Tenth Amendment to HPA — Ohio

Doc#: US1:9232848v1

TENTH AMENDMENT TO

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT

and

HFA PARTICIPATION AGREEMENT

This Tenth Amendment to Commitment to Purchase Financial Instrument and HFA Participation 

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

attached hereto as the Tenth 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, as previously amended by that certain First Amendment to Commitment to 

Purchase Financial Instrument and HFA Participation Agreement (the “First Amendment”), as 

further amended by that certain Second Amendment to Commitment to Purchase Financial 

Instrument and HFA Participation Agreement (the “Second Amendment”), as further amended 

by that certain Third Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the “Third Amendment”), as further amended by that certain Fourth 

Amendment to Commitment to Purchase Financial Instrument and HFA Participation Agreement 

(the “Fourth Amendment”), as further amended by that certain Fifth Amendment to Commitment 

to Purchase Financial Instrument and HFA Participation Agreement (the “Fifth Amendment”), 

and as further amended by that certain Sixth Amendment to Commitment to Purchase Financial 

Instrument and HFA Participation Agreement (the “Sixth Amendment)”, and as further amended 

by that certain Seventh Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the “Seventh Amendment”), and as further amended by that certain 

Eighth Amendment to Commitment to Purchase Financial Instrument and HFA Participation 

Agreement (the “Eighth Amendment”), and as further amended by that certain Ninth 

Amendment to Commitment to Purchase Financial Instrument and HFA Participation Agreement 

(the “Ninth Amendment”; and together with the Original HPA as amended thereby and by the 

First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth 

Amendment, Sixth Amendment, Seventh Amendment, and Eighth Amendment, the “Current 

HPA”), dated as of their respective dates as set forth on Schedule A attached hereto, 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 (P.L. 110-343), as 

amended, 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;
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WHEREAS, HFA, Eligible Entity and Treasury wish to enter into this Tenth 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 Tenth 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 

Tenth Amendment. All references herein to the “HPA” shall mean the Current HPA, as 

further amended by this Tenth 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 Tenth 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 Tenth 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 Tenth 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 Tenth Amendment and any other closing documentation delivered to 
- 3 -

Treasury in connection with this Tenth 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 

Tenth Amendment and any other closing documentation delivered to Treasury in 

connection with this Tenth Amendment, and to perform its obligations hereunder and 

thereunder.

3. Miscellaneous

A. The recitals set forth at the beginning of this Tenth 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.

D. This Tenth 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 Tenth Amendment shall be treated as originals for all purposes.

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE

INTENTIONALLY LEFT BLANK]
[Signature Page to Tenth Amendment to HPA — Ohio]

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

hereby execute and deliver this Tenth Amendment to Commitment to Purchase Financial 

Instrument and HFA Participation Agreement as of the Amendment Date.

HFA: TREASURY:

OHIO HOUSING FINANCE AGENCY UNITED STATES DEPARTMENT OF THE 

TREASURY

By: /s/ Douglas A. Garver By:

Name: Douglas A. Garver Name: Timothy J. Bowler

Title: Executive Director Title: Acting Assistant Secretary for 

Financial Stability

ELIGIBLE ENTITY:

OHIO HOMEOWNER ASSISTANCE LLC

By: Ohio Capital Corporation for Housing, Its 

Sole Member

By: /s/ Harold D. Keller

Name: Harold D. Keller

Title: President
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: Ohio Homeowner Assistance LLC

Corporate or other organizational form: Ohio limited liability company

Jurisdiction of organization: Ohio

Notice Information:

HFA Information:

Name of HFA: Ohio Housing Finance Agency

Organizational form: An agency under the laws of the State of 

Ohio

Date of Application: June 1, 2010

Date of Action Plan: September 1, 2010

Notice Information:

Program Participation Cap: $570,395,099.00

Portion of Program Participation Cap

Representing Original HHF Funds: $172,000,000.00

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: $148,728,864.00

Permitted Expenses: $56,415,099.00

Closing Date: August 3, 2010

First Amendment Date: September 23, 2010

Second Amendment Date: September 29, 2010

Third Amendment Date: December 16, 2010
A-2

Fourth Amendment Date: March 31, 2011

Fifth Amendment Date: December 8, 2011

Sixth Amendment Date: December 14, 2012 

Seventh Amendment Date: March 22, 2013 

Eighth Amendment Date: August 28, 2013

Ninth Amendment Date: December 12, 2013

Tenth Amendment Date: February 27, 2014

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.
B-3

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-4

SERVICE SCHEDULE B-1

Ohio Housing Finance Agency (OHFA)

Rescue Payment Assistance Program

Summary Guidelines

1. Program Overview The Rescue Payment Assistance (RPA) program, part of Ohio’s Hardest Hit Fund (HHF), 

provides up to $25,000 to lenders/servicers on behalf of eligible homeowners to bring current 

delinquent mortgage payments, escrow shortages and corporate advances to third parties. 

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is 

developed by a housing counselor. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of RPA is to prevent avoidable foreclosure and stabilize neighborhoods by helping 

delinquent homeowners who have experienced a qualifying hardship to achieve sustainable 

homeownership.

3. Target Population/ 

Areas 

The RPA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$183,914,000.00

5. Borrower 

Eligibility Criteria 

The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of the area median for a 

5-person family from the county with the highest area median in Ohio; 

• Hardship, as identified by a hardship affidavit, which occurred on or after January 1, 

2007, due to involuntary loss or reduction in income or significant medical expenses; and 

• Monthly mortgage payment (PITIA) must be 38 percent or less of gross monthly 

income—or, if also applying for assistance on a subordinate lien through the 

Homeownership Retention Assistance program (HRA), combined monthly mortgage 

payment must be 48 percent or less of gross monthly income—or homeowner must 

qualify to receive at least six months of assistance under the Mortgage Payment 

Assistance program (MPA).

6. Property/Loan 

Eligibility Criteria 

Properties must be one- to four-unit, owner-occupied primary residences located in Ohio, 

including condominium units. Manufactured homes are eligible only if titled as real estate. 

Land Contracts are not eligible. 

The first mortgage debt on the property must be less than the highest FHA maximum loan 

amount among all Ohio counties. 

7. Program Exclusions The following are excluded from participating in this amendment to the RPA program:

• Homeowners participating in a trial modification; 

• Homeowners in active bankruptcy; and

• Homeowners whose applications were submitted to OHFA’s underwriting team prior to 

February 1, 2013, except for those who were declined; these previously submitted 

homeowners may continue to receive assistance under Amendment Five to the HPA. 
B-5

8. Structure of 

Assistance 

Assistance will take the form of a non-recourse, non-amortizing, zero-percent interest, fiveyear loan secured by the property and repayable only from equity proceeds of a refinance or 

sale. The loan will be recorded as a subordinate lien. 

Twenty percent of the loan balance will be forgiven each year on the anniversary of the 

closing, and any remaining balance will be forgiven on December 31, 2017. 

9. Per Household 

Assistance 

Maximum program amount available per household: $25,000 

Estimated average assistance provided per household: $8,750

10. Duration of 

Assistance 

RPA is provided in a lump sum payment to the homeowner’s lender/servicer.

11. Estimated Number 

of Participating 

Households 

It is expected that the RPA program will assist 21,000 households. 

12. Program Inception/ 

Duration 

The RPA program began September 27, 2010. The program is expected to continue until 

December 31, 2017 or when available funds are exhausted.

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household; however, the maximum program amount 

a homeowner may receive under RPA shall not exceed $25,000. 

14. Program 

Interactions with 

HAMP 

Homeowners participating in a trial HAMP modification are not eligible.

15. Program Leverage 

with Other 

Financial Resources 

OHFA strongly encourages lenders/servicers to waive late fees or any other expenses that are 

not paid to a third party. 

16. Qualify as an 

Unemployment 

Program 

 Yes  No
B-6

SERVICE SCHEDULE B-2

Ohio Housing Finance Agency (OHFA)

Mortgage Payment Assistance Program

Summary Guidelines

1. Program Overview The Mortgage Payment Assistance (MPA) program provides up to $25,000 to 

lenders/servicers on behalf of eligible unemployed and underemployed homeowners to make 

full mortgage payments to the lender servicer for up to eighteen (18) months or as long as the 

homeowner remains eligible for assistance. Homeowners will resume their regular payments 

at the end of the term approved in their Action Plan or three (3) months after achieving an 

affordable payment, whichever occurs first. 

Up to $22,000 of MPA assistance will be available to eligible homeowners at the time of 

closing. Should the homeowner’s monthly mortgage payment increase after closing, the 

homeowner may access additional assistance up to the maximum program amount of $25,000.

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is

developed by a housing counselor. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of MPA is to prevent avoidable foreclosure and stabilize neighborhoods by helping 

unemployed and underemployed homeowners make on-time, monthly payments on their 

mortgages. 

3. Target Population/ 

Areas 

The MPA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$186,000,000.00

5. Borrower Eligibility 

Criteria 

The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of the area median for a 

5-person family from the county with the highest area median in Ohio;

• Hardship, as identified by a hardship affidavit, which occurred on or after January 1, 

2007, due to involuntary loss or reduction in income; and

• Monthly mortgage payment must be 20 percent or more for homeowners who have 

received or exhausted unemployment benefits and 31 percent or more for all other 

eligible homeowners.

6. Property/Loan 

Eligibility Criteria 

Properties must be one- to four-unit, owner-occupied primary residences located in Ohio, 

including condominium units. Manufactured homes are eligible only if titled as real estate. 

Land Contracts are not eligible. 

The first mortgage debt on the property must be less than the highest FHA maximum loan 

amount among all Ohio counties. 

7. Program Exclusions The following are excluded from participating in this amendment to the MPA program:

• Homeowners participating in a trial modification; and

• Homeowners in active bankruptcy; and

• Homeowners whose applications were submitted to OHFA’s underwriting team prior to 

February 1, 2013, except for those who were declined; these previously submitted 
B-7

homeowners may continue to receive assistance under Amendment Five to the HPA.

8. Structure of 

Assistance 

Assistance will take the form of a non-recourse, non-amortizing, zero-percent interest, fiveyear loan secured by the property and repayable only from equity proceeds of a refinance or 

sale. The loan will be recorded as a subordinate lien. 

Twenty percent of the loan balance will be forgiven each year on the anniversary of the 

closing, and any remaining balance will be forgiven on December 31, 2017. 

9. Per Household 

Assistance 

Maximum program amount available per household: $22,000 at closing, $25,000 over term of 

assistance

Estimated average assistance provided per household: $12,000

10. Duration of 

Assistance 

The maximum duration of MPA is eighteen (18) months. 

Homeowners who become reemployed after receiving approval from Ohio’s HHF program 

underwriters, but before closing on their loan for assistance and whose mortgage payment is 

affordable as defined by Ohio’s HHF guidelines, may receive up to three months of MPA.

11. Estimated Number 

of Participating 

Households 

It is expected that the MPA program will assist 15,500 households.

12. Program Inception/ 

Duration 

The MPA program began January 1, 2012, and is expected to continue until December 31, 

2017 or when available funds are exhausted.

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household; however, the maximum program amount 

a homeowner may receive under MPA shall not exceed $25,000.

14. Program 

Interactions with 

HAMP 

Homeowners participating in a trial HAMP modification are not eligible.

MPA may come before or after the Home Affordable Unemployment Program (UP) 

forbearance. 

15. Program Leverage 

with Other 

Financial Resources 

OHFA strongly encourages the lenders/servicers to waive late fees or any other expenses that 

are not paid to a third party. 

16. Qualify as an 

Unemployment 

Program 

 Yes  No
B-8

SERVICE SCHEDULE B-3

Ohio Housing Finance Agency (OHFA)

Modification with Contribution Assistance Program

Summary Guidelines

1. Program Overview The Modification with Contribution Assistance (MCA) program provides up to $35,000 to 

lenders/servicers on behalf of homeowners to facilitate a permanent affordable loan 

modification. 

Allowable uses of the funds include:

• Delinquent mortgage payments; 

• Principal & interest;

• Other property related ancillary expenses (property taxes, homeowner’s insurance, and 

association dues);

• Late fees; 

• Inspection fees, attorney fees, and other third party fees; 

• Escrow shortages and advances; and

• Principal reduction.

The modification achieved with MCA must result in a more affordable monthly payment, but 

that payment may not be less than 20 percent of the household gross monthly income. If the 

household gross income is equal to or less than $20,000 per year, however, the modification 

achieved with MCA may result in a more affordable monthly payment that is less than 20 

percent of gross household income. 

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is 

developed by a housing counselor, except for HAMP-eligible modifications referred to OHFA 

by a participating lender/servicer. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of MCA is to prevent avoidable foreclosure and stabilize neighborhoods by helping 

homeowners who have experienced a qualifying hardship to achieve more affordable 

mortgage payments long term.

3. Target Population/ 

Areas 

The MCA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$34,450,000.00

5. Borrower Eligibility 

Criteria 

The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of the area median for a 

5-person family from the county with the highest area median in Ohio; and 

• Hardship, as identified by a hardship affidavit, which occurred on or after January 1, 

2007, due to involuntary loss or reduction in income or significant medical expenses; and

• Mortgage payment 20 percent or greater than household gross monthly income, unless the 

household gross income is equal to or less than $20,000 per year.
B-9

6. Property/Loan 

Eligibility Criteria 

Properties must be one- to four-unit owner-occupied primary residences located in Ohio, 

including condominium units. Manufactured homes are eligible only if titled as real estate. 

Land contracts are not eligible.

The first mortgage debt on the property must be less than the highest FHA maximum loan 

amount among all Ohio counties. 

7. Program 

Exclusions 

The following are excluded from participating in this amendment to the MCA program:

• Homeowners participating in a trial HAMP modification; and

• Homeowners in active bankruptcy; 

• Homeowners whose applications were submitted to OHFA’s underwriting team prior to 

February 1, 2013, except for those who were declined; these previously submitted 

homeowners may continue to receive assistance under Amendment Five to the HPA; and

• Homeowners whose monthly mortgage payment would be less than 20 percent of 

household gross income, except those homeowners whose household gross income is 

$20,000 or less per year.

8. Structure of 

Assistance 

Unless MCA assistance is matched by an equal contribution by the lender/servicer, assistance 

will take the form of a non-recourse, non-amortizing, zero-percent interest, five-year loan 

secured by the property and repayable only from equity proceeds of a refinance or sale. The 

loan will be recorded as a subordinate lien. 

Twenty percent of the loan balance will be forgiven each year on the anniversary of the 

closing, and any remaining balance will be forgiven on December 31, 2017. 

9. Per Household 

Assistance 

Maximum program amount available per household: $35,000.

Estimated average assistance provided per household: $26,500

10. Duration of 

Assistance 

MCA is provided in a lump sum payment to the homeowner’s lender/servicer.

11. Estimated Number 

of Participating 

Households 

It is expected that the MCA program will assist 1,300 households. 

12. Program Inception/ 

Duration 

The MCA program began January 1, 2012, and is expected to continue until December 31, 

2017 or when available funds are exhausted.

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household.

14. Program 

Interactions with 

HAMP 

Homeowners participating in a trial HAMP modification are not eligible.

This program may be used to help a homeowner obtain a Home Affordable Modification 

Program (HAMP) modification. 

15. Program Leverage 

with Other 

Financial Resources 

OHFA strongly encourages the lenders/servicers to waive late fees or any other expenses that 

are not paid to a third party. 

16. Qualify as an  Yes  No 
B-10

Unemployment 

Program 
B-11

SERVICE SCHEDULE B-4

Ohio Housing Finance Agency (OHFA)

Lien Elimination Assistance

Summary Guidelines

1. Program Overview The Lien Elimination Assistance (LEA) program provides up to $25,000 to one or more 

lenders/servicers on behalf of eligible homeowners to extinguish a homeowner’s mortgage 

lien(s).

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is 

developed by a housing counselor. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of LEA is to prevent avoidable foreclosure and stabilize neighborhoods by helping 

homeowners who have experienced a qualifying hardship to achieve a long-term, permanent, 

and affordable housing solution.

3. Target Population/ 

Areas

The LEA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$23,000,000.00

5. Borrower Eligibility 

Criteria

The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of the area median for a 

5-person family from the county with the highest area median in Ohio; and

• Hardship, as identified by a hardship affidavit, which occurred on or after January 1, 

2007, due to involuntary loss or reduction in income or significant medical expenses.

6. Property/Loan 

Eligibility Criteria

Properties must be one- to four-unit, owner-occupied primary residences located in Ohio, 

including condominium units. Manufactured homes are eligible only if titled as real estate. 

Land contracts are not eligible.

The first mortgage debt on the property must be less than the highest FHA maximum loan 

amount among all Ohio counties. 

7. Program Exclusions The following are excluded from participating in this amendment to the LEA program:

• Homeowners in active bankruptcy; and

• Homeowners whose applications were submitted to OHFA’s underwriting team prior to 

February 1, 2013, except for those who were declined; these previously submitted 

homeowners may continue to receive assistance under Amendment Five to the HPA.
B-12

8. Structure of 

Assistance

Assistance will take the form of a non-recourse, non-amortizing, zero-percent interest, fiveyear loan secured by the property and repayable only from equity proceeds of a refinance or 

sale. The loan will be recorded as a subordinate lien. 

Twenty percent of the loan balance will be forgiven each year on the anniversary of the 

closing, and any remaining balance will be forgiven on December 31, 2017. 

9. Per Household 

Assistance

Maximum program amount available per household: $25,000

Estimated average assistance provided per household: $20,000

10. Duration of 

Assistance

LEA is provided in a lump sum payment to the homeowner’s lender/servicer.

11. Estimated Number 

of Participating 

Households

It is expected that the LEA program will assist 1,150 households.

12. Program Inception/ 

Duration

The program began January 1, 2012, and is expected to continue until December 31, 2017 or 

when available funds are exhausted.

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household; however, the maximum program amount 

a homeowner may receive under LEA shall not exceed $25,000.

14. Program 

Interactions with 

HAMP 

Homeowners participating in a trial HAMP modification are not eligible.

15. Program Leverage 

with Other 

Financial Resources 

Lenders/servicers must agree to fully extinguish the lien(s) and release homeowners from 

future obligations or judgments as part of the process of approving a homeowner for the LEA 

program.

16. Qualify as an 

Unemployment 

Program 

 Yes  No 
B-13

SERVICE SCHEDULE B-5

Ohio Housing Finance Agency (OHFA)

Transition Assistance Program

Summary Guidelines

1. Program Overview The Transition Assistance (TA) program provides up to:

• $5,000 to eligible homeowners with unaffordable mortgage payments who obtain a short 

sale or deed-in-lieu of foreclosure from their lender/servicer and leave their home in 

saleable condition; and 

• $2,500 to lenders/servicers to extinguish and release subordinate liens as part of a short 

sale or deed-in-lieu of foreclosure agreement. 

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is 

developed by a housing counselor. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of TA is to prevent avoidable foreclosure and help stabilize neighborhoods by 

helping homeowners to achieve an orderly exit from their home.

3. Target Population/ 

Areas 

The TA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$316,000.00

5. Borrower Eligibility 

Criteria 

The homeowner must meet the following criteria:

• Current gross household income equal to or less than 125 percent of the area median for a 

5-person family from the county with the highest area median in Ohio; and 

• Hardship, as identified by a hardship affidavit, which occurred on or after January 1, 

2007, due to involuntary loss or reduction in income, significant medical expenses; or 

homeowners who must relocate for employment and meets the requirements of IRS 

Publication 521 which states “the new main job is at least 50 miles farther from former 

residence than old main job.” The new residence must be located in the United States of 

America, except for active duty military personnel.

6. Property/Loan 

Eligibility Criteria 

Properties must be one- to-four unit, primary residences, as defined in Ohio’s HHF 

guidelines, located in Ohio, including condominium units. Manufactured homes are eligible 

only if titled as real estate. Land contracts are not eligible.

7. Program Exclusions The following are excluded from participating in TA:

• Homeowners whose net proceeds from the sale of the home are sufficient to pay off the 

mortgage balance; and

• Homeowners in active bankruptcy.

8. Structure of 

Assistance 

Assistance is provided in the form of a one-time payment to the borrower and incentives to 

the second lien holder(s) consisting of: 

• A $5,000 payment to the borrower by Ohio Homeowner Assistance LLC (OHA); and 

• A maximum of $2,500 to subordinate lienholder(s) who agree to extinguish fully any 

subordinate lien(s).
B-14

9. Per Household 

Assistance 

Maximum program amount available per household: $7,500 

Estimated average assistance provided per homeowner: $5,000

10. Duration of 

Assistance 

TA is provided in a lump sum payment to the homeowner, and, if applicable, the 

homeowner’s lender/servicer and any secondary lienholder(s). 

11. Estimated Number 

of Participating 

Households 

It is expected that the TA program will assist 63 households. 

12. Program Inception/ 

Duration 

The program began September 27, 2010, and is expected to continue until December 31, 2017 

or when available funds are exhausted.

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household; however, the maximum program amount 

a homeowner may receive for TA shall not exceed $7,500.

TA may not be combined with Homeowner Retention Assistance (HRA).

14. Program 

Interactions with 

HAMP 

HAFA may be combined with any element of the TA program.

15. Program Leverage 

with Other 

Financial Resources 

Lenders/servicers must agree to release homeowners from future obligations or judgments as 

part of the process of approving a short sale, cash for keys, or deed-in-lieu agreement. First 

and second mortgage holders must accept less than full payoff.

16. Qualify as an 

Unemployment 

Program 

 Yes  No 
B-15

SERVICE SCHEDULE B-6

Ohio Housing Finance Agency (OHFA)

Homeownership Retention Assistance

Summary Guidelines

1. Program Overview The Homeownership Retention Assistance (HRA) program provides up to $25,000 to 

lenders/servicers, taxing authorities, and associations, on behalf of eligible homeowners to 

extinguish or reinstate a homeowner’s subordinate mortgage lien(s) or cover ancillary 

property-related expenses as described below: 

Allowable uses of the funds include: 

• Property-related ancillary expenses (i.e., non-escrowed property taxes or homeowners or 

condominium association charges); and

• With respect to subordinate mortgage liens only:

• Delinquent mortgage payments;

• Principal & interest;

• Escrow shortages and advances;

• Late fees; 

• Inspection fees, attorney fees, and other third party fees; 

• Lien extinguishment; and

• Principal reduction.

Assistance is subject to OHFA’s approval of the homeowner’s Action Plan, which is 

developed by a housing counselor. Homeowners may receive assistance from one or more of 

Ohio’s HHF Programs, up to the total amount for which the homeowner qualifies.

2. Program Goals The goal of HRA is to prevent avoidable foreclosure and stabilize neighborhoods by helping 

homeowners who have experienced a qualifying hardship to achieve a long-term and 

affordable housing solution.

3. Target Population/ 

Areas

The HRA program is available to Ohioans who have experienced a qualifying hardship.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$11,300,000.00

5. Borrower Eligibility 

Criteria

• The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of the area median 

for a 5-person family from the county with the highest area median in Ohio; and

• Hardship, as identified by a hardship affidavit, as identified by a hardship affidavit,

which occurred on or after January 1, 2007, due to involuntary loss or reduction in 

income or significant medical expenses.

When HRA is used to reinstate delinquent property taxes or homeowners or condominium 

association charges, the homeowner also must meet the following criterion: 

• Monthly mortgage payment (PITIA) must be 38 percent or less of gross monthly 

income or homeowner must qualify to receive at least six months of assistance under 

the Mortgage Payment Assistance program (MPA).

When HRA is used to eliminate or reinstate a subordinate lien, the homeowner must also meet 
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the following criterion:

• Homeowner must be current or brought current with RPA on all liens with a higher 

position; and

• Combined monthly mortgage payment PITIA on first and any subordinate lien(s) for 

which the homeowner seeks assistance must be 48 percent or less of gross monthly 

income or homeowner must qualify to receive at least six months of assistance under 

the Mortgage Payment Assistance program (MPA).

6. Property/Loan 

Eligibility Criteria

Properties must be one- to-four unit, owner-occupied primary residences located in Ohio, 

including condominium units. Manufactured homes are eligible only if titled as real estate. 

Land contracts are not eligible. 

The first mortgage debt on the property must be less than the highest FHA maximum loan 

amount among all Ohio counties. 

7. Program Exclusions The following are excluded from participating in HRA:

• Homeowners participating in a trial modification on their subordinate lien;

• Homeowners in active bankruptcy; and

• Homeowners whose applications were submitted to OHFA’s underwriting team prior to 

February 1, 2013, except for those who were declined; these previously submitted 

homeowners may continue to receive assistance under Amendment Five to the HPA.

8. Structure of 

Assistance

Assistance will take the form of a non-recourse, non-amortizing, zero-percent interest, fiveyear loan secured by the property and repayable only from equity proceeds of a refinance or 

sale. The loan will be recorded as a subordinate lien. 

Twenty percent of the loan balance will be forgiven each year on the anniversary of the 

closing, and any remaining balance will be forgiven on December 31, 2017. 

9. Per Household 

Assistance

Maximum amount available per homeowner: $25,000

Estimated average assistance provided per homeowner: $6,500

10. Duration of 

Assistance

HRA is provided in a lump sum payment to the homeowner’s lender/servicer, taxing 

authority, and/or other entity. 

11. Estimated Number 

of Participating 

Households

It is expected that the HRA program will assist 1,738 households.

12. Program Inception/ 

Duration

This program will become effective on February 1, 2013 and is expected to continue until 

December 31, 2017 or when available funds are exhausted. 

13. Program 

Interactions with 

Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in two or more of Ohio’s HHF programs are subject to a 

maximum benefit amount of $35,000 per household; however, the maximum program amount 

a homeowner may receive under HRA shall not exceed $25,000. 

HRA may not be combined with TA.

14. Program 

Interactions with 

HAMP 

Homeowners participating in a trial HAMP modification on the subordinate lien are not 

eligible.

15. Program Leverage 

with Other 

OHFA strongly encourages lenders/servicers, taxing authorities, and other payees to waive 

late fees or any other expenses that are not paid to a third party. For subordinate lien 
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Financial Resources extinguishments Lenders/servicers must agree to release homeowners from future obligations 

or judgments as part of the process and fully extinguish the lien(s). 

16. Qualify as an 

Unemployment 

Program 

 Yes  No 
B-18

SERVICE SCHEDULE B-7

Ohio Housing Finance Agency (OHFA)

Homeowner Stabilization Assistance Program

Summary Guidelines

1. Program 

Overview 

Under the Homeowner Stabilization Assistance (HSA) program, HHF will 

be provided to eligible borrowers through qualified non-profit entities 

(“Investment Partners”) that leverage HHF with private capital to purchase 

delinquent mortgage loans at a discount through the U.S. Department of 

Housing and Urban Development (HUD) Federal Housing Agency (FHA) 

Distressed Asset Stabilization Program (DASP) Neighborhood 

Stabilization Outcome (NSO) sub-pool auction sales. Investment Partners 

must be eligible to participate as a qualified FHA DASP-NSO bidder in 

Ohio.

HHF will be used to leverage the purchase of loans within the FHA 

DASP-NSO offering, and will be applied to Program Eligible Outcomes.

2. Program Goals The Homeowner Stabilization Assistance (HSA) program aims to keep 

families in their homes or provide families with support for an orderly 

property disposition and transition to new housing, which will help stabilize 

neighborhoods and housing markets.

3. Target Population/ 

Areas 

The target population is owner occupants of properties that are included in 

an NSO loan pool under HUD’s DASP.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$15,000,000.00

5. Borrower Eligibility 

Criteria 

The homeowner must meet the following criteria: 

• Current gross household income equal to or less than 125 percent of 

the area median for a 5-person family from the county with the 

highest area median in Ohio; 

• Hardship due to involuntary loss or reduction in income, 

significant medical expenses, or unpaid mortgage balance 

significantly in excess of market value.

6. Property/Loan 

Eligibility Criteria 

Properties must be single family detached one or two-unit owner-occupied 

residences located in Ohio.

Must be first mortgage debt on the property and such debt must be less 

than the highest FHA maximum loan amount among all Ohio counties.
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7. Program Exclusions The following are excluded from participating in HSA:

• Homeowners who previously received assistance from Ohio’s HHF 

program, or

• Any properties purchased through the FHA DASP-NSO program that 

do not meet the criteria for homeowner eligibility or property eligibility

as described in sections 5 and 6 herein, or

• Any properties purchased through the FHA DASP-NSO program that 

result in a foreclosure, except when a foreclosure follows a program 

eligible outcome by an eligible homeowner with an eligible property.

8. Structure of 

Assistance 

OHFA will execute an agreement with the Investment Partner to provide 

HSA funds up to a maximum of $35,000 per eligible loan, acquired from 

FHA DASP-NSO at closing.

The Investment Partner will complete transfer of servicing and determine 

if the homeowner and property qualify for a Program Eligible Outcome 

within 180 days of (i) purchasing and servicing transfer of an eligible loan 

or (ii) investment with respect to a re-eligible loan. The Investment 

Partner will provide contact outreach with the homeowner for 12 months 

after commencement of a Program Eligible Outcome.

If, after acquiring the loans, Investment Partner determines a Program 

Exclusion applies, then the Investment Partner will deposit funds in an 

escrow account from which funds may be released only to purchase other 

loans (“Replacement Loans”) which satisfy a Program Eligible Outcome 

within 18 months, or to repay the HHF. If an eligible or re-eligible loan 

does not result in a Program Eligible Outcome within 18 months, the HHF 

funds shall be repaid to HHF, unless OHFA provides written approval to 

place the funds in escrow until another Replacement Loan is acquired.

When the Program Eligible Outcome is either a first Loan Modification or 

Lien Elimination, a portion of the assistance representing the difference 

between the current market value of the property and the permanently 

modified loan amount will take the form of a non-recourse, nonamortizing, zero-percent interest, five year loan secured by the property 

and repayable only from equity proceeds of a refinance or sale. The loan 

will be recorded as a first or subordinate lien. Twenty percent of the loan 

balance will be forgiven each year on the anniversary of the closing, and 

any remaining balance will be forgiven on December 31, 2017.

When the Program Eligible Outcome is a short sale or deed-in-lieu of 

foreclosure, the Investment Partner will repay HHF $1,000. If the amount 

of HHF funds used to purchase the note is greater than the total of the 

amount of principal forgiveness and transition assistance received by the 

homeowner plus the allowable cost of the transaction, the Investment 

Partner will deposit the difference in escrow. Funds may be released from 

escrow to purchase additional eligible loans or to repay HHF at the end of 

the program.

Program Eligible Outcomes Include:
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• Modifications offered to and accepted by eligible homeowners with 

eligible properties; such modifications shall include principal 

reduction and forgiveness and result in a mortgage debt to income 

ratio of not greater than thirty-one percent of the gross household 

income, or

• Loan extinguishments without any deficiency judgment, or

• Short Sales to third party homeowner occupants offered to and 

accepted by eligible borrowers with eligible properties. Such Short 

Sales shall include extinguishment of the unpaid loan balance, waiver 

of deficiency judgment and borrower transition assistance, or

• Deeds in Lieu of Foreclosure offered to and accepted by eligible 

homeowners with eligible properties. Such Deeds in Lieu shall 

include extinguishment of the unpaid loan balance, waiver of 

deficiency judgment, and borrower transition assistance. 

9. Per Household 

Assistance 

The maximum program amount available per homeowner is $35,000.

10. Duration of Assistance HHF funds will be provided in a lump sum payment to the purchase of 

qualified loans within the FHA DASP-NSO offering, and will be applied to 

Program Eligible Outcomes for homeowners.

11. Estimated Number of 

Participating 

Households 

It is expected that the HSA program will assist approximately 450 

households. 

12. Program Inception/ 

Duration 

The HSA program will begin upon the earlier of April 1, 2013 and the 

Seventh Amendment Date. The program is expected to continue until 

December 31, 2015 or when available funds are exhausted.

13. Program Interactions 

with Other Programs 

(e.g. other HFA 

programs) 

Homeowners who participate in HSA will not be eligible to participate in 

other HHF programs. 

14. Program Interactions 

with HAMP 

Homeowners who have previously participated in HAMP are eligible for 

HSA.

15. Program Leverage 

with Other Financial 

Resources 

Investment Partner shall utilize private capital on a pool basis, in addition to 

all HHF funds it is eligible to utilize on a per loan basis.

16. Qualify as an 

Unemployment 

Program 

Yes No
B-21

SERVICE SCHEDULE B-8

Ohio Housing Finance Agency (OHFA)

Neighborhood Initiative Program (NIP)

Summary Guidelines

1. Program 

Overview

The Neighborhood Initiative Program (NIP) will fund strategically targeted

residential demolition in designated areas within the state of Ohio by 

partnering with Land Banks or an entity that has signed a cooperative 

agreement with the Land Bank (together “Partners”).

2. Program Goals The goal of the Neighborhood Initiative Program (NIP) is to stabilize 

property values by removing and greening vacant and abandoned properties 

in targeted areas in an effort to prevent future foreclosures for existing 

homeowners.

3. Target 

Population/ 

Areas

NIP will be offered to counties that have a Land Bank established per Section 

1724 of the Ohio Revised Code. Demolition activity will be limited to 

targeted areas defined by the Partners and approved by OHFA that are part of 

a comprehensive local strategy to stabilize home values and prevent 

foreclosure in the county. OHFA guidelines will ensure that demolition and 

greening will have a positive effect on preserving existing neighborhoods.

4. Program 

Allocation 

(Excluding 

Administrative 

Expenses)

$60,000,000.00

5. Property/Loan 

Eligibility 

Criteria

Only vacant and abandoned one to four unit residential properties that qualify 

for lawful demolition under state or federal law and are approved under 

OHFA’s guidelines will qualify for this program. 

6. Ownership/Loan 

Eligibility 

Criteria

Properties must be owned by the Partner. Properties must have a loan that 

can be modified or extinguished.

7. Program 

Exclusions

• Multifamily properties with 5 or more units and commercial 

structures.

• Properties listed on a state or national historic register.

8. Structure of 

Assistance

OHFA will issue a Request for Proposals from the Land Banks and will 

execute agreements with Partners selected to participate in the program. 

Each Partner will be responsible for property acquisition (if applicable), 

environmental assessment and remediation, demolition, greening and 

ongoing maintenance of properties. 

Upon receipt and review of documentation of eligible acquisition, 

demolition, remediation, greening, maintenance and administrative expenses 

for qualified properties, OHFA will approve payment of up to $25,000 

Hardest Hit Funds per property to the Partner. 

The Partner will execute a non-recourse, non-amortizing, zero interest loan 
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secured by the property for a term of three years after which it will be 

forgiven as long as covenants are met; outstanding balance of loan will be 

due on sale, transfer, or unauthorized use of the property. Mortgage will be 

in favor of Ohio Homeowner Assistance LLC (OHA) and recorded through 

public records. Ongoing monitoring, repayments, and discharges will be 

conducted by OHFA/OHA. Any repayment of program funds will be reinvested back into program allocation. All funds remaining in the program 

will be returned to Treasury after December 31, 2017. Special considerations 

may be made by OHFA/OHA to release lien prior to the three year term 

based on merit of request and to promote positive economic impact to 

community as set forth in program guidelines.

9. Per Property

Assistance

The maximum amount of assistance will be $25,000 per property which 

includes acquisition (if applicable), payoff of existing loan, approved 

demolition, remediation and greening of the site, maintenance and 

administration for up to three years.

10. Duration of 

Assistance

All assistance will be provided in one payment per property.

11. Estimated 

Number of 

Properties 

Demolished

Although the maximum amount of assistance is $25,000 per property, the 

estimated average amount of assistance is $12,000. Therefore the estimated 

total number of units demolished is 5,000.

12. Program 

Inception/ 

Duration

Contracts with Partners will be effective on or after January 1, 2014 and will 

expire December 31, 2017.

13. Program 

Interactions 

with Other 

Programs (e.g. 

other HFA 

programs) 

Properties previously assisted under the Hardest Hit Fund program will not 

be eligible. 

14. Program 

Interactions 

with HAMP 

None.

15. Program 

Leverage with 

Other Financial 

Resources 

No match will be required of Partners, so there is no direct leveraging, but it 

is expected that other public and private investment will be made in the target 

areas.

16. Qualify as an 

Unemployment 

Program 

 Yes  No 
C-1

SCHEDULE C

PERMITTED EXPENSES 

Ohio

One-time / Start-Up Expenses:

Initial Personnel $4,928.20

Building, Equipment, Technology $559,005.61

Professional Services $29,504.75

Supplies / Miscellaneous $24.47

Marketing /Communications $24,943.07

Travel $3,819.96

Website development /Translation $0.00

Contingency $5,873.56

Subtotal $628,099.62

Operating / Administrative 

Expenses:

Salaries $12,377,418.65

Professional Services (Legal, 

Compliance, Audit, Monitoring) $3,922,787.60

Travel $77,024.61

Buildings, Leases & Equipment $239,973.96

Information Technology & 

Communications $2,718,155.61

Office Supplies/Postage and 

Delivery/Subscriptions $43,957.89

Risk Management/ Insurance $2,000.00

Training $74,524.25

Marketing/PR $2,128,055.33

Miscellaneous $2,000.00

Subtotal $21,585,897.90

Transaction Related Expenses:

Recording Fees $1,738,328.00

Wire Transfer Fees $112,120.00

Counseling Expenses

File Intake $0.00

Decision Costs $0.00

Successful File $26,351,953.48

Key Business Partners On-Going $5,998,700.00

Subtotal $34,201,101.48

Grand Total $56,415,099.00

% of Total Award 9.9%

Award Amount $570,395,099.00