SB 591

Abstract

Amends the Federally Subsidized Housing Preservation Act. Changes the short title to the Federally Assisted Housing Preservation Act, and replaces references to "subsidized housing" with references to "assisted housing". Requires the owner of an assisted housing development to give 12 (instead of 6) months notice of the owner's intent to sell or otherwise dispose of the assisted housing; also requires notice of the owner's intent to complete prepayment or terminate a subsidy contract or rental restrictions. Provides for representation of a tenant association by a not-for-profit corporation or private purchaser. Requires that the owner offer the property for sale to a tenant association within 60 days after the association has complied with the requirements of the Act concerning notice to the owner. Requires that a tenant association notify the owner of its intent to purchase the property within 90 (instead of 30) days after receiving the owner's offer of sale. Effective immediately.