H.R.1940 - Right to Rent Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Grijalva, Raul M. [D-AZ-3] (Introduced 04/05/2017)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/05/2017 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.1940 — 115th Congress (2017-2018)All Information (Except Text)
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.