Court Backs Section 515 Loan Prepayment Rules

July 26, 2009
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Facts: The owner of a small multifamily housing development in Oregon went to court in 2006 to force the USDA's Rural Housing Service (RHS) to accept prepayment of her site's Section 515 loan. The owner wanted to be free of the rent restrictions under Section 515 and operate at market rents.

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