Economy
9:20 am
Sun June 22, 2014

Advocates Applaud Legislation Protecting Tenants After Foreclosures

Thanks to legislation that passed the General Assembly, banks in Rhode Island will not be able to evict renters in properties they’ve foreclosed on. That is, unless there’s just cause or until the property has been bought by a new owner. Rhode Island Coalition for the homeless head Jim Ryczek said the new law will protect people who might otherwise have nowhere to go.

“When the economy tanked in 2007-2008, the shelter system saw more than a 300 percent rise in the number of people coming in and naming eviction as one of the issues that caused them to be homeless.”

Federal protections for renters in foreclosed properties are set to expire at the end of this year. The Rhode Island Bankers Association could not be immediately reached for comment.

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