Housing Preservation and Tenant Protection Act of 2010

[AI summary unavailable — showing source text] Housing Preservation and Tenant Protection Act of 2010 - Requires the Secretary of Housing and Urban Development (HUD), upon request of a project owner with a rental supplement contract or a rental assistance program (RAP) contract, to convert such contract to a section 8 project-based assistance contract. Prohibits an owner of specified covered housing from selling such property before notifying the required parties and giving HUD an opportunity to purchase it. (Thus grants HUD the first right of refusal.) Prescribes requirements for: (1) preservation of HUD-owned and HUD-held buildings; (2) HUD authority to assign flexible subsidy loans; and (3) the use of existing section 8 funds to preserve and revitalize affordable housing. Amends the Housing and Community Development Act of 1992 to authorize the Government National Mortgage Association (Ginnie Mae) to securitize any Federal Housing Administration (FHA) risk-share multifamily loan under the same terms and conditions as if the loan were insured under the National Housing Act. Revises or prescribes requirements for: (1) restoring housing at risk of loss due to deterioration; (2) protecting residents in HUD assisted projects; (3)…