New Federal Tenant Protections Passed

by Leigh Graham · 2009-07-23 12:00:00 UTC
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...Though immigrants find their civil and constitutional rights were violated by ICE "cowboys", according to a new report.

From Foreclosurebuzz.org:

The Protecting Tenants at Foreclosure Act, PL 111-22 became effective May 20, 2009.  It applies to foreclosures through December 2012 when the law sunsets. ... The new federal law enables a bona fide tenant (defined in the Act) who is leasing premises that are foreclosed upon to continue occupancy through the FULL TERM of the lease unless the new owner intends to use the property as his primary residence (in which case the new owner still must give the tenant 90 days notice to vacate).

Read the whole thing to understand the full extent of the new rule; the bill text is here (pgs 29-31).

Now if only we could do more towards expanding affordable rental housing and homeownership in the first place. The New America Foundation looks at Obama's 2010 asset building budget and concludes:

Despite these promising proposals, the landscape of asset-building opportunities for low- and moderate-income Americans remains limited. Not only do most tax subsidies go to those who already engage in the asset-building behavior that government wants to encourage, but few subsidies exist for asset building by people with lower incomes.

I'm working towards an afternoon deadline, so I'll leave it to all of you to discuss these developments.

Leigh Graham
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