PTFA ensures that renters can continue to occupy the residence for at least 90 days or the remainder of the lease when the landlord losses the property in a foreclosure.
The law was first enacted in 2009 with the support of House Financial Services Committee chairman Barney Frank, D-Mass.
An analysis of foreclosure data by the National Low Income Housing Coalition that year found that nearly 40% of families affected by foreclosures are renters.
"The extension of PTFA is a critical step in making sure that low-income families who are at-risk of ending up in the streets through no fault of their own are able to keep their homes," said NLIHC president Sheila Crowley.
Crowley also noted that the Dodd-Frank bill directs the Housing and Urban Development secretary to develop a program for refinancing troubled multifamily mortgages.
"Addressing the growing multifamily foreclosure rate shows a keen understanding that it is not just homeowners who are losing their homes through foreclosures," the NLIHC president said.
