http://www.oyez.org/issues/judicial-power/miscellaneous/ U.S. Supreme Court Oral Arguments, presented by The Oyez Project (www.oyez.org) en-us http://www.oyez.org/images/oyezfeed.jpg U.S. Supreme Court Audio Recordings, presented by The Oyez Project (www.oyez.org) Mon, 15 Apr 2002 12:00:00 -0500 <p>Under the Housing Act of 1949, the Farmers Home Administration makes direct loans to private, nonprofit entities to develop and/or construct rural housing for the elderly and low- or middle-income individuals and families. Franconia Associates is a property owner that entered into such loans before December 21, 1979. The promissory notes Franconia executed authorized "prepaymen[t] of scheduled installments, or any portion thereof...at any time at the option of Borrower." In 1988, Congress enacted the Emergency Low Income Housing Preservation Act of 1987 (ELIHPA), which amended the Housing Act of 1949 to impose permanent restrictions upon prepayment of mortgages entered into before December 21, 1979. In 1997, Franconia filed suit, charging that ELIHPA abridged the absolute prepayment right set forth in their promissory notes and thereby effected a repudiation of their contracts. In dismissing Franconia's contract claims as untimely, the Court of Federal Claims concluded that the claims first accrued on the ELIHPA regulations' effective date. In affirming on statute of limitations grounds, the Federal Circuit ruled that, if the Government's continuing duty to allow Franconia to prepay their loans was breached, the breach occurred immediately upon ELIHPA's enactment date.</p> <p>Does the Emergency Low Income Housing Preservation Act of 1987, which restricted the right of property owners to prepay at any time mortgages under the Housing Act of 1949, constitute a present breach of contract?</p> 01-455_20020415-argument http://www.oyez.org/cases/2000-2009/2001/2001_01_455/argument/ supreme, court, oyez, rehnquist Mon, 29 Feb 1988 12:00:00 -0500 No details yet. No details yet. 87-107_19880229-argument http://www.oyez.org/cases/1980-1989/1987/1987_87_107/argument/ supreme, court, oyez, rehnquist Wed, 12 Oct 1988 12:00:00 -0500 No details yet. No details yet. 87-107_19881012-reargument http://www.oyez.org/cases/1980-1989/1987/1987_87_107/reargument/ supreme, court, oyez, rehnquist