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Helping Families Save Their Homes
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All tenants must receive a 90-day notice before being evicted as the result of a foreclosure. |
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With some exceptions, the law requires that in the event of foreclosure, existing leases for renters are honored to the end of the term of their lease. |
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The stated exceptions are for tenants without a lease, tenants with a lease terminable at will under state law, or where the owner acquiring the property will occupy it as a primary residence. In these cases, the tenants must receive a minimum of 90 days notice to vacate the property. |
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This law does not affect the requirements of any state or local law that provides longer time periods or other additional protections for tenants. |
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The new law does not require any agency to issue implementing regulations; these protections apply to foreclosures after May 20, 2009. |
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FDIC examiners will monitor and enforce compliance with the requirements of this law in the same manner as other consumer protection laws and regulations. |
HUD Publishes Final FY 2010 Fair Market Rents, Issues Notice on FSS Program Coordinator Funding
HUD published final Fair Market Rents (FMRs) for FY 2010 on September 30. The new FMRs took effect on Oct. 1, 2009, the first day of the new federal fiscal year. HUD had previously published proposed FY 2010 FMRs in the August 4 Federal Register. The final list of FY 2010 FMRs differs from the list published in the August 4 notice in that the Washington, DC/Arlington (Va.)/Alexandria (Va.) HUD Fair Market Rent Area (HMFA) is now included in the list of newly-designated 50th percentile FMR areas. That area had not been considered a 50th percentile FMR area in the August 4 publication of proposed FMRs because the reporting rate for the area was less than 85 percent. Additional data was provided by the DC Housing Authority, the analysis was completed, and all 50th percentile criteria were met.
The funding available to PHAs plays a significant role in setting their voucher payment standards. With this in mind, PHAs are encouraged to analyze the supply and demand of affordable housing units accessible to voucher holders as expressed by their voucher success rates. Voucher success rates can be an important factor in establishing differing voucher payment standards by bedroom sizes and/or neighborhood. Regulations governing voucher payment standards (Section 982.503) are available at http://edocket.access.gpo.gov/cfr_2009/aprqtr/pdf/24cfr982.503.pdf
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