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Mitchell-Lama Buyouts: Policy Issues And Alternatives, David J. Sweet, John D. Hack
Mitchell-Lama Buyouts: Policy Issues And Alternatives, David J. Sweet, John D. Hack
Fordham Urban Law Journal
The Mitchell-Lama program, which provides loans to developers in exchange for those developers providing affordable housing, faces a serious problem as developers attempt to take advantage of a provision in the program that allows them to opt-out by repaying the government loans ahead of schedule. This creates a conflict between the developer and the tenants but also between the developer’s desire for maximizing profits and society’s desire to provide affordable housing. The author argues that simply preventing developers from leaving the program could violate the Contracts Clause as well as discourage future developers from participating in government programs. Rather, the …
Timesharing And Realty Interests Under The Martin Act: Consumer Or Investor Protection?, Yvette C. Mendez
Timesharing And Realty Interests Under The Martin Act: Consumer Or Investor Protection?, Yvette C. Mendez
Fordham Urban Law Journal
This Note will explore the property interests created by timeshare licenses in New York, advocating that a participation interest in realty is created and that the Martin Act is applicable to these licenses. Part II discusses the interests created by timeshare licenses as they relate to the real property concepts of license and lease. Part III examines the provisions and purpose of the Martin Act and the application of the profit potential theory to define the realty interests requiring the Act's protection. Part IV advocates legislative and case law alternatives to the New York "profit potential" approach. As a case …