New Jersey Housing and Mortgage Finance Agency

New Jersey Housing and Mortgage Finance Agency

Non-Profits

NJHMFA is seeking to partner with non-profit entities on the Foreclosure Intervention Program, which will finance the purchase and rehabilitation of vacant or abandoned houses for sale to low-to-moderate income homebuyers. To be eligible, non-profits must have experience conducting dwelling rehabilitation, mortgage servicing and underwriting, or the financing and acquisition of real estate for affordable housing. If you have any questions, contact NJHMFA at FIP@njhmfa.gov.

 

The Residential Foreclosure Intervention Program (FIP) is a New Jersey Housing and Mortgage Finance Agency (NJHMFA) program designed to address the issue of vacant or abandoned residential properties. This program empowers qualified non-profit organizations to purchase and rehabilitate these properties to make them inhabitable and available for sale to low-, moderate-, or middle-income households. The primary goal of FIP is to prevent vacant homes from falling into disrepair or being purchased by institutional investors for rental purposes. By rehabilitating these properties and offering them to residents as ownership opportunities, the FIP contributes to community revitalization and expands housing options for those with limited incomes.

The FIP is funded through fees collected during sheriff sales and through state appropriations as $25 million in additional support has been allocated from the Coronavirus State and Local Fiscal Recovery Fund. Eligible non-profit organizations can apply for grants of up to $400,000 per property to acquire and rehabilitate single-family homes, townhomes, or condominiums. After rehabilitation, these properties will be available for purchase by eligible low-, moderate-, or middle-income households. To further assist these households, NJHMFA provides qualified homebuyers up to $22,000 in down payment and closing cost assistance through its Down Payment Assistance (DPA) Program.

FIP Guidlines

FIP FAQs

FIP Application

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