Fourteenth Amendment to HPA — Florida 

Doc#: US1:10791999v1 

FOURTEENTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Fourteenth 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 Fourteenth 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 
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Doc#: US1:10791999v1 

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

Amendment. 

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. 
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Doc#: US1:10791999v1 

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. 

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 Fourteenth Amendment to HPA — Florida] 

 

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 

 
Doc#: US1:10791999v1 

EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses 
A-1 

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. 

 

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

 

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 

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 

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. 
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 

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 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 sixtyseven counties. 
B-1-2 

4. Program Allocation

(Excluding 

Administrative

Expenses)

$274,509,247

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 coborrower 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. 

• 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. 
B-1-3 

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. 

• Condominium units where financial reporting for the

condominium association, pursuant to s. 718.111(13), F.S., 

for the most recent two years are not provided by the 

applicant. 

8. Structure of 

Assistance

HHF funds under UMAP 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. 
B-1-4 

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 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 25,000 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. 
B-1-5 

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. 
B-2-1 

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)

$202,898,139

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 

underemployed”. Alternatively, an applicant who is able to 
B-2-2 

 

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 
B-2-3 

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. 

• Condominium units where financial reporting for the

condominium association, pursuant to s. 718.111(13), F.S., 

for the most recent two years are not provided by the 

applicant. 

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. 
B-2-4 

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. 

11. Estimated Number of

Participating 

Households

Florida Housing anticipates that this strategy will be able to serve

approximately 25,000 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. 
B-2-5 

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. 
B-3-1 

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: 
B-3-2 

• 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)

$35,000,000.00

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 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 
B-3-3 

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 owneroccupied 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

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: 
B-3-4 

• 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. $48,000 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 925

borrowers in avoiding imminent foreclosures. 

12. Program

Inception/Duration

This Program component will begin in May 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)

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 
B-3-5 

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 

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)

$350,000,000.00

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”). 

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

first mortgage loan that does not exceed $350,000. 
B-4-2 

• Must have a Loan-to-Value (“LTV”) ratio on their first

mortgage loan 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; 

• 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) 
B-4-3 

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

10,000 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

with HAMP

None.

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 
B-4-4 

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 

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 
B-5-2 

by their mortgage loan servicer for the payment of

Property Charges. Such hardships may include: 

o Medical expenses; 

o Home repairs for systems or appliances or due

to a natural disaster (fire, hurricane, etc.); 

o Reduction in household income; 

o Unemployment or underemployment; 

o Divorce; 

o Disability and the resulting expenses for 

specialized equipment, care or retrofitting for 

the home; and 

o 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: 
B-5-3 

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

• 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 2,000 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 NonBorrowing Spouses as detailed in HUD Mortgagee Letter 

2014-07 and any subsequent Mortgagee Letters or 

amendments 
B-5-4 

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 

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)

$108,436,884

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 participating lender. Allowable first

mortgage loans are 30-year, fixed-rate loans from the Federal 
B-6-2 

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-to-income (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 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 
B-6-3 

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 

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 7,230 borrowers. 
B-6-4 

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 tax-exempt

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 

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