,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #behj  ,,in ,,the ,,house ,,of  
,,representatives  ,june #bh1 #bjac ,mr4
 ,grijalva 7for himself1 ,mr4 ,carson of
 ,indiana1 ,ms4 ,clarke1 ,mr4 ,clay1    
,mr4 ,conyers1 ,mr4 ,ellison1 ,mr4      
,hinojosa1 ,mr4 ,holt1 ,ms4 ,jackson    
,lee1 ,ms4 ,kaptur1 ,ms4 ,lee of        
,california1 ,ms4 ,norton1 ,mr4 ,payne1 
,mr4 ,rush1 and ,ms4 ,wilson of         
,florida7 introduced the following bill2
 which was referred to the ,committee on
 ,financial ,services  ,a ,,bill  ,to   
allow homeowners of moderate-value homes
 who are subject to mortgage foreclosure
 proceedings to remain in their homes as
 renters4  #a4 ,short title ,this ,act  
may be cited as the ,right to ,rent ,act
 of #bjac4  #b4 ,right to rent home     
subject to foreclosure  7a7 ,exercise of
 right ,if1 at any time after notice    
under subsection 7b7 for an eligible    
mortgage is provided to the eligible    
mortgagor and before the commencement of
 the #g-;day period that ends on the    

first date that the foreclosing creditor
 may first commence or execute such     
foreclosure pursuant to such notice1 the
 eligible mortgagor under the eligible  
mortgage that is subject to such        
foreclosure provides notice in          
accordance with section #c1             
notwithstanding such foreclosure or any 
other interests in the property1 the    
eligible mortgagor may1 at the sole     
option of the eligible mortgagor1       
continue to occupy the foreclosed       
property during the #e-year period that 
begins upon the commencement of such    
occupancy1 subject to the requirements  
of subsection 7c74  7b7 ,limitation on  
timing of foreclosure2 notice of default
 and right ,to rent ,notwithstanding any
 other provision of law or any contract1
 a foreclosure of an eligible mortgage  
may not be commenced or executed before 
the expiration of the #be-;day period   
7not including ,saturdays1 ,sundays1 and
 legal public holidays7 beginning upon  
the receipt1 by the eligible mortgagor1 

of written notice provided by the       
foreclosing creditor for the mortgage   
that--  7#a7 clearly states that--  7,a7
 the eligible mortgagor is in default on
 the mortgage2 and  7,b7 foreclosure on 
the mortgage may or will be commenced on
 account of such default2  7#b7 clearly 
states that the eligible mortgagor has  
the right1 notwithstanding foreclosure1 
to continue to occupy the foreclosed    
property in accordance with this ,act1  
and sets forth the terms of such        
occupancy under subsections 7a7 and 7c72
 and  7#c7 clearly identifies the first 
date1 pursuant to this section and any  
other provisions of law and contract1   
that such foreclosure may be commenced4 
7c7 ,terms of periodic tenancy          
,occupancy1 by an eligible mortgagor1 of
 a foreclosed property pursuant to      
subsection 7a7 shall be under a periodic
 month-to-month tenancy under which the 
owner of the property may terminate the 
tenancy for material breach but shall   
have no authority1 at will1 to terminate

 the tenancy during the occupancy       
pursuant to subsection 7a7 if the       
mortgagor--  7#a7 timely pays to the    
owner of the foreclosed property rent on
 a monthly basis in the amount of the   
fair market rent for the property       
determined in accordance with section   
#d2 and  7#b7 uses property as the      
principal residence of the mortgagor4   
#c4 ,required notice ,with respect to an
 eligible mortgage for which notice     
under section #b7;b7 has been provided1 
notice in accordance with this section  
is notice that--  7#a7 is made in       
writing2  7#b7 is submitted1 by a means 
under which the act of delivery is      
recorded1 to--  7,a7 the court having   
jurisdiction and venue to conduct the   
covered foreclosure proceeding for the  
eligible mortgage or1 in the case of    
nonjudicial foreclosure1 the court in   
which an action is brought pursuant to  
section #e2 and  7,b7 the foreclosing   
creditor2 and  7#c7 states that the     
eligible mortgagor is exercising the    

authority under section #b7;a7 to       
continue to occupy the foreclosed       
property4  #d4 ,determination of fair   
market rent  7a7 ,initial determination 
,for purposes of this ,act1 the fair    
market rent for a foreclosed property   
involved in a covered foreclosure       
proceeding shall be the amount that is  
determined by the court conducting such 
proceeding or hearing an action pursuant
 to section #e4  7b7 ,periodic          
adjustments ,the fair market rent       
determined under subsection 7a7 for a   
foreclosed property shall be adjusted   
annually to reflect changes in the      
owners' equivalent rent of primary      
residence component1 for the appropriate
 city1 region1 or class of city1 as     
available1 of the ,consumer ,price      
,index for ,all ,urban ,consumers of the
 ,bureau of ,labor ,statistics of the   
,department of ,labor4  7c7             
,redetermination ,if the owner of a     
foreclosed property or the eligible     
mortgagor under the eligible mortgage   

requests the court described in         
subsection 7a7 to redetermine the fair  
market rent for a foreclosed property   
determined pursuant to this section 7as 
such amount may have been adjusted      
pursuant to subsection 7b77 and agrees  
to pay any costs of such redetermination
 7including costs of the appraisal      
involved71 the court shall provide for  
redetermination of the fair market rent 
for the foreclosed property in the      
manner provided under subsection 7a71   
except that no such redetermination     
shall be made pursuant to a request     
under this subsection made before the   
expiration of the #ab-month period      
beginning upon the most recent          
redetermination conducted at the request
 of the same party4  #e4 ,nonjudicial   
foreclosure proceedings ,in the case of 
any covered foreclosure proceeding that 
is not conducted or administered by a   
court1 the eligible mortgagor may bring 
an action in an appropriate court of the
 ,state in which the foreclosed property

 is located for a determination of fair 
market rent for the foreclosed property 
for purposes of this ,act1 by filing    
notice in accordance with section #c    
with such court and otherwise complying 
with the rules of such court4  #f4 ,no  
bar to foreclosure ,this ,act may not be
 construed to delay1 or otherwise       
modify1 affect1 or alter any right of a 
creditor under an eligible mortgage to  
foreclose on the mortgage and to sell   
the foreclosed property in connection   
with such foreclosure1 except that the  
right of any owner of the property to   
possession of the property shall be     
subject to the leasehold interest       
established pursuant to section #b7;c74 
#g4 ,right to reinstatement ,this ,act  
may not be construed to affect any right
 of any eligible mortgagor to           
reinstatement of an eligible mortgage1  
including any right established under   
contract or ,state law4  #h4            
,jurisdiction of ,federal courts ,at the
 option of the eligible mortgagor1 a    

proceeding under section #d or #e shall 
be removed to the appropriate district  
court of the ,united ,states in         
accordance with section #adda of title  
#bh1 ,united ,states ,code4  #i4 ,effect
 on ,state law  7a7 ,foreclosure laws   
,this ,act does not annul1 alter1       
affect1 or exempt any person subject to 
the provisions of this ,act from        
complying with the laws of any ,state   
regarding foreclosure on residential    
properties1 except to the extent that   
such laws are inconsistent with any     
provision of this ,act1 and then only to
 the extent of such inconsistency4  7b7 
,landlord-,tenant laws ,nothing in this 
,act may be construed to not annul1     
alter1 affect1 or exempt any such       
tenancy created pursuant to section     
#b7;c7 from any applicable ,state or    
local laws regarding the rights or      
responsibilities of landlords or        
tenants4  #aj4 ,oversight by ,,hud ,the 
,secretary of ,housing and ,urban       
,development shall--  7#a7 monitor      

compliance with the requirements under  
this ,act2  7#b7 make available1 and    
provide1 appropriate assistance to      
eligible mortgagors in exercising their 
rights under this ,act2  7#c7 conduct   
outreach activities appropriate to      
inform eligible mortgagors of the       
provisions of this ,act2 and  7#d7      
submit to the ,congress1 not less than  
annually1 reports describing the        
implementation of this ,act1 the extent 
to which this ,act is utilized by       
eligible mortgagors1 and any issues     
regarding such implementation or        
utilization4  #aa4 ,definitions ,for    
purposes of this ,act1 the following    
definitions apply3  7#a7 ,covered       
foreclosure proceeding ,the term covered
 foreclosure proceeding means a         
foreclosure proceeding with respect to  
an eligible mortgage1 and includes any  
foreclosure proceeding authorized under 
the law of the applicable ,state1       
including judicial and non-judicial     
foreclosure proceedings4  7#b7 ,eligible

 mortgagor ,the term eligible mortgagor 
means a mortgagor under an eligible     
mortgage4  7#c7 ,eligible mortgage ,the 
term eligible mortgage means a first or 
subordinate mortgage--  7,a7 on a       
property that--  7i7 is a single family 
property2  7ii7 has been used as the    
principal residence of the eligible     
mortgagor for a period of not less than 
#b years immediately preceding the      
initiation of the covered foreclosure   
proceeding involved2 and  7iii7 had a   
purchase price1 at the time purchased by
 the eligible mortgagor1 that is less   
than the median purchase price for      
residences that are located in--  7,i7  
the same metropolitan statistical area2 
or  7,,ii7 if the property is not       
located in a metropolitan statistical   
area or information for the area is not 
available1 the same ,state2 and  7,b7   
that was originated before ,july #a1    
#bjjg4  ,for purposes of subparagraph   
7,a77iii71 the median purchase price of 
residences located within a metropolitan

 area or ,state shall be determined     
according to information collected and  
made available by the ,national         
,association of ,realtors for such area 
or ,state for the most recently         
completed month for which such          
information is available4  7#d7         
,foreclosed property ,the term          
foreclosed property means1 with respect 
to a covered foreclosure proceeding1 the
 single family property that is subject 
to the eligible mortgage being          
foreclosed under the proceeding4  7#e7  
,foreclosing creditor ,the term         
foreclosing creditor means1 with respect
 to a covered foreclosure proceeding1   
the creditor that is foreclosing the    
eligible mortgage through such          
proceeding4  7#f7 ,owner ,the term owner
 means1 with respect to a foreclosed    
property1 the person who has title to   
the property pursuant to the foreclosure
 proceeding for the property1 and any   
successor or assign of such person4     
7#g7 ,single family property ,the term  

single family property means--  7,a7 a  
structure consisting of #a to #d        
dwelling units2  7,b7 a dwelling unit in
 a multi-unit condominium property      
together with an undivided interest in  
the common areas and facilities serving 
the property2 or  7,c7 a dwelling unit  
in a multi-unit project for which       
purchase of stock or a membership       
interest entitles the purchaser to      
permanent occupancy of that unit4  #ab4 
,applicability and sunset  7a7          
,applicability ,subject to subsection   
7b71 this ,act shall apply to any       
covered foreclosure proceeding that has 
not been finally adjudicated as of the  
date of the enactment of this ,act4  7b7
 ,sunset ,this ,act shall not apply to  
any foreclosure proceeding commenced    
after the expiration of the #e-year     
period beginning on the date of the     
enactment of this ,act4