Financial Services Committee Advances Measure to Preserve Affordable Housing

Last week, the House Financial Services Committee approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, that will help to provide support to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled.  The bill’s key provisions for senior housing include:

• Closes gaps in existing law to ensure that all low and moderate-income tenants are eligible for enhanced vouchers in the event that the assisted housing is converted to market rate housing.
• Gives HUD and affordable housing providers the tools needed to recapitalize the aging Section 202 elderly housing portfolio.
• Enables tenants to be partners with HUD, RHS, and owners to ensure that federally-assisted housing is properly maintained.
• Includes notification requirements to ensure that tenants are given sufficient notice prior to the conversion of the property to market rate housing.