Foreclosure Intervention Housing Preservation Program
The purpose of the Foreclosure Intervention Housing Preservation Program (FIHPP) is to preserve affordable housing and promote resident or nonprofit organization ownership of residential real property. Funds are to be made available as loans or grants to eligible borrowers to acquire and rehabilitate properties at risk of foreclosure or in the foreclosure process.
FIHPP was added to California’s Health and Safety Code in July 2021.The Budget Act of 2021 appropriated $500 million through June 30, 2027 for the program. Statute requires HCD to contract with one or more fund managers (nonprofit lenders or housing trust funds) to manage the program.
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FUNDS ARE NOT YET AVAILABLE UNDER FIHPP. HCD expects FIHPP funds to be available to eligible sponsors in early 2024. Please continue checking this site for updates.
FIHPP Progress Report to Legislature
- FIHPP Progress Report - June 2023 (PDF) — 06/30/2023
FIHPP Fund Management Award
FIHPP statute requires HCD to grant funds to one or more fund managers to implement the program. Fund managers must be a nonprofit lender with experience making real estate loans in this state, or be a housing trust fund operated by a city, a county, a city and county, or a joint powers authority as described in Article I (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code operated for the purpose of funding the development, acquisition, rehabilitation, or preservation of affordable housing for low- or moderate-income residents.
HCD released a Request for Applications (RFA) for FIHPP Fund Managers on March 8, 2023 and amended the RFA on March 24, 2023. Applications were due by 3:00pm on Friday, May 12, 2023.
HCD has made an award to Local Initiatives Support Corporation (LISC) to serve as the Administering Fund Manager for FIHPP.