Tenant Foreclosure Protection Ordinance

PROVIDENCE, R.I. (WPRI) - Here are the details of the Tenants Protection Against Foreclosures Ordinance unveiled Monday morning by Providence Mayor David Cicilline.

• Allows renters to remain in the foreclosed property for the duration of their lease agreement. Month-to-month rental agreements would be subject to state law governing such arrangements.
• The financial institution/lender would be required to provide tenants with written notice (in Spanish and English) stating the name and address of the successor, so that the tenant will know to whom they should pay their rent.
• Require the successor of the property to continue to provide essential services including heat, running water, hot water, electric or gas to tenant.
• If a property is about to enter into foreclosure, the new mortgage holder or financial institution must provide written notice of the property's sale to all tenants, in addition to the homeowner, indicating that the sale may affect the tenant's right to continue to live in the property. The mortgage holder must also state the date, time and place of sale, and provide contact information for Rhode Island Legal Services as well as other HUD-approved counseling agencies.