Recently-Passed Wall Street Reform Law Tacks On Two Add'l Years To Protecting Tenants At Foreclosure Act
From the Office of the National Low Income Housing Coalition:
- The National Low Income Housing Coalition applauds the expected enactment of the Dodd-Frank Wall Street Reform and Consumer Protections Act (H.R. 4173), which has passed the House and Senate and is likely to be signed by President Obama [...]. While the bill’s financial reform and consumer-protection provisions have been well documented, the act also includes housing provisions important to low income households and communities.
- The bill will extend the Protecting Tenants at Foreclosure Act (PTFA) through the end of
2014.(1)One of NLIHC’s highest policy priorities, the PTFA provides renters whose landlords have lost their properties to foreclosure the right to stay in the home for 90 days after the foreclosure or through the term of their lease. Under PTFA, housing choice voucher holders are offered similar protections. The Dodd-Frank bill also clarifies that any lease or tenancy created prior to the change of title as a result of foreclosure is protected by PTFA.
(1) The law was originally written to terminate on December 31, 2012.