Tenants must be told two years ahead, in plain English and other languages
What the document says“``(i) the date of the loan maturity; ``(ii) the possible actions that may happen with respect to the property upon that maturity; and ``(iii) how to protect their right to reside in federally assisted housing, or how to secure housing voucher, after that maturity.”
The new section 545 requires the Secretary of Agriculture to write each year, no later than two years before a loan matures, to every household in the property, telling them the maturity date, what may happen to the property then, and how to protect their right to stay in federally assisted housing or to get a voucher. The notice must be in plain English and translated where a significant number of residents in the area speak another language.
What the document actually says“``(i) the date of the loan maturity; ``(ii) the possible actions that may happen with respect to the property upon that maturity; and ``(iii) how to protect their right to reside in federally assisted housing, or how to secure housing voucher, after that maturity.”
The letter must give the date the loan comes due. It must say what could happen to the building then. It must say how a tenant can keep a home with federal help.
The letter must go out at least two years ahead. It must be in plain English. It must be translated where many people in the area speak another language.
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