Frank to Drop Right of First Purchase, Section 515 Eligibility Restriction from Preservation Bill

摘要

House Financial Services Committee Chairman Barney Frank (D-Mass.) has told groups representing owners of HUD-assisted housing that he plans to drop the right of first purchase by preservation entities from his affordable housing preservation bill when it is introduced and that he will also not include a provision making some Section 515 projects ineligible for restructuring.rnFrank also said he wants to work with owners on two other provisions in the draft bill that that they have objected to: third-party beneficiary status for tenants and tenant associations to HUD-owner housing assistance payments contracts, and access to ownership and project information. From all indications, the preservation bill will not be introduced until December or January, but it is expected to be a top priority for the committee to start the new year.