Charleston affordable housingAs the second session of the 112th Congress begins, affordable housing advocates will be urging Congress to pass many initiatives; among them, to permanently extend the Protecting Tenants in Foreclosure Act.

The National Low Income Housing Coalition recently released a fact sheet regarding this issue. Here are a few highlights:

  • Research reveals that renters comprise 40% of the families affected by foreclosure. These families have continued to pay their rent and are caught off guard when suddenly asked to vacate their rental property with only a few days’ notice. They are unaware their landlord has fallen behind on mortgage payments.
  • Families who are put in this type of situation are the focus of the Protecting Tenants in Foreclosure Act (PTFA), which is set to expire in 2014. Under this act, which was first proposed in May 2009, most tenants now have the right to remain in the home for the remainder of their lease, or at least 90 days. The PTFA requires the immediate successor in interest at foreclosure to provide bona fide tenants with a notice 90 days before requiring them to vacate the property, and allows tenants with leases to occupy the property until the end of the lease term.

In addition to addressing whether to permanently extend the PTFA protections, Congress also will address whether to include a proposed private right of action for tenants whose rights under the PTFA have been violated.

For more information on this issue, please call us at 843-973-7285, or email us at info@sccommunityloanfund.org.