FOURTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Fourth Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the "Fourth Amendment") is entered into as of the date set forth on 

Schedule A attached hereto as the Fourth 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 HP A") 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"), and as further 

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

HFA Participation Agreement (the "Third Amendment"; and together with the Original HPA as 

amended thereby and by the First Amendment and the Second 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 Treasury has agreed to the same; 

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

document all approved modifications to the Service Schedules; 

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 Fourth Amendment; and all references in the 

Fourth Amendment to HPA — Georgia 

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Current HPA to Schedules A or B shall mean the Schedules A or B attached to this Fourth 

Amendment. All references herein to the "HPA" shall mean the Current HPA, as further 

amended by this Fourth 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 Fourth 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 Fourth 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 Fourth Amendment and any other closing documentation delivered to 

Treasury in connection with this Fourth 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 

Fourth Amendment and any other closing documentation delivered to Treasury in 

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

thereunder. 

3. Miscellaneous 

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

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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 Fourth 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 Fourth Amendment shall be treated as originals for all purposes. 

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

INTENTIONALLY LEFT BLANK] 

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

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

Instrument and HFA Participation Agreement as of the Amendment Date. 

HFA: 

GEORGIA HOUSING AND FINANCE 

AUTHORITY 

TREASURY: 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: /s/ Michael A, Beatty 

Name: Michael A. Beatty 

Title; Executive Director 

By: 

Name: Timothy G. Massad 

Title: Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY: 

GHFA AFFORDABLE HOUSING, INC. 

By: /s/ Michael A. Beatty 

Name: Michael A. Beatty 

Title: Executive Director 

[Signature Page to Fourth Amendment to HPA - Georgia] 
la WHnem Whereof, HFA, Bligibte Entity and Treasury by their duly auiterized officials 

hereby execute and deliver this Fourth Amendmertt to Commitment to Purcltase Financial 

Instrument and HFA Participation Agreement as of the Amendment Date, 

HFA: 

GEORGIA HOUSING AND FINANGE 

AUIHORITY 

By: 

Name: 

Title: 

TREASURY: 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: 

G. Massad 

Title; Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY: 

GHFA AFFORDABLE HOUSING, INC. 

By: 

Name; 

Title: 

[Signature Page to Fourth Amendment to HPA — Gwrgia} 
EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

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SCHEDULE A 

BASIC INFORMATION 

Eligible Entity Information: 

Name of the Eligible Entity: 

Corporate or other organizational form: 

Jurisdiction of organization: 

Notice Information: 

GHFA Affordable Housing, Inc. 

Non-profit corporation 

State of Georgia 

HFA Information: 

Name of HFA: 

Organizational form: 

Date of Application: 

Date of Action Plan: 

Notice Information: 

Georgia Housing and Finance Authority 

A body corporate and politic, 

instrumentality of the state and a public 

corporation performing an essential 

governmental function (and not a state 

agency) 

September 1, 2010 

September 1,2010 

Program Participation Cap: 

Portion of Program Participation Cap 

Representing Original HHF Funds: 

$339,255,819.00 

N/A 

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Portion of Program Participation Cap 

Representing Unemployment HHF Funds: 

Permitted Expenses: 

Closing Date: 

First Amendment Date: 

Second Amendment Date: 

Third Amendment Date: 

Fourth Amendment Date: 

Eligible Entity Depository Account Information: 

$126,650,987.00 

$27,283,006.00 

September 23, 2010 

September 29, 2010 

December 16, 2010 

June 28, 2011 

May 3, 2012 

See account information set forth in the 

Depository Account Control Agreement 

between Treasury and Eligible Entity 

regarding the HHF Program. 

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SCHEDULE B 

SERVICE SCHEDULES 

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

replaced with the attached Service Schedules (numbered sequentially as Service Schedule B-l, Service 

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

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SERVICE SCHEDULE B-l 

Georgia Housing Finance Authority 

Mortgage Payment Assistance (MPA) 

Summary Guidelines 

1. Program Overview 

2. Program Goals 

3. Target 

Population/Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

The Georgia Housing Finance Authority (GHFA) Mortgage 

Payment Assistance (MPA) program will provide loans to 

unemployed and substantially under-employed homeowners to 

help them remain in their homes and prevent avoidable 

foreclosures despite loss of income due to involuntary job loss. 

Loan proceeds will be used to pay mortgage payments 

(including escrowed items) while the homeowner seeks 

employment or completes training for a new career. Full 

payments will be remitted to the homeowners' servicer each 

month. Homeowners will pay an affordable portion of the 

mortgage payment directly to GHFA. 

The goal is to provide assistance over the next 5 years to 18,300 

homeowners to prevent foreclosures. Mortgage Payment 

Assistance (MPA) will be provided as follows: 

Short-Term Assistance 

Monthly mortgage payments to assist unemployed or 

substantially under-employed homeowners while they look for a 

new job. 

Reinstatement Assistance 

One-time payment for homeowners who have found a new job 

and can make ongoing payments, but need help to bring their 

mortgage current and avoid foreclosure due to arrearages 

accumulated during a period of unemployment or substantial 

underemployment. 

Homeowners who are unemployed or substantially 

underemployed, and/or re-employed but need help bringing their 

mortgage current due to arrearages accumulated during a period 

of unemployment or substantial underemployment. 

GHFA has determined that 65% of the counties throughout the 

state are "hard hit" due to the county's unemployment rate 

exceeding the state average for the past 12 months. As a result, 

this Program will be available statewide. 

$311,972,813.00 

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5. Borrower Eligibility 

Criteria 

Homeowners who, through no fault of their own, are 

unemployed or substantially under-employed and are at risk of 

foreclosure, but with temporary assistance are likely to be 

successful in retaining their homes. Homeowners will be 

required to provide a financial hardship affidavit with 

appropriate documentation on the cause of their hardship. For 

most homeowners, this will be documentation from the Georgia 

Department of Labor confirming a job loss and receipt of 

unemployment benefits. 

Homeowners with a history of timely mortgage payments prior 

to the job loss/income loss. 

Homeowners must be legal U.S. Residents. 

Underwriting Criteria 

Homeowner became unemployed through no fault of 

his/her own. 

Satisfactory mortgage payment history prior to the job 

loss/income loss. 

Must not be more than 6 months past due at the time of 

application. 

Monthly mortgage payments (including escrowed items) 

are greater than 25% of household income after job loss. 

Hardship must have occurred on or after January 1, 

2008. 

Total Unpaid Principal Balance less than or equal to 

$417,000. 

Property must be owner occupied as homeowner's 

principal residence. 

Homeowner must be a legal resident of the United 

States. 

Applicant must be the owner of subject property. 

Homeowner has obtained a new job with sufficient 

income to support their current mortgage payment. 

(Reinstatement Only) 

To qualify as substantially underemployed, a homeowner must 

show a minimum 25% reduction in household income. 

To qualify as self-employed with a substantial reduction in 

income, a homeowner must show that gross receipts for their 

business have been reduced a minimum of 30%. 

Property / Loan 

Eligibility Criteria 

Existing single-family homes or condominiums (attached or 

detached) including manufactured homes (permanently affixed 

to a foundation on real estate owned by the borrower.) 

Owner-occupied, primary residences located in Georgia. 

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7. Program Exclusions 

8. Structure of Assistance 

9. Per Household 

Assistance 

Mortgage must be held by a Lender or Servicer licensed or 

exempt from licensing in the state of Georgia. 

Mortgages with: 

S Total Unpaid Principal Balance less than or equal to 

$417,000. 

Mortgages with: 

S Total Unpaid Principal Balances (all mortgages on 

property) greater than $417,000. 

S Total monthly payments (including escrowed items) less 

than 25% of current income are not eligible. 

Manufactured homes that are not considered real property. 

Homeowners who are non-legal U.S. residents. 

5 year, 0% interest, non-recourse, deferred-payment, forgivable, 

subordinate loan. A forgiveness clause will reduce the loan 

amount by 20%) per year for 5 years. The 5-year term begins the 

month following the final assistance payment to the borrower. 

The loan will only be repaid if the borrower sells or refinances 

the property before the period expires and there are equity 

proceeds from the sale available to pay towards the portion of 

the loan that has not yet been forgiven. At the end of the 5 

years, the note will be considered satisfied and the lien will be 

released. 

If the property is sold and does not generate proceeds sufficient 

to repay the entire note, the portion of the note remaining unpaid 

after the proceeds are applied will be forgiven. 

The loan will be in the form of a subordinate mortgage 

evidenced by a promissory note and secured by a deed on the 

property. Borrowers will be required to sign and acknowledge 

the program guidelines via written agreement. 

Any funds returned according to established program guidelines 

will be recaptured and used to assist additional homeowners 

through December 31, 2017. After December 31, 2017, all 

remaining and recaptured funds will be returned to Treasury. 

The maximum household assistance amount is the total of 18 

times the monthly mortgage payment (including escrowed 

items.) 

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10. Duration of Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program Interactions 

with Other HFA 

Programs 

14. Program Interactions 

with HAMP 

15. Program Leverage with 

Other Financial 

Resources 

GHFA expects the average loan amount will be $ 16,750. 

The Reinstatement Assistance is not separately capped, but the 

assistance may only cover prior periods of unemployment or 

substantial underemployment. 

Up to 18 months or until the homeowner secures adequate 

employment (sufficient to pay the mortgage payment with 25% 

of total income) plus two months, whichever is less. 

The homeowner may continue to receive assistance for up to 2 

months after reemployment (not to exceed 18 months in total.) 

18,300 homeowners over the next 5 years, with recycled funds, 

if any, to be used for additional homeowners until December 31, 

2017. 

Estimated number served based on an average loan amount of 

$16,750. 

Program rollout was April 1, 2011 and is expected to last 

through the earlier of December 31, 2017 and the exhaustion of 

all funds. 

N/A 

The MP A will help borrowers who need more than the 3-6 

months of assistance available to them through the Home 

Affordable Unemployment Program (UP). Borrowers may 

receive UP assistance prior to, or after, receiving assistance 

under the MPA program. 

The MPA program will provide assistance to eligible 

unemployed or substantially underemployed homeowners first, 

and then the servicer would follow with any eligible programs 

offered by the investor, servicer, or GSE. 

In addition, MPA will help borrowers who don't qualify for 

assistance under the new UP because they are more than 3 

months behind in mortgage payments. 

To the maximum extent possible, GHFA will coordinate with 

eligible homeowners' servicers to assist them in obtaining a loan 

modification from HAMP, if needed. 

The program will strongly encourage servicers to waive late fees 

and any other non-3rd party expenses. 

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4-
16. Qualify as an 

Unemployment 

Program 

0 Yes • No 

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