Source: National Low Income Housing Coalition, Memo to Members, July 23

“President Barack Obama signed H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, on July 21. Among its provisions, the new law, P.L. 111-203, extends the Protecting Tenants at Foreclosure Act (PTFA) through the end of 2014 and clarifies that any lease or tenancy created prior to the change of title as a result of foreclosure is protected by PTFA (see Memo, 7/16)…

…In addition to providing Wall Street reforms, P.L. 111-203 also provides additional funding for the Neighborhood Stabilization Program, establishes a multifamily resolution program, authorizes funding for legal services in connection with foreclosure, and provides funds to assist with their mortgage payments homeowners who have lost their jobs.”

Special thanks to Senator Leahy, who was able to strike the House language on the NSP program that specifically prohibited a small state minimum amendment.  His language restored the .5% minimum which will guarantee that Vermont receives about $5 from the program.

For a more detailed explanation of the bill’s housing provisions, read the NLIHC’s July 2nd Memo to Members.

A copy of the NLIHC press release can be found at: http://www.nlihc.org/detail/article.cfm?article_id=7206&id=48

Full text of P.L. 111-203 will be available at www.thomas.gov.

For more information on PTFA, visit the NLIHC’s page devoted to this topic.