California Health and Safety Code

§ 50720.2

HSC § 50720.2 Effective Jan 1, 2025Div. 31 · Part 2 · Ch. 8.6

Statute text

(a)The Foreclosure Intervention Housing Preservation Program is hereby established. The department shall administer the program for the purpose of preserving affordable housing and promoting resident ownership or nonprofit organization ownership of residential real property.

(b)(1) Upon appropriation by the Legislature, the program shall be administered by the department to provide loans and grants to eligible borrowers to support the acquisition of 1 to 25 unit properties meeting any of the following criteria:

(A)Real property subject to a trustee’s sale pursuant to Section 2924m of the Civil Code wherein an eligible bidder has made a bid or represents an intention to bid using funds from the program.

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Legislative history

Amended by Stats. 2024, Ch. 580, Sec. 4. (AB 2897) Effective January 1, 2025.