Developer Sues US Over Low-Income Loan Repayment

Law360, New York (April 25, 2011, 8:21 PM EDT) -- A New Hampshire low-income housing developer on Friday sued the federal government for allegedly blocking its efforts to exit a subsidized mortgage contract with the U.S. Department of Agriculture in order to protect low-income housing developments for rural communities.

Meredith Housing Associates LP filed suit in the U.S. Court of Federal Claims, alleging the government unlawfully nixed its efforts to bow out of its contract by prepaying a subsidized mortgage loan under the USDA’s Section 515 program.

Meredith planned on prepaying its loan on an apartment...
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