Yesterday, the Senate passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, sweeping legislation that covers a broad range of financial and housing policy issues. The House had already passed the same bill on June 29. President Obama is expected to sign the legislation into law during the week of July 19. The Act contains several key provisions of importance to homeless and low income Americans.
Of particular note is an extension and clarification of the Protecting Tenants at Foreclosure Act (PTFA), which ensures that renters whose properties go into foreclosure – through no fault of their own – receive adequate notice so they can find new homes. The Law Center helped spur the passage of PTFA last year and has since been advocating for its extension past the original sunset date of 2012. Dodd-Frank extends it to 2014.
To read more about PTFA, see our commentary in the Spotlight on Poverty and Opportunity.
The bill also provides new funding for foreclosure prevention measures and efforts to help rebuild housing in blighted communities. Read more about these provisions here.
Today we celebrate these significant victories for housing advocates and the American people!