New law protects renters

associated press

Buried in a housing law signed this week by President Barack Obama are protections that will help thousands of renters stay in their homes — at least for awhile — after their landlord has been foreclosed on.

The law allows tenants to remain in their foreclosed rentals through the end of their lease and then 90 days after that before being forced to vacate by the lender. Renters without leases will have 90 days, a significant improvement over what most received before: almost no notice at all.

“Until this law was enacted, there had been no national protections for any of these households,” said Linda Couch, deputy director at the National Low Income Housing Coalition. “This gives renters time to adjust their lives.”

The National Low Income Housing Coalition estimates 40 percent of foreclosed properties in the country have renters, and the new law could aid tens of thousands of renters.

Before, many renters booted out of foreclosed homes would have to find emergency shelter with family or friends.