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LOWER MAIN v. N.J. HOUSING & MORTG.

114 N.J. 226 (1989)

553 A.2d 798

LOWER MAIN STREET ASSOCIATES, A NEW JERSEY LIMITED PARTNERSHIP AND A LIMITED DIVIDEND HOUSING ASSOCIATION; AND UNION PLAZA ASSOCIATES, A NEW JERSEY LIMITED PARTNERSHIP AND A LIMITED DIVIDEND HOUSING ASSOCIATION, PLAINTIFFS-APPELLANTS AND CROSS-RESPONDENTS, v. NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY, STATE OF NEW JERSEY, DEFENDANT-RESPONDENT AND CROSS-APPELLANT.

The Supreme Court of New Jersey.

Decided February 22, 1989.

Attorney(s) appearing for the Case

Frederic K. Becker argued the cause for appellants and cross-respondents (Wilentz, Goldman & Spitzer, attorneys, Frederic K. Becker and Gordon J. Golum, of counsel and on the briefs).

Richard L. Evert, Deputy Attorney General, argued the cause for respondent and cross-appellant (Cary Edwards, Attorney General, attorney, Michael R. Clancy, Deputy Attorney General, of counsel).

The opinion of the Court was delivered by STEIN, J.

In 1984, the New Jersey Housing Mortgage and Finance Agency (HMFA) adopted a new rule, N.J.A.C. 5:80-5, regulating the transfer of ownership interests in housing projects financed by the Agency and its predecessors, the Housing Finance Agency (HFA) and the Mortgage Finance Agency (MFA). (15 N.J. Reg. 2090-95). We consider in this case challenges to the validity of three regulations adopted as part of...

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