Congressman Keith Ellison (D-Minn.) has released a draft of his revised PETRA bill. This new draft reflects Mr. Ellison’s office work with HUD to incorporate various concerns raised by key stakeholders about PETRA during the May hearing on this legislation. Congressman Ellison plans to introduce this bill during the lame duck session of Congress during the week of November 15th. The Congressman has indicated he does not expect the legislation to be enacted in the lame duck session but wanted to introduce the bill to “get the conversation started on how we deal with public housing finance since this is such a critical issue for him and our office.”
Representative Ellison’s draft contains key differences in a variety of subject areas including:
- Resident choice
- Tenant organization rights and other rights
- Implications of default, foreclosure
- Enforcement
- Resident access to building information
- Authority for conversion of rental assistance
- “Green” conversion requirements
- One-for-One replacement of assisted units
- Use restrictions
- LIHTC compliance period purchase requirements
- Federal option to purchase
- Underwriting conversions
- Contract terms & renewals
- Rent setting & adjustments
- Waiting lists
- Physical inspections
- Cash flow limitation
Click here for a side-by-side comparison.
Click here for a section-by-section summary.
Click here for the bill text.
