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FRANCONIA ASSOCIATES v. U.S.

No. 99-5123.

240 F.3d 1358 (2001)

FRANCONIA ASSOCIATES, David Hodges, Sr. c/o Hodges Development Corp., Joanne M. Hodges, R.C. Getty Apartments, R.C. Mo Apartments, R.C. Pierre Apartments, R.C. Springs Apartments, Scenic Valley Associates, Valley Associates, Dublin Plaza, Inc., Evergreen Manor Associates, Fox Ridge Phase II, Marilyn Graham, Greenway of Altoona Associates, Phase I, Greenway of Newton Associates, Phase I, Phoebe J. Perri, Pine Needles Apartments, Prairie Village of Altoona Associates, Prairie Village of Grimes Associates, Prairie Village of Huxley Associates, Prairie Village of Laporte City Associates, Prairie Village of Slater Associates, Prairie Village of State Center Associates, Timberbrook Properties and Brian E. Wells, Plaintiffs-Appellants, v. UNITED STATES, Defendant-Appellee.

United States Court of Appeals, Federal Circuit.

Decided February 15, 2001.

Attorney(s) appearing for the Case

Jeff H. Eckland, Faegre & Benson LLP, of Minneapolis, Minnesota, argued for plaintiffs-appellants. With him on the brief were John F. Beukema, William L. Roberts, and Mark J. Blando.

Mark L. Josephs, Trial Attorney, Commercial Litigation Branch, Civil Division, Department of Justice, of Washington, DC, argued for defendant-appellee. With him on the brief was David M. Cohen, Director.

Before MAYER, Chief Judge, NEWMAN, and SCHALL, Circuit Judges.

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...

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