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Preserving Affordable HousingThe federal, state, and local governments have responded to the preservation problem in two primary ways: by providing new funding and financial restructuring programs, and enacting regulatory measures. Financial restructuring includes refinancing the mortgage on favorable terms in exchange for the owner’s commitment to extend the rent restrictions. Regulatory measures include federal notice requirements intended to ensure that existing residents have sufficient notice of the changes that are about to take place so that they can adequately prepare for them. Notice requirements also provide opportunities for housing preservationists to develop and implement strategies to prevent conversion. The Legal Guide to Affordable Housing Development Edited by Tim Iglesias and Rochelle E. Lento; written by chapter author Paulette J. Williams |
