AFC-Low Income Housing v. POZ Village Development
The plaintiffs in this case include United Housing Preservation Corporation (United), AFC-Low Income Housing Partners (AFC-Low Income) and AFC-American Housing (AFC-American). The defendants are POZ Village Development Inc. (POZ) and The Bedford Group (Bedford). The parties were partners in the same partnership.
United sought to purchase the general partnership interests of defendants. Pursuant to an agreement, the purchase price was to be determined by an independent appraisal. When the appraisal was completed it included a debt of nearly two million dollars owed to POZ and Bradford. Plaintiffs sought to rescind the purchase of the partnership on the ground that United suffered from a mistaken belief that the appraised value of the two partnership interests to be purchased would not include the debt owed.
Following a court trial, judgment was entered in favor of defendants. The court concluded the evidence did not demonstrate United was mistaken about the interest to be acquired in the purchase. Plaintiff contends the trial court erred in its determination. We disagree and affirm the judgment.
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