California AB1957 amends civil code to establish the Foreclosure Intervention Housing Preservation Program.

California AB1957 amends the civil code to establish the Foreclosure Intervention Housing Preservation Program, administered by the Department of Housing and Community Development. The program aims to preserve affordable housing and promote resident ownership or nonprofit ownership of residential real property. It provides loans and grants to eligible borrowers for acquiring 1 to 25 unit properties. The bill also modifies the criteria for eligible bidders in foreclosure sales, allowing eligible tenant bidders and eligible community bidders to participate.

California AB1957 amends civil code to establish the Foreclosure Intervention Housing Preservation Program.

California AB1957 amends the civil code to establish the Foreclosure Intervention Housing Preservation Program, administered by the Department of Housing and Community Development. The program aims to preserve affordable housing and promote resident ownership or nonprofit ownership of residential real property. It provides loans and grants to eligible borrowers for acquiring 1 to 25 unit properties. The bill also modifies the criteria for eligible bidders in foreclosure sales, allowing eligible tenant bidders and eligible community bidders to participate.