H.R.5963 - Protecting Tenants at Foreclosure Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Ellison, Keith [D-MN-5] (Introduced 05/05/2008)|
|Committees:||House - Financial Services|
|Latest Action:||House - 05/05/2008 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.5963 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (05/05/2008)
Protecting Tenants at Foreclosure Act of 2008 - States that any immediate successor in interest to residential property in foreclosure assumes such interest subject to: (1) giving the existing bona fide tenant at least 90-day notice to vacate; and (2) specified rights of such tenant to occupy the premises until the end of the remaining term of the lease.
Amends the United States Housing Act of 1937 to require a housing assistance payment contract to provide that in the case of an owner who is an immediate successor in interest pursuant to foreclosure: (1) during the initial term of the lease vacating the property prior to sale shall not constitute other good cause for termination of the lease; but (2) in subsequent lease terms, vacating the property prior to sale may constitute good cause if the property is unmarketable while occupied, or if such owner will occupy the unit as a primary residence.
Authorizes a housing assistance payment contract entered into by the public housing agency and the owner of a dwelling unit to provide that the immediate successor in interest to property in foreclosure in which a housing assistance recipient resides, assumes such interest subject to the lease between the prior owner and the tenant, and subject to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit.