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LOWER MAIN STREET ASSOC. v. N.J. HMFA.

219 N.J. Super. 263 (1987)

530 A.2d 324

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 LIMITED DIVIDEND HOUSING ASSOCIATION, PLAINTIFFS-APPELLANTS, v. NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY, STATE OF NEW JERSEY, DEFENDANT-RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided July 8, 1987.

Attorney(s) appearing for the Case

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

Richard L. Evert, Deputy Attorney General, argued the cause for respondent (W. Cary Edwards, Attorney General of New Jersey, attorney; Michael R. Clancy, Deputy Attorney General, of counsel; Richard L. Evert on the brief).

Before Judges KING, HAVEY and MUIR, Jr.

The opinion of the court was delivered by HAVEY, J.A.D.

Plaintiffs, Lower Main Street Associates (LMSA) and Union Plaza Associates (UPA), are the owners of moderate-income apartment projects financed by mortgage loans held by respondent New Jersey Housing and Mortgage Finance Agency (HMFA). At issue on appeal is the validity of regulations adopted in 1985 governing the prepayment of HMFA mortgages and the charging of fees upon the sale of HMFA-financed projects. Specifically...

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