A bill to prohibit for 3 years the conversion of residential rental units to residential units offered for sale, to authorize the Secretary of Housing and Urban Development to make grants to units of general local government to assist persons whose residential units are subject to such conversion, and for other purposes.
Residential Rental Unit Conversion Moratorium and Tenants Assistance Act - Prohibits the use of federally related mortgage loans, any other form of Federal assistance, any means of transportation or communication in interstate commerce, or the mails for the conversion of residential rental units to residential units offered for sale during the three-year period following the enactment of this Act, unless such units are to be converted for purchase pursuant to an offer by a bona fide tenants' organization.
Authorizes the Secretary of Housing and Urban Development to make grants to local governments to assist them in developing local assistance programs for persons adversely affected by: (1) the conversion of their residential rental units to residential units offered for sale; or (2) local multifamily rental unit vacancy rates of four percent or less. Authorizes appropriations for such grants for FY 1985 through 1987.
Requires the Secretary to establish a Commission on the Conversion of Residential Rental Units to study and report to Congress on the problems resulting from the conversion of residential rental units to residential units offered for sale.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
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