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.