H.R. 1940 · 115th Congress
Right to Rent Act of 2017
- Stage
- In committee
- Sponsor
- Raúl Grijalva
- Introduced
- 2017-04-05
- Latest action
- 2017-04-05 · Introduced in House
Summary
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.