Summary: H.R.1940 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.1940. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/05/2017)

Right to Rent Act of 2017

This bill temporarily allows an eligible mortgagor who is subject to foreclosure proceedings to remain in the foreclosed home as a renter for up to five years, subject to specified requirements. The bill applies to a mortgage originated prior to 2009 on a single-family home that: (1) has been used as a primary residence for at least two years, and (2) had a purchase price that is less than the median purchase price for residences in the area.

The bill specifies notice requirements and establishes a formula for determining fair-market rent.

The Department of Housing and Urban Development shall: (1) monitor compliance with the bill, (2) provide assistance to eligible mortgagors in exercising their rights under the bill, and (3) conduct outreach activities.