California AB1158 establishes the Foreclosure Intervention Housing Preservation Program to preserve affordable housing and promote resident ownership.

California AB1158 establishes the Foreclosure Intervention Housing Preservation Program, administered by the Department of Housing and Community Development, to preserve affordable housing and promote resident ownership. The program provides loans and grants to eligible borrowers for acquiring 1 to 25 unit properties. Eligible borrowers include nonprofit organizations, limited-equity housing cooperatives, and community land trusts. The bill outlines procedures for trustee sales, including requirements for bids and notices of intent to bid.

California AB1158 establishes the Foreclosure Intervention Housing Preservation Program to preserve affordable housing and promote resident ownership.

California AB1158 establishes the Foreclosure Intervention Housing Preservation Program, administered by the Department of Housing and Community Development, to preserve affordable housing and promote resident ownership. The program provides loans and grants to eligible borrowers for acquiring 1 to 25 unit properties. Eligible borrowers include nonprofit organizations, limited-equity housing cooperatives, and community land trusts. The bill outlines procedures for trustee sales, including requirements for bids and notices of intent to bid.