Court on Monday upheld an affordable housing investment partnership's rejection of a limited partner's demand for a fair-market-priced buyout of its stake in a tax credit-subsided project, or the ouster of a general partner that sold the project to a nonprofit.

Vice Chancellor Morgan T. Zurn's post-trial ruling shut down efforts by DLE Investors LP, an interest of Hunt Capital Partners, to either force a market-based buyout of its investment in a 108-unit affordable housing apartment complex in Newport News, Virginia, or oust the general partner of the complex investment fund, JER Hudson...

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