Legislation You Should Know About

摘要

Hear what Lisa Blackwell, vice president, housing policy, at the Washington, D.C.-based National Multi Housing Council (NMHC), has to say about current legislation affecting the multi-family housing industry: "President Obama recently signed mortgage reform and foreclosure prevention legislation (PL 111-22) that includes provisions protecting renters of properties facing foreclosure. The new law requires the purchaser of a foreclosed property to give renters a 90-day pre-eviction notice. It also allows renters to remain in the property until the end of their leases, unless the purchaser occupies the property as a primary residence, in which case the owner would be required to give a 90-day notice. The bill also requires the "immediate successor in interest" of a foreclosed property to assume any existing Section 8 housing assistance payment contracts and allow Section 8 renters to remain in place for the term of the lease.