111) D4L makes the following requirements for properties to be eligible to participate in the program:
1)] There are no zoning or homeowner's association (HOA) rental limitations that would prohibit a D4L.
In addition to meeting requirements for the property, participation in D4L requires that occupants meet the following criteria:
Like Freddie Mac's REO Rental Initiative, D4L does not offer renters as long of a term of tenancy as Baker's proposed five years (114) to "indefinitely.
Like Freddie Mac's REO Rental Initiative and Fannie Mae's D4L, the programs created under the Neighborhood Preservation Act would presumably aim to provide the lenders with the benefits of acquiring tenant-occupied properties, avoiding damage that occurs to vacant properties and collecting rent, while waiting for the housing market to recover.
Compare, FANNIE MAE, ANNOUNCEMENT 09-33, supra note 67, at 1 (describing the length of a D4L lease as twelve months), with Freddie Mac, Launches REO, supra note 87 (describing the program's month-to-month tenancy).
A founding member of the hip-hop group D4L
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