Rapid Response Sparks State Action to Preserve Housing
Jocelyn Foreman is a formerly homeless woman of color working two jobs whose rented home was in foreclosure. The home was purchased by an investor at a foreclosure sale for $601,000. In 2020, California passed SB1079, a law that gives current residents and non-profits the right to match an accepted foreclosure auction bid within 45 days. On day 30 of the 45-day timeline, Northern California Land Trust (NCLT) approached NHT regarding a last-ditch effort to save Jocelyn’s home. We underwrote and closed the loan in 15 days, saving the home and demonstrating SB1079 could be successful. This success sparked the State of California to launch Foreclosure Intervention Housing Preservation Program (FIHPP), a new $500MM fund to finance similar homes.