Fifteenth Amendment to HPA — Florida 

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FIFTEENTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Fifteenth Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (this “Amendment”) is entered into as of the date set forth on Schedule 

A attached hereto as the Fifteenth Amendment Date (the “Amendment Date”), by and among the 

United States Department of the Treasury (“Treasury”), the undersigned party designated as 

HFA whose description is set forth in Schedule A attached hereto (for convenience, a “state 

housing finance agency” or “HFA”) and the undersigned institution designated by HFA to 

participate in the program described below (“Eligible Entity”). 

Recitals 

WHEREAS, Treasury, HFA and Eligible Entity entered into that certain Commitment to 

Purchase Financial Instrument and HFA Participation Agreement (the “Original HPA”) dated as 

of the Closing Date set forth on Schedule A attached hereto, as previously amended by those 

certain Amendments to Commitment to Purchase Financial Instrument and HFA Participation 

Agreement dated as of their respective dates as set forth on Schedule A attached hereto (each, an 

“Amendment” and together with the Original HPA as amended thereby, the “Current HPA”), in 

connection with Treasury's federal housing program entitled the Housing Finance Agency 

Innovation Fund for the Hardest Hit Housing Markets (the “HHF Program”), which was 

established pursuant to the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5201 et 

seq.), as amended, and as the same may be amended from time to time (“EESA”); 

WHEREAS, HFA and Eligible Entity submitted a request to Treasury to make certain revisions 

to their Service Schedules and Permitted Expenses, as applicable, and Treasury has agreed to the 

same; 

WHEREAS, HFA, Eligible Entity and Treasury wish to enter into this Amendment to document 

all approved modifications to the Service Schedules and Permitted Expenses, as applicable; 

Accordingly, in consideration of the representations, warranties, and mutual agreements set forth 

herein and for other good and valuable consideration, the receipt and sufficiency of which are 

hereby acknowledged, Treasury, HFA and Eligible Entity agree as follows. 

Agreement 

1. Amendments 

A. Definitions. All references in the Current HPA to the “Agreement” shall mean 

the Current HPA, as further amended by this Amendment; and all references in the Current HPA 

to Schedules A, B or C shall mean the Schedules A, B or C attached to this Amendment. All 

references herein to the “HPA” shall mean the Current HPA, as further amended by this 

Amendment. 
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B. Schedule A. Schedule A attached to the Current HPA is hereby deleted in its 

entirety and replaced with Schedule A attached to this Amendment. 

C. Schedule B. Schedule B attached to the Current HPA is hereby deleted in its 

entirety and replaced with Schedule B attached to this Amendment. 

D. Schedule C. Schedule C attached to the Current HPA is hereby deleted in its 

entirety and replaced with Schedule C attached to this Amendment. 

2. Representations, Warranties and Covenants 

A. HFA and Eligible Entity. HFA and Eligible Entity, each for itself, make the 

following representations, warranties and covenants to Treasury and the truth and accuracy of 

such representations and warranties and compliance with and performance of such covenants are 

continuing obligations of HFA and Eligible Entity, each as to itself. In the event that any of the 

representations or warranties made herein cease to be true and correct or HFA or Eligible Entity 

breaches any of its covenants made herein, HFA or Eligible Entity, as the case may be, agrees to 

notify Treasury immediately and the same shall constitute an Event of Default under the HPA. 

(1) HFA and Eligible Entity each hereby certifies, represents and warrants as 

of the date hereof that each of the representations and warranties of HFA or Eligible Entity, as 

applicable, contained in the HPA are true, correct, accurate and complete in all material respects 

as of the date hereof. All covenants of HFA or Eligible Entity, as applicable, contained in the 

HPA shall remain in full force and effect and neither HFA, nor Eligible Entity is in breach of any 

such covenant. 

(2) Eligible Entity has the full corporate power and authority to enter into, 

execute, and deliver this Amendment and any other closing documentation delivered to Treasury 

in connection with this Amendment, and to perform its obligations hereunder and thereunder. 

(3) HFA has the full legal power and authority to enter into, execute, and 

deliver this Amendment and any other closing documentation delivered to Treasury in 

connection with this Amendment, and to perform its obligations hereunder and thereunder. 

3. Miscellaneous 

A. The recitals set forth at the beginning of this Amendment are true and accurate 

and are incorporated herein by this reference. 

B. Capitalized terms used but not defined herein shall have the meanings ascribed to 

them in the HPA. 

C. Any provision of the HPA that is determined to be prohibited or unenforceable in 

any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or 

unenforceability without invalidating the remaining provisions of the HPA, and no such 

prohibition or unenforceability in any jurisdiction shall invalidate such provision in any other 

jurisdiction. 
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D. This Amendment may be executed in two or more counterparts (and by different 

parties on separate counterparts), each of which shall be deemed an original, but all of which 

together shall constitute one and the same instrument. Facsimile or electronic copies of this 

Amendment and any other closing documentation delivered in connection therewith, shall be 

treated as originals for all purposes. 

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

INTENTIONALLY LEFT BLANK] 
[Signature Page to Fifteenth Amendment to HPA — Florida] 

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In Witness Whereof, HFA, Eligible Entity and Treasury by their duly authorized officials 

hereby execute and deliver this Amendment as of the Amendment Date. 

HFA: TREASURY: 

FLORIDA HOUSING FINANCE 

CORPORATION 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: /s/ Stephen P. Auger By: 

Name: Stephen P. Auger Name: Mark McArdle 

Title: Executive Director Title: Deputy Assistant Secretary for 

Financial Stability 

 

 

ELIGIBLE ENTITY:

FLORIDA HOUSING FINANCE 

CORPORATION 

By: /s/ Stephen P. Auger 

Name: Stephen P. Auger 

Title: Executive Director 

 
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EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses 
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SCHEDULE A 

BASIC INFORMATION 

Eligible Entity Information: 

Name of the Eligible Entity: Florida Housing Finance Corporation1

Corporate or other organizational form: a public corporation and a public body corporate and 

politic, established and existing under the Florida 

Housing Finance Corporation Act, as amended, 

Chapter 420, Part V, Florida Statutes. 

Jurisdiction of organization: Florida 

Notice Information: 

HFA Information: 

Name of HFA: Florida Housing Finance Corporation1

Organizational form: a public corporation and a public body corporate and 

politic, established and existing under the Florida 

Housing Finance Corporation Act, as amended, 

Chapter 420m, Part V, Florida Statutes. 

Date of Application: April 16, 2010 

Date of Action Plan: September 1, 2010 

Notice Information: Same as notice information for Eligible Entity. 

 

1

 References in the Agreement to the term “HFA” shall mean the Florida Housing Finance Corporation, in its capacity as 

HFA as such term is used in the Agreement; and references in the Agreement to the term “Eligible Entity” shall mean 

the Florida Housing Finance Corporation, in its capacity as Eligible Entity as such term is used in the Agreement. 

 Notwithstanding anything to the contrary in the Agreement, (A) for purposes of Section 4(G) thereof, annual audited 

financial statements shall be due no later than one hundred eighty (180) days after the end of Florida Housing Finance 

Corporation’s fiscal year, and (B) for purposes of Section 7 thereof, the powers and authority of Florida Housing 

Finance Corporation shall be governed by and construed in accordance with the laws of the State of Florida. 
A-2 

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Program Participation Cap: $1,135,735,674.00 

Portion of Program Participation Cap 

Representing Original HHF Funds: $418,000,000.00 

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: $238,864,755.00 

Rounds 1-4 Funding Allocation: $1,057,839,136.00 

Round 5 Funding Allocation: $77,896,538.00 

Permitted Expenses: $124,891,404.00

Closing Date: June 23, 2010 

First Amendment Date: September 23, 2010 

Second Amendment Date: September 29, 2010 

Third Amendment Date: December 16, 2010 

Fourth Amendment Date: March 31, 2011 

Fifth Amendment Date: May 30, 2012 

Sixth Amendment Date: September 28, 2012 

Seventh Amendment Date: April 25, 2013 

Eighth Amendment Date: September 20, 2013 

Ninth Amendment Date: July 11, 2014 

Tenth Amendment Date: January 29, 2015 

Eleventh Amendment Date: April 21, 2015 

Twelfth Amendment Date: September 29, 2015 

Thirteenth Amendment Date: May 3, 2016 

Fourteenth Amendment Date: August 31, 2016 

Fifteenth Amendment Date: November 18, 2016 

Eligible Entity Depository Account Information: See account information set forth in the 

Depository Account Control Agreement between 

Treasury and Eligible Entity regarding the HHF 

Program. 
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SCHEDULE B 

SERVICE SCHEDULES

The Service Schedules attached as Schedule B to the Current HPA are hereby deleted in their 

entirety and replaced with the attached Service Schedules (numbered sequentially as Service 

Schedule B-1, Service Schedule B-2, et. seq.), which collectively comprise Schedule B to the 

HPA. 
B-1-1 

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SERVICE SCHEDULE B-1

Florida Hardest Hit Fund 

Unemployment Mortgage Assistance 

Program Summary Guidelines 

1. Program Overview The Unemployment Mortgage Assistance Program (“UMAP” 

or the “Program”) focuses on the creation of a sustainable 

solution to keep Florida unemployed or substantially 

underemployed homeowners in their current homes by 

helping those who are struggling to make their current 

mortgage payments because of hardships sustained since 

purchasing the home. The Florida Housing Finance 

Corporation (“Florida Housing”) will use HHF funds to pay 

up to twelve (12) months of the mortgage payments on behalf 

of a qualified homeowner based on the criteria and 

requirements of each servicer. HHF funds will be used to pay, 

directly to the first mortgage loan servicer, the monthly 

mortgage payment (principal and interest plus any required 

escrow payments, such as taxes and insurance) required under 

the first mortgage loan. This will provide a reasonable period 

of time for homeowners to become re-employed at a salary 

that is sufficient for them to either resume making full 

mortgage payments or qualify for a mortgage modification 

that will lower the payments on the mortgage to an affordable 

level. Alternatively, borrowers who have suffered a financial 

hardship due to death, divorce or disability will have a 

reasonable time to mitigate their hardship sufficient for them 

to either resume making full mortgage payments or qualify 

for a mortgage modification that will lower the payments on 

the mortgage to an affordable level. 

2. Program Goals • Preserving homeownership. 

• Protecting home values. 

3. Target Population/ Areas To determine geographic targeting for employment-related 

HHF funding, Florida Housing carried out an analysis of data, 

relying on data similar to that used by Treasury to allocate 

funding, to determine the hardest hit areas of the state. 

Florida Housing evaluated three measures across all sixtyseven Florida counties – housing price decline from peak 

prices, unemployment rate and seriously delinquent mortgage 

loans – and then combined ratios for each to create an 

allocation methodology that will guide how funding is 

geographically targeted. The majority of the HHF funds will 

be allocated to those counties that were determined to be 
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hardest hit, although there will be funds available to all sixtyseven counties. 

4. Program Allocation 

(Excluding 

Administrative Expenses)

$264,509,247 

5. Borrower Eligibility 

Criteria

• Borrower must be a legal U.S. citizen or lawful permanent 

resident. 

• At least one borrower must be able to document that he or 

she is unemployed or substantially underemployed and 

must provide a financial hardship affidavit. A borrower 

and/or co- borrower who suffers a hardship that has 

resulted in a loss of income of at least 10% will be 

considered “substantially underemployed”. Alternatively, 

an applicant who is able to document a financial hardship 

due to a qualifying death, divorce or disability will be 

required to provide a financial hardship affidavit with 

appropriate documentation as to the cause of their 

hardship, as specified in the program guidelines. 

• The maximum borrower(s) income level for participation 

will be 140% of the Area Median Income (AMI). 

• The total housing expense (PITIA) must exceed 31% of 

the total gross income of the borrower(s). 

• Borrowers who have unencumbered liquid assets or cash 

reserves (not including retirement or qualified education 

plans) equal to or exceeding three times the total monthly 

mortgage payment (including tax and insurance payments) 

or $5,000, whichever is greater, must first use those assets 

above such amount towards mortgage payments before 

being eligible for HHF funds. 

6. Property/Loan Eligibility 

Criteria

• The property must be a single-family home, a 

condominium unit, a townhome, a manufactured or mobile 

home on foundation permanently affixed to real estate 

owned by the borrower, or a two-four family dwelling unit 

of which one unit is occupied by the mortgagor as his or 

her principal residence. 

• The property must be the borrower’s principal residence, 

be located in Florida, and not be abandoned, vacant or 

condemned. 
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• The outstanding principal balance of the first mortgage 

must be $400,000 or less at the time of application, 

regardless of number of dwelling units. 

7. Program Exclusions • Applicants who have voluntarily left work without good 

cause or have been discharged by the employing unit for 

misconduct connected with his or her work, based on a 

finding by the Department of Economic Opportunity. 

• Bankruptcies that have not been discharged or dismissed. 

• The borrower may not have an ownership interest in more 

than one property other than his or her primary residence. 

• The servicer is not required to accept mortgage assistance 

payments if a notice of trustee/sheriff sale has been 

recorded and the trustee/sheriff sale is scheduled less than 

seven days from date the servicer is notified of borrower 

approval by the HFA. 

8. Structure of Assistance HHF funds under UMAP will be made available to 

homeowners in the form of a zero-percent interest, nonrecourse, forgivable loan. This loan will be evidenced by a 

note and mortgage in favor of Florida Housing. The HHF 

loan is forgivable and will be for a period of five and a half 

(5.5) years. The first 20% of the loan will be forgiven 

eighteen (18) months after the loan closing. The remainder of 

the loan will be forgiven 20% per year annually thereafter. 

If the homeowner sells the home during any part of the loan 

term, the remaining principal balance will be due to Florida 

Housing in the event there are sufficient equity proceeds from 

the sale. If there is not enough equity in the home to repay the 

entire amount due, Florida Housing will forgive the excess 

portion or all of the remaining principal balance so as to not 

create additional hardships on the seller at closing. Any loans 

repaid will be recycled back into the Program and used to 

provide assistance to additional homeowners for the duration 

of the Program in accordance with the Agreement. 

9. Per Household Assistance Estimated Median Amount Mortgage Payments - $12,000 

Maximum Amount – $24,000 

Borrowers who have previously received HHF assistance 

and were not involuntarily terminated and borrowers who 

are currently receiving HHF assistance and remain in good 
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standing are eligible for the additional assistance being 

offered under the changes to the UMAP and MLRP 

programs, but only to the extent that the total of the HHF 

assistance received does not exceed the following limits: 

• UMAP – 12 months or $24,000, whichever comes first 

• MLRP with UMAP – maximum of $18,000 towards 

reinstatement 

• MLRP only – maximum of $25,000 towards reinstatement 

10. Duration of Assistance The homeowner can receive up to twelve (12) months’ of 

monthly mortgage payments from Florida Housing. 

11. Estimated Number of

Participating Households

Florida Housing anticipates that this strategy will be able to 

serve approximately 22,500 homeowners in the aggregate 

between UMAP and MLRP and over a five-year period. 

12. Program Inception/

Duration

The Program commenced in June 2012. It is anticipated that 

assistance will be committed through December 31, 2020. 

13. Program Interactions

with Other Programs

(e.g. other HFA 

programs)

This Program will interact with the Mortgage Loan 

Reinstatement Program (“MLRP”). Borrowers who qualify 

for UMAP will have arrearages on their first mortgage 

reinstated up front in an amount not to exceed $18,000. The 

maximum amount of combined UMAP and MLRP assistance 

is $42,000. Maximum combined assistance with all HHF 

programs is $92,000. 

14. Program Interactions 

with HAMP

HHF funds would be utilized prior to the HAMP forbearance 

described in Supplemental Directive 10-04. Implementing the 

Program in this order is the most beneficial to the customer 

and investor since payments would continue to be made 

instead of capitalized and no late charges or adverse credit 

reporting would occur. If the borrower has already been 

through an UP forbearance before applying for this Program, 

then this Program may follow UP. 

15. Program Leverage 

with Other Financial 

Resources 

Many servicers have in-house mortgage modification 

products that can be used in conjunction with this Program. 

Florida Housing will work with servicers to determine how 

these programs may best be combined. 

Servicers will not charge administrative fees (e.g., NSF, late 

charges) in any month where a full contract payment is made. 

If the loan is reinstated or modified following HFA mortgage 
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assistance, servicers will waive all administrative fees 

accrued since the beginning of the delinquency. 
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SERVICE SCHEDULE B-2

Florida Hardest Hit Fund 

Mortgage Loan Reinstatement Program 

Summary Guidelines

1. Program Overview The Mortgage Loan Reinstatement Program (“MLRP” or the 

“Program”) focuses on the creation of a sustainable solution to 

keep Florida homeowners in their current homes by helping those 

who have fallen behind on their mortgage payments because of 

financial hardship sustained since purchasing the home as a result 

of unemployment, substantial underemployment, death, divorce or 

disability. HHF funds will be used to pay, directly to the first 

mortgage loan servicer, payments which include items such as 

principal and interest plus any required escrow payments (such as 

taxes and insurance), late fees and insufficient fund fees. 

2. Program Goals • Preserving homeownership. 

• Protecting home values. 

3. Target 

Population/Areas 

To determine geographic targeting for HHF funding, the Florida 

Housing Finance Corporation (“Florida Housing”) carried out an 

analysis of data, relying on data similar to that used by Treasury to 

allocate funding, to determine the hardest hit areas of the state. 

Florida Housing evaluated three measures across all sixty-seven 

Florida counties – housing price decline from peak prices, 

unemployment rate and seriously delinquent mortgage loans – and 

then combined ratios for each to create an allocation methodology 

that will guide how funding is geographically targeted. The 

majority of the HHF funds will be allocated to those counties that 

were determined to be hardest hit, although there will be funds 

available to all sixty-seven counties. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$192,898,139 

5. Borrower Eligibility 

Criteria 

• Borrower must be a legal U.S. citizen or lawful permanent 

resident. 

• At least one borrower must be able to document that he or she 

is unemployed or substantially underemployed and must 

provide a financial hardship affidavit. A borrower and/or coborrower who suffers a hardship that has resulted in a loss of 

income of at least 10% will be considered “substantially 
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underemployed”. Alternatively, an applicant who is able to 

document a financial hardship due to a qualifying death, 

divorce or disability will be required to provide a financial 

hardship affidavit with appropriate documentation as to the 

cause of their hardship, as specified in the program guidelines. 

• The maximum borrower(s) income level for participation will 

be 140% of the Area Median Income (AMI). 

• For MLRP-only applicants, the total housing expense (PITIA) 

must be less than 31% of the total gross income of the 

borrower(s) unless the applicant can show that he or she has 

recovered from the hardship and is no longer “substantially 

underemployed”. 

• Borrowers who have unencumbered liquid assets or cash 

reserves (not including retirement or qualified education plans) 

equal to or exceeding three times the total monthly mortgage 

payment (including tax and insurance payments) or $5,000, 

whichever is greater, must first use those assets above such 

amount towards reinstatement before being eligible for HHF 

funds. 

6. Property/Loan 

Eligibility Criteria 

• The property must be a single-family home, a condominium 

unit, a townhome, a manufactured or mobile home on 

foundation permanently affixed to real estate owned by the 

borrower, or a two-four family dwelling unit of which one unit 

is occupied by the mortgagor as his or her principal residence. 

• The property must be the borrower’s principal residence, be 

located in Florida, and not be abandoned, vacant or 

condemned. 

• The outstanding principal balance of the first mortgage must 

be $400,000 or less at the time of application, regardless of 

number of dwelling units. 

7. Program Exclusions • Applicants who have voluntarily left work without good cause 

or has been discharged by the employing unit for misconduct 

connected with his or her work, based on a finding by the 

Department of Economic Opportunity. 

• Bankruptcies that have not been discharged or dismissed. 

• The borrower may not have an ownership interest in more than 

one property other than his or her primary residence. 

• The servicer is not required to accept mortgage assistance 
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payments if a notice of trustee/sheriff sale has been recorded 

and the trustee/sheriff sale is scheduled less than seven days 

from date the servicer is notified of borrower approval by the 

HFA. 

8. Structure of 

Assistance 

HHF funds under the Mortgage Loan Reinstatement Program will 

be made available to homeowners in the form of a zero-percent 

interest, non-recourse, forgivable loan. This loan will be evidenced 

by a note and mortgage in favor of Florida Housing. The HHF 

loan is forgivable and will be for a period of five and a half (5.5) 

years. The first 20% of the loan will be forgiven eighteen (18) 

months after the loan closing. The remainder of the loan will be 

forgiven 20% per year annually thereafter. 

If the homeowner sells the home during any part of the loan term, 

the remaining principal balance will be due to Florida Housing in 

the event there are sufficient equity proceeds from the sale. If there 

is not enough equity in the home to repay the entire amount due, 

Florida Housing will forgive the excess portion or all of the 

remaining principal balance so as to not create additional 

hardships on the seller at closing. Any loans repaid will be 

recycled back into the Program and used to provide assistance to 

additional homeowners for the duration of the Program in 

accordance with the Agreement. 

9. Per Household 

Assistance 

Estimated Median Amount Mortgage Payments - $9,000 

Maximum Amount – $18,000 for those using both UMAP and 

MLRP; $25,000 for those needing MLRP only. 

Borrowers who have previously received HHF assistance and were 

not involuntarily terminated and borrowers who are currently 

receiving HHF assistance and remain in good standing, are eligible 

for the additional assistance being offered under the changes to the 

UMAP and MLRP programs, but only to the extent that the total 

of the HHF assistance received does not exceed the following 

limits: 

• UMAP – 12 months or $24,000, whichever comes first 

• MLRP with UMAP – maximum of $18,000 towards 

reinstatement 

• MLRP only – maximum of $25,000 towards reinstatement 

10. Duration of 

Assistance 

Assistance is provided as a one-time payment. 
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11. Estimated Number of 

Participating 

Households 

Florida Housing anticipates that this strategy will be able to serve 

approximately 22,500 borrowers in the aggregate between UMAP 

and MLRP over a five-year period. 

12. Program 

Inception/Duration 

The Program commenced in June 2012. It is anticipated that 

assistance will be committed through December 31, 2020. 

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

This Program will interact with the Unemployment Mortgage 

Assistance Program (“UMAP”). Borrowers who qualify for 

UMAP will have arrearages on their first mortgage reinstated up 

front in an amount not to exceed $18,000. The maximum amount 

of combined UMAP and MLRP assistance is $42,000. Maximum 

combined assistance with all HHF programs is $92,000. 

14. Program Interactions 

with HAMP 

HHF funds would be utilized prior to the HAMP forbearance 

described in Supplemental Directive 10-04. Implementing the 

Program in this order is the most beneficial to the customer and 

investor since payments would continue to be made instead of 

capitalized and no late charges or adverse credit reporting would 

occur. If the borrower has already been through an UP forbearance 

before applying for this Program, then this Program may follow 

UP. 

15. Program Leverage 

with Other Financial 

Resources 

Many servicers have in-house mortgage modification products that 

can be used in conjunction with this Program. Florida Housing 

will work with servicers to determine how these programs may 

best be combined. 

Servicers will not charge administrative fees (e.g., NSF, late 

charges) in any month where a full contract payment is made. If 

the loan is reinstated or modified following HFA mortgage 

assistance, servicers will waive all administrative fees accrued 

since the beginning of the delinquency. 
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SERVICE SCHEDULE B-3

Florida Hardest Hit Fund 

Modification Enabling Pilot Program (MEP) 

Summary Guidelines 

1. Program Overview This Modification Enabling Pilot Program (“MEP”) is being 

administered by the Florida Housing Finance Corporation 

(“Florida Housing”) in partnership with National Community 

Capital LLC (“NCC”) and other eligible entities (together 

“MEP Program Managers”). Funding under this Program is 

designed to provide directed assistance to eligible borrowers 

with the intent to permanently modify and reduce the 

borrower’s primary loan amount to an affordable level to 

achieve a monthly total housing payment that does not exceed 

35% of the borrower’s monthly income. Borrowers meeting the 

eligibility requirements described in Section 5 below may be 

eligible for MEP assistance. 

Eligible loan pools under MEP include loans in Florida sold by 

the Department of Housing and Urban Development (“HUD”), 

Fannie Mae, and Freddie Mac. Loans are also eligible if 

serviced by a regulated financial institution that has executed a 

Servicer Participation Agreement with Florida Housing. 

The Florida Housing MEP Program Manager agreement will be 

used to enable and facilitate permanent modifications by 

advancing a forgivable loan to eligible borrowers in an amount 

not to exceed $50,000.00 to enable a loan modification to occur 

immediately. MEP funding may not be used to reduce the 

principal balance of an eligible borrower’s primary mortgage 

loan below 100% of the current market value of the property. 

However, the MEP Program may reduce the principal amount 

of an eligible borrower’s mortgage loan below 100% of the 

property’s current market value to achieve a permanently 

modified mortgage loan as long as the MEP Program Managers 

fund this reduction with private capital and not MEP funding. 

As the funding formula for the maximum amount MEP 

assistance expressly states, a floor of 100% of the property’s 

current market value assures that MEP’s assistance is limited to 

funding principal reduction for eligible borrowers only down to 

100% of the property’s current market value. 

The MEP Program may be used to permanently modify and 

reduce the principal balance of the existing first mortgage loan 

to the lesser of: 
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• A loan amount not greater than 115% but not less than 

100% of the current market value of the property (as long as 

the reduced loan amount results in a monthly total housing 

payment that does not exceed 35% of the borrower’s 

adjusted gross monthly income); or 

• A loan amount which results in a monthly total housing 

payment that does not exceed 35% of the borrower’s 

adjusted gross monthly income. 

In order to make the mortgage payments affordable to the 

borrower, a MEP forgivable subordinate mortgage loan of up to 

$50,000.00 will be made to eligible borrowers to fund a 

modification of the primary mortgage loan. 

2. Program Goals The central goal of MEP is to help homeowners avoid 

foreclosure by permanently modifying a borrower’s primary 

mortgage to achieve a monthly total housing payment that does 

not exceed 35% of the borrower’s adjusted gross monthly 

income. 

3. Target 

Population/Areas 

The targeted populations are borrowers with distressed loans 

that the MEP Program Manager is able to demonstrate it has the 

delegated authority to modify consistent with the terms of MEP. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$25,000,000.00 

5. Borrower Eligibility 

Criteria 

Eligible borrowers under MEP must meet the following criteria: 

• Must be a legal U.S. Citizen or lawful permanent resident. 

• Must document adjusted borrower(s) income that does not 

exceed 140% Area Median Income (AMI). 

• Must demonstrate an ability to maintain a financial 

obligation for the home based upon an affordable mortgage 

with a total monthly housing payment equal to or less than 

35% of their gross monthly income. 

• Must meet the LTV requirements described in this Section. 

Borrowers with current total primary mortgage debt (which 

includes customary: corporate advances such as principal and 

interest, costs related to an initiated foreclosure, escrow 

advances such as property taxes and insurance payments, and 
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excluding late fees and servicing fees, together “Total Primary 

Mortgage Debt” as further defined in the program guidelines) 

equal to or greater than 100% of the property’s current market 

value are eligible for MEP assistance if they meet one of the 

following financial hardships and provide a financial hardship 

affidavit. 

Eligible financial hardships include: 

• Reduced income due to changes in employment 

• Medical condition(s) 

• Divorce 

• Death 

Borrowers that are unable to document any of these financial 

hardships may be eligible for MEP assistance if their current 

UPB is equal to or greater than 115% of the property’s current 

market value. 

6. Property/Loan 

Eligibility Criteria 

• Property must be the borrower’s principal residence, located 

in Florida and may not be abandoned, vacant or condemned. 

• The property must be a single family home, a condominium, 

a townhome, a manufactured or mobile home on foundation 

permanently affixed to real estate owned by the mortgagor, 

or a two-four family dwelling unit of which one unit is 

occupied by the mortgagor as their principal residence that 

is owner- occupied with a UPB equal to or less than 

$400,000.00. 

• Mortgage must a distressed loan with a Total Primary 

Mortgage Debt that equals or exceeds the required 

percentages described in Section 5 above. Market value will 

be established by a FIRREA-compliant appraisal completed 

by an appraiser licensed and in good standing under Chapter 

475 of the Florida statutes at the time the appraisal is 

performed or by an interior/exterior Broker’s Price Opinion 

(BPO). 

7. Program Exclusions • Borrowers whose Total Primary Mortgage Debt is less than 

100% of the property’s current market value. 

• Borrowers who are in an active Chapter 7 bankruptcy. 

• Dodd-Frank exclusion for having been convicted of a 
B-3-4 

Doc#: US1:10909951v3 

mortgage-related felony in the past ten years. 

8. Structure of Assistance The structure of assistance will be provided as an up-front, 

forgivable loan to eligible borrowers for up to $50,000.00 

depending upon individual circumstances. The note evidencing 

the mortgage loan will carry the following terms: 

• Zero-percent (0%) interest, zero-payment loan 

• Five-year term in favor of Florida Housing with a pro rata 

20% forgiveness of the original second mortgage loan 

amount on each annual anniversary date. The note will be 

extinguished on the fifth (5th) anniversary date providing 

the borrower has satisfied all terms of the loan. 

If a property is sold on or before the end of the five-year term, 

the loan is “due on sale” and any net proceeds due to Florida 

Housing after reducing the sales price by: 

• usual and customary costs of sale and attorney’s fees; 

• taxes and any other payments due to federal, state and local 

governmental entities; and 

• satisfaction of the first mortgage loan amount due MEP 

Program Managers and their successors and assigns. 

If there are insufficient or no net proceeds available after 

reducing the sale amount by the above items, all or a portion of 

the note will be forgiven as not to create additional hardships on 

the borrower/seller at the time of closing. Any loan proceeds 

that are returned to the Program will be recycled back into the 

Program and used to provide assistance to additional 

homeowners for the duration of the Program in accordance with 

the Agreement. 

9. Per Household 

Assistance 

$50,000.00 is the maximum amount of assistance. $38,000 is 

the estimated median amount of assistance. 

10. Duration of Assistance MEP assistance will be disbursed in full upon the loan closing 

for qualified applicants. 

11. Estimated Number of 

Participating 

Households 

It is anticipated that the MEP will assist a minimum of 600 

borrowers in avoiding imminent foreclosures. 

12. Program This Program component will begin in May 2013 and it is 

projected that assistance will be committed through December 
B-3-5 

Doc#: US1:10909951v3 

Inception/Duration 31, 2020. 

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

MEP will interact with Florida Housing’s Mortgage Loan 

Reinstatement Program (“MLRP”) and Unemployment 

Mortgage Assistance Program (“UMAP”). Borrowers may 

receive assistance from more than one of these programs as 

long as the total combined assistance does not exceed $92,000. 

14. Program Interactions 

with HAMP 

MEP may also be combined or used in conjunction with the 

HAMP. MEP may be available (in addition to the reduction or 

elimination of the non-interest bearing forbearance) for a 

HAMP loan only when the loan has lost its good standing 

status. 

15. Program Leverage with 

Other Financial 

Resources 

Private capital mortgage debt forgiveness will be used to 

permanently modify and reduce the borrower’s loan amount to 

an affordable level. 
B-4-1 

Doc#: US1:10909951v3 

SERVICE SCHEDULE B-4

Florida Hardest Hit Fund 

Principal Reduction (PR) Program 

Summary Guidelines

1. Program Overview The Principal Reduction (“PR”) Program is designed to assist 

severely underwater, low-to-moderate income homeowners who 

have been consistently “current” on their mortgage payments by 

providing Hardest Hit Funds to reduce the amount of their 

outstanding principal loan balance to an amount as close to 

100% LTV as possible and reduce their monthly mortgage 

payment. By bringing such a program online in 2013, we will be 

assisting the homeowners who have stayed in their homes, 

remained committed to their neighborhoods and honored their 

obligation to make their mortgage payments. Most strategic 

defaulters have already abandoned their homes and, as home 

prices have now mostly stabilized throughout the state, there is 

less of a danger that home values will decline further after 

Hardest Hit Funds are made available to the homeowners. 

2. Program Goals The goal of PR is to assist severely underwater homeowners who 

have been honoring their promise to make their mortgage 

payments by reducing the amount of the unpaid principal 

balance on their first mortgage to an amount that is in line with 

the current value of the property, subject to program limits. 

In addition, the program will also further assist these 

homeowners by recasting or refinancing their loan and thus 

reducing their monthly mortgage payment. 

3. Target 

Population/Areas 

Low-to-moderate income borrowers who are severely 

underwater (>115% LTV) and who have been “current” on their 

first mortgage payments for the past two years. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$300,000,000.00 

5. Borrower Eligibility 

Criteria 

Eligible borrowers under PR must meet the following criteria: 

• Must be a legal U.S. Citizen or lawful permanent resident. 

• Must document adjusted borrower(s) income that does not 

exceed 140% Area Median Income (“AMI”). 
B-4-2 

Doc#: US1:10909951v3 

• Must have an Unpaid Principal Balance (“UPB”) on their 

first mortgage loan that does not exceed $350,000. 

• Must have a pre-assistance Loan-to-Value (“LTV”) ratio of 

115% or greater. 

• Must show that they have remained “current” on their 

payments on their first mortgage loan, meaning that they 

cannot have been 60 days or more late on their payments 

within the last two years. 

6. Property/Loan 

Eligibility Criteria 

• Property must be the borrower’s principal residence, located 

in Florida and may not be abandoned, vacant or condemned. 

• The property must be a single family home, a condominium, 

a townhome, a manufactured or mobile home on foundation 

permanently affixed to real estate owned by the mortgagor, 

or a two-four family dwelling unit of which one unit is 

occupied by the mortgagor as their principal residence. 

• The homeowner must have acquired the property prior to 

January 1, 2010. 

• The servicer must agree to recast the borrower’s first 

mortgage loan unless such loan is in a GNMA security (i.e. is 

an FHA, VA or USDA-RD loan). For GNMA-secured loans, 

the borrower is required to refinance the loan within 180 

days from the date that the principal reduction payment is 

made on their behalf. 

• The borrower’s first mortgage loan must be with a regulated 

financial institution. 

7. Program Exclusions • Borrowers who have a subordinate lien that is in foreclosure. 

• Borrowers with bankruptcies that have not been discharged 

or dismissed. 

• Dodd-Frank exclusion for having been convicted of a 

mortgage-related felony in the past ten years. 

8. Structure of Assistance The structure of assistance will be provided as an up-front, 

forgivable loan to eligible borrowers for up to $50,000.00. The 

note evidencing this mortgage loan will carry the following 

terms: 

• Zero-percent (0%) interest, zero-payment loan; 
B-4-3 

Doc#: US1:10909951v3 

• Five-year term with a pro rata 20% forgiveness of the 

original mortgage loan amount on each annual anniversary 

date. The note will be forgiven on the fifth (5th) anniversary 

date providing the borrower has satisfied all terms of the 

loan. Exception: for GNMA-secured loans, if the borrower 

fails to refinance the loan within 180 days from the date that 

the principal reduction payment is made on their behalf, then 

the loan will only be forgiven 100% at the end of the fifth 

year (no incremental forgiveness). 

If a property is sold on or before the end of the five-year term, 

the loan is “due on sale” and any net proceeds are due to satisfy 

the amount of the loan that has not been forgiven. 

If there are insufficient or no net proceeds available, all or a 

portion of the note will be forgiven as not to create additional 

hardships on the borrower/seller at the time of closing. Any loan 

proceeds that are returned to the Program would be recycled 

back into the Program and used to provide assistance to 

additional homeowners for the duration of the Program in 

accordance with the Agreement. 

9. Per Household 

Assistance 

Up to $50,000.00 or the amount necessary to reduce the UPB on 

the first mortgage loan to 100% LTV, whichever is less. If the 

borrower has received HHF assistance under any other HHF 

program, the maximum amount of all assistance may not exceed 

$92,000. The minimum amount of assistance needed must equal 

or exceed $5,000. 

10. Duration of Assistance PR assistance will be disbursed in full to the borrower’s servicer 

upon loan closing and agreement of the servicer to accept the PR 

funds. 

11. Estimated Number of 

Participating 

Households 

It is anticipated that the PR Program will assist approximately 

7,000 borrowers. 

12. Program 

Inception/Duration 

The PR Program will begin in August 2013 and it is projected 

that assistance will be committed through December 31, 2020. 

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

The PR Program will most likely not interact with Florida’s 

other current HHF programs. If the borrower has received HHF 

assistance under any other HHF Program, the maximum amount 

of all assistance may not exceed $92,000. 

14. Program Interactions None. 
B-4-4 

Doc#: US1:10909951v3 

with HAMP 

15. Program Leverage 

with Other Financial 

Resources 

Servicers will be required to recast a borrower’s first mortgage 

loan, except if the loan is in a GNMA security (i.e. FHA, VA or 

USDA-RD loans). Borrowers with GNMA-secured loans will be 

required to execute a streamline (or equivalent) refinance to 

receive the benefit of incremental forgiveness of the HHF loan. 

Both the recast and the refinance will result in a lower monthly 

mortgage payment for the borrower. 
B-5-1 

Doc#: US1:10909951v3 

SERVICE SCHEDULE B-5 

Florida Hardest Hit Fund 

Elderly Mortgage Assistance Program (Elmore) 

Summary Guidelines 

1. Program Overview The Elderly Mortgage Assistance Program (“Elmore”) is 

designed to assist senior homeowners in Florida who are facing 

foreclosure due to the inability to pay their property taxes, 

homeowners’ insurance and homeowners’ and/or condo 

association dues (“Property Charges”) now that the senior 

homeowners have been paid all the equity that they were due 

under the terms of their Home Equity Conversion Mortgage 

(HECM), as well as other types of “Reverse Mortgages”. 

The Florida Housing Finance Corporation (“Florida Housing”) 

will use HHF funds to provide an up-front, forgivable loan to 

eligible borrowers to be used to (i) repay the amounts advanced 

on their behalf by their mortgage loan servicer, including 

Property Charges and (ii) pay the anticipated amount of 

upcoming Property Charges for a set period of time or until they 

recover from the hardship. 

2. Program Goals The goal of the Elmore Program is to help senior homeowners 

remain in their homes. 

3. Target 

Population/Areas 

Low-to-moderate income senior Reverse Mortgage borrowers 

who have suffered a hardship that has resulted in the inability to 

repay the amounts advanced on their behalf by their mortgage 

loan servicer for the payment of Property Charges. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$40,000,000.00 

5. Borrower Eligibility 

Criteria 

Eligible borrowers under Elmore must meet the following 

criteria: 

• Must be a legal U.S. Citizen or lawful permanent resident. 

• Must document adjusted borrower(s) income that does not 

exceed 140% Area Median Income (“AMI”). 

• Must have suffered a hardship that has resulted in the 

inability to repay the amounts advanced on their behalf by 

their mortgage loan servicer for the payment of Property 
B-5-2 

Doc#: US1:10909951v3 

Charges. Such hardships may include: 

○ Medical expenses; 

○ Home repairs for systems or appliances or due to a 

natural disaster (fire, hurricane, etc.); 

○ Reduction in household income; 

○ Unemployment or underemployment; 

○ Divorce; 

○ Disability and the resulting expenses for specialized 

equipment, care or retrofitting for the home; and 

○ Victimization by burglary, fraud or financial 

exploitation. 

• Must show a reasonable likelihood of recovering from the 

hardship so as to afford the Property Charges on an ongoing 

basis using methods of analysis specified in the program 

guidelines. 

6. Property/Loan 

Eligibility Criteria 

• Property must be the borrower’s principal residence, located 

in Florida and may not be abandoned, vacant or condemned. 

• The property must be currently subject to a reverse mortgage. 

• The borrower’s Reverse Mortgage must be serviced by a 

HUD-approved HECM servicer or a regulated financial 

institution. 

7. Program Exclusions • Borrowers who have a subordinate lien that is in foreclosure. 

• Borrowers with bankruptcies that have not been discharged 

or dismissed. 

• Dodd-Frank exclusion for having been convicted of a 

mortgage-related felony in the past ten years. 

8. Structure of Assistance The structure of assistance will be provided as an up-front, 

forgivable loan to eligible borrowers for up to $50,000 

depending upon individual circumstances. The note evidencing 

the subordinate mortgage loan will carry the following terms: 

• Zero-percent (0%) interest, zero-payment loan; 
B-5-3 

Doc#: US1:10909951v3 

• Two-year term with a pro rata 50% forgiveness of the 

original mortgage loan amount on each annual anniversary 

date. The note will be forgiven on the second (2nd) 

anniversary date providing the borrower has satisfied all 

terms of the loan. 

If a property is sold on or before the end of the two-year term, 

the loan is “due on sale” and any net proceeds are due to satisfy 

the amount of the loan that has not been forgiven. 

If there are insufficient or no net proceeds available, all or a 

portion of the note will be forgiven so as not to create additional 

hardships on the borrower/seller at the time of closing. Any loan 

proceeds that are returned to the Program would be recycled 

back into the Program and used to provide assistance to 

additional homeowners for the duration of the Program in 

accordance with the Agreement. 

9. Per Household 

Assistance 

The lesser of $50,000 or the amount necessary to (i) repay the 

amounts advanced on the borrower’s behalf by its mortgage loan 

servicer, including Property Charges and (ii) pay anticipated 

Property Charges for up to twelve (12) months or until recovery 

from the hardship. If the borrower has received HHF assistance 

under any other HHF program, the maximum amount of all 

assistance may not exceed $92,000. 

10. Duration of Assistance Assistance will be disbursed in full to the borrower’s servicer 

upon loan closing and agreement of the servicer to accept the 

HHF funds. 

11. Estimated Number of 

Participating 

Households 

It is anticipated that the Elmore Program will assist 

Approximately 2,200 senior borrowers in Florida who are 

delinquent under the terms of their reverse mortgage. 

12. Program 

Inception/Duration 

The Elmore Program will begin in October 2013 and it is 

projected that assistance will be committed through December 

31, 2020. 

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

The Elmore Program will most likely not interact with Florida’s 

other current HHF programs. Elmore does interact with the U.S. 

Department of Housing and Urban Development’s (HUD) Home 

Equity Conversion Mortgage (HECM) Program and will provide 

funding to eligible Non- Borrowing Spouses as detailed in HUD 

Mortgagee Letter 2014-07 and any subsequent Mortgagee 

Letters or amendments 
B-5-4 

Doc#: US1:10909951v3 

14. Program Interactions 

with HAMP 

None. 

15. Program Leverage 

with Other Financial 

Resources 

FHFC is partnering with the Florida Department of Elder 

Affairs, local Area Agencies on Aging, Fannie Mae, the National 

Council on Aging, and others to coordinate the reinstatement that 

is being done through the Elmore Program with other available 

resources. Specifically, senior homeowners will be screened for 

eligibility for other assistance, such as assistance with the costs 

of food and medicine, to free up income that may be used 

towards future property tax and homeowners’ insurance bills. 

This “benefits check-up” will show whether there is a reasonable 

likelihood that the senior homeowners will be able to afford their 

Property Charges on an ongoing basis. 
B-6-1 

Doc#: US1:10909951v3 

SERVICE SCHEDULE B-6 

Florida Hardest Hit Fund 

Down Payment Assistance Program 

Summary Guidelines 

1. Program Overview The Down Payment Assistance (“DPA”) Program will 

provide an incentive to qualified homebuyers to 

purchase a primary residence in targeted areas in 

Florida. Providing incentives to qualified homebuyers 

in housing markets that have been hardest hit by serious 

delinquency, negative equity, distressed sales, and 

foreclosures will strengthen demand in those areas, 

stabilize housing prices and prevent future foreclosures. 

This Program will initially be offered as a pilot that 

includes five Florida counties. 

2. Program Goals The goal of the DPA Program is to help homeowners 

avoid foreclosure by assisting in the stabilization of 

housing prices in targeted areas. 

Florida will identify meaningful indicators that will 

enable them to track and quantify the DPA Program’s 

impact in the targeted areas. 

3. Target Population/Areas Targeted areas will be identified in the DPA Program 

Guide and consist of the following counties: Duval, 

Hillsborough, Orange, Brevard, Volusia, Clay, Osceola, 

Pinellas, Polk, St. Lucie and Pasco (“Targeted Area”). 

For the Targeted Area, Florida Housing evaluated five 

housing market distress indicators across all sixty-seven 

Florida counties— seriously delinquent mortgage loans, 

negative equity, short sales, REO sales, and 

foreclosures—as well as loan origination volume. 

Targeted counties exceed the statewide rate in at least 

four out of the five distressed housing market 

indicators, and a minimum threshold origination volume 

was achieved in these counties. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$188,436,884 

5. Borrower Eligibility 

Criteria

Eligible borrowers must qualify for and meet all 

requirements of a Florida HFA Homebuyer Loan 

Program first mortgage loan originated through a 
B-6-2 

Doc#: US1:10909951v3 

participating lender. Allowable first mortgage loans are 

30-year, fixed-rate loans from the Federal Housing 

Administration (FHA), Veterans Administration (VA), 

U.S. Department of Agriculture – Rural Development 

(RD), Fannie Mae and Freddie Mac. Eligible borrowers 

must also meet the following criteria: 

• Must meet income limits that do not exceed 140% 

of the Area Median Income (“AMI”), as specified in 

the DPA Program Guide. 

• Borrowers must be First-Time Homebuyers. For 

purposes of the DPA Program, a First-Time 

Homebuyer is someone who has not had an 

ownership interest in their primary residence in the 

past three years, unless qualifying under a Veteran’s 

Exception or purchasing a home in a Federally 

Designated Targeted Area as specified in the DPA 

Program Guide. 

• First-Time Homebuyers, unless qualifying under a 

Veteran's Exception or those who are exempt by 

purchasing a home in a Federally Designated 

Targeted Area as specified in the DPA Program 

Guide, must complete a DPA Program-approved 

pre-purchase homebuyer education course. 

• Borrowers must be a legal U.S. citizen or lawful 

permanent resident or otherwise meet the applicable 

Agency (FHA, VA, USDA-RD) or GSE (Fannie 

Mae or Freddie Mac) requirements. 

• Borrowers must be able to provide a Dodd-Frank 

affidavit as specified in the DPA Program Guide. 

• Borrowers must be credit-worthy and meet 

minimum FICO scores and maximum debt-toincome (DTI) ratios as specified in the DPA 

Program Guide. 

6. Property/Loan Eligibility 

Criteria

• The property must be a single-family home, a 

condominium unit, a townhome, a manufactured or 

mobile home on foundation permanently affixed to 

real estate owned by the borrower, or a two-four 

family dwelling unit of which one unit is to be 

occupied by the mortgagor as his or her principal 
B-6-3 

Doc#: US1:10909951v3 

residence. 

• Must be the borrower’s primary residence. 

• Property must be located in a Targeted Area. 

• Property must meet Florida HFA Homebuyer Loan 

Program purchase price limits as specified in the 

DPA Program Guide. 

• Meet all applicable Agency (FHA, VA, USDA-RD) 

or GSE (Fannie Mae & Freddie Mac) underwriting 

guidelines. 

7. Program Exclusions • Borrowers, properties and loans not meeting DPA 

Program eligibility requirements as specified in the 

DPA Program Guide or Agency/GSE underwriting 

criteria. 

• Dodd-Frank exclusion for having been convicted of 

a mortgage-related felony in the past ten years. 

8. Structure of Assistance Down payment assistance, including reasonable and 

customary closing costs, will be made available to 

homeowners in the form of a zero-percent (0%) interest, 

non-recourse, forgivable second mortgage loan with a 

five-year term. This loan will be evidenced by a note 

and mortgage in favor of Florida Housing. The second 

mortgage will be forgivable at the rate of 20% per year 

over the five year term of the loan. Florida Housing 

reserves the right to resubordinate the second mortgage 

as further detailed in the DPA Program Guide. 

If the borrower sells the home during any part of the 

loan term, the remaining principal balance will be due 

to Florida Housing in the event there are sufficient 

equity proceeds from the sale. If there is not enough 

equity in the home to repay the entire amount due, 

Florida Housing will forgive the excess portion or all of 

the remaining principal balance. Any loans repaid will 

be recycled back into the Program and used to provide 

assistance to additional homeowners for the duration of 

the Program in accordance with the Agreement. 

9. Per Household 

Assistance 

$15,000 
B-6-4 

Doc#: US1:10909951v3 

10. Duration of Assistance DPA Program funds will be used to reimburse 

participating lenders who table fund the loan at closing 

once it is determined that all DPA Program 

requirements have been met. 

11. Estimated Number of 

Participating Households 

It is anticipated that the DPA Program will assist 

approximately 12,000 borrowers. 

12. Program 

Inception/Duration 

The DPA Program will begin in 2015 and it is projected 

that assistance will be committed through 2020. 

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

The DPA Program will take advantage of an existing 

infrastructure of participating lenders who are already 

actively originating both first mortgage and down 

payment assistance loans as part of Florida’s current 

HFA Homebuyer Loan Programs. If the borrower has 

received HHF assistance under any other HHF program, 

the maximum amount of all assistance may not exceed 

$92,000. 

14. Program Interactions 

with HAMP 

None. 

15. Program Leverage with 

Other Financial 

Resources 

Florida HFA Homebuyer Loan Programs often use taxexempt bonds as a source of funding for the 

accompanying first mortgage loans. In addition, funds 

may be leveraged by our lenders using additional 

subsidy programs such as State Housing Initiative 

Partnership (SHIP) Funds, Federal Home Loan Bank 

down payment assistance, Neighborhood Stabilization 

Program (NSP) Funds or HOME funds. 
C-1 

Doc#: US1:10909951v3 

SCHEDULE C 

PERMITTED EXPENSES 

Florida 

One-time / Start-Up Expenses: 

Initial Personnel $0.00

Building, Equipment, Technology $1,600.00

Professional Services $19,782.00

Supplies / Miscellaneous $212.00

Marketing /Communications $15,365.00

Travel $18,075.00

Website development /Translation $141,370.00

Contingency $0.00

Subtotal $196,404.00

Operating / Administrative Expenses: 

Salaries $32,560,000.00

Professional Services (Legal, Compliance, Audit, Monitoring) $3,770,000.00

Travel $925,000.00

Buildings, Leases & Equipment $2,110,000.00

Information Technology & Communications $13,810,000.00

Office Supplies/Postage and Delivery/Subscriptions $895,000.00

Risk Management/ Insurance $450,000.00

Training $1,445,000.00

Marketing/PR $1,505,000.00

Miscellaneous $2,000,000.00

Subtotal $59,470,000.00

Transaction Related Expenses: 

Recording Fees $4,375,000.00

Wire Transfer Fees $280,000.00

Counseling Expenses 

File Intake $0.00

Decision Costs $36,720,000.00

Successful File $5,410,000.00

Key Business Partners On-Going $18,440,000.00

Subtotal $65,225,000.00

Grand Total $124,891,404.00

% of Total Award 11.00%

Award Amount $1,135,735,674