Synopsis As Introduced 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 complete termination of the development's participation in a federal subsidy program or termination of the development's affordability 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.
Further amends the Federally Subsidized Housing Preservation Act. Provides that an appraisal of assisted housing in connection with a sale to a tenant association shall be based on the property's highest and best use. Provides that the Act does not apply to an owner's sale or other disposition of assisted housing in a manner pursuant to which the property after the sale or other disposition continues to be assisted housing as defined in the Act.