Affordable Housing Constraints Don't Limit Value Of Claims

Law360, New York (April 27, 2016, 12:06 PM EDT) -- Jackson E. Warren

Timothy P. Palmer

William H. Schorling In the matter of Sunnyslope Housing Ltd. Partnership, No. 12-17241, (9th Cir. Apr. 8, 2016), a divided panel of the Ninth Circuit held that affordable housing restrictive covenants should not affect the valuation of a creditor's secured interest in the property in a Chapter 11 bankruptcy cram down where the covenants are subordinate to the mortgage.

The 150-unit Sunnyslope project was financed in 2008 by an $8.5 million senior loan — funded through municipal bonds, secured by a deed of trust and guaranteed by the Department of Housing and Urban Development —...

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