Second Amendment to HPA — Arizona 

TAMPA/134434.2

SECOND AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Second Amendment to Commitment to Purchase Financial Instrument and HFA 

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

Schedule A attached hereto as the Second 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”; and 

together with the Original HPA as amended thereby, the “Current HPA”), dated as of the First 

Amendment Date, all 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, on September 24, 2010 Treasury indicated that it would make $3.5 billion of 

additional assistance available under the HHF Program for foreclosure prevention programs for 

homeowners struggling to make their mortgage payments in certain states that had previously 

received HHF Program funding for such purposes; 

WHEREAS, Treasury desires to increase the available HHF Program funds available to Eligible 

Entity and as such, Treasury, HFA and Eligible Entity wish to enter into this Second Amendment 

to document all modifications and additional provisions necessary to address the additional HHF 

Program funds; 

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 Second Amendment; and all references in the 
- 2 - 

TAMPA/134434.2

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

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

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

Treasury in connection with this Second 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 

Second Amendment and any other closing documentation delivered to Treasury in 

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

thereunder. 

3. Administrative Expenses

Notwithstanding anything to the contrary contained in the Current HPA as amended by this 

Second Amendment, HFA and Eligible Entity may from time to time submit adjusted budgets to 

Treasury requesting approval to re-allocate HHF Funds to pay actual program expenses as set 

forth on a proposed Schedule C. In the event that Treasury shall approve an adjusted budget, in 

Treasury’s sole discretion, the parties shall enter into an amendment to the HPA to modify 

Schedules A, B and C as necessary. 
- 3 - 

TAMPA/134434.2

4. Miscellaneous

A. The recitals set forth at the beginning of this Second 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 Second 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 Second Amendment shall be treated as originals for all purposes. 

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

INTENTIONALLY LEFT BLANK] 
[Signature Page to Second Amendment to HPA — Arizona] 

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

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

Instrument and HFA Participation Agreement as of the Amendment Date. 

HFA: TREASURY: 

STATE OF ARIZONA, ARIZONA 

DEPARTMENT OF HOUSING 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: /s/ Carol Ditmore By: 

Name: Carol Ditmore for 

Michael Trailor 

Name: Herbert M. Allison, Jr. 

Title: Director Title: Assistant Secretary for 

 Financial Stability 

 

ELIGIBLE ENTITY:

ARIZONA HOME FORECLOSURE 

PREVENTION FUNDING CORPORATION 

By: /s/ Carol Ditmore 

Name: Carol Ditmore for 

Michael Trailor 

Title: Chairman/Executive Director 

 

TAMPA/134434.2

EXHIBITS AND SCHEDULES

Schedule A Basic Information 

Schedule B Service Schedules 
TAMPA/134434.2

SCHEDULE A

BASIC INFORMATION

Eligible Entity Information: 

Name of the Eligible Entity: Arizona Home Foreclosure Prevention 

 Funding Corporation

Corporate or other organizational form: Arizona Non-Profit corporation

Jurisdiction of organization: Arizona domiciliary 

Notice Information: 

 

 

 

 

 

HFA Information: 

Name of HFA: State of Arizona, Arizona Department of Housing 

Organizational form: Constituent Department of the State of Arizona 

Date of Application: April 16, 2010 

Date of Action Plan: n/a 

Notice Information: 

 

 

 

 

Program Participation Cap: $267,766,006.00 

Portion of Program Participation Cap 

Representing Original HHF Funds: $125,100,000.00 

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: n/a 
TAMPA/134434.2

Permitted Expenses: $13,200,000.00

Closing Date: June 23, 2010 

First Amendment Date: September 23, 2010 

Second Amendment Date: September 29, 2010 

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. 
TAMPA/134434.2

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. 
TAMPA/134434.2

SERVICE SCHEDULE B-1

SAVEMYHOMEAZ 

Permanent Modifications Component 

Summary Guidelines 

1. Program Overview The Permanent Modification Component is being administered by 

the Arizona Department of Housing (“ADOH”). Efforts may 

include principal reduction, interest rate reduction, and/or term 

extension to achieve a monthly payment that does not exceed 31% 

of the borrower’s monthly income. Borrowers that are suffering an 

approved hardship, demonstrate personal responsibility, and whose 

principal outstanding mortgage balance exceeds 120% of the 

present market value of the borrower’s residence may be eligible for 

principal reduction assistance. 

Soft second loans will be made to eligible borrowers for up to 

$50,000 which will be applied to reduce the principal balance of a 

borrower’s primary mortgage. A borrower’s primary mortgage 

lender must agree to make a matching reduction to the principal 

balance of the primary mortgage. Loans will be for a term of ten 

(10) years and will include provisions that will reduce the loan 

amount by twenty percent (20%) per year for every year the 

borrower stays in the home after five (5) years. Each loan, to the 

extent not previously forgiven, will be due upon the sale of the 

property to the extent that the equity in the home has increased. 

2. Program Goals The central goal of the Permanent Modification Component is to 

help homeowners avoid foreclosure by permanently modifying a 

borrower’s primary mortgage to achieve a monthly payment that 

does not exceed 31% of the borrower’s monthly income. Loan 

modifications may include principal reduction (the amount of any 

principal reduction provided by HHF Program funds must be 

matched by a borrower’s lender/servicer), interest rate reduction, 

and/or term extension. The Permanent Modification Component 

aspires to achieve a ninety percent (90%) success rate in modifying 

loans with the borrowers’ lenders/servicers. 

3. Target Population/Areas The targeted populations are households whose income does not 

exceed 120% Area Median Income (“AMI”) and that exhibit a 

commitment to retaining their home and can demonstrate an ability 

to maintain a financial obligation for the home. These households 

will be analyzed based on two primary factors which are 

affordability and profitability. Each household will be evaluated to 

determine an affordable and sustainable monthly mortgage payment 

according to its gross monthly income. 

It is projected that program assistance will be provided to targeted 
TAMPA/134434.2

areas according to the following breakdown of counties. These 

projections are based on population, delinquent loans and pending 

foreclosures in these areas. 

Maricopa County, 75% of program funds 

Pima County, 8% of program funds 

Pinal County, 9% of program funds 

All other areas, 8% of program funds 

4. Program Allocation 

(Excluding 

Administrative Expenses) 

$235,066,006.00 

5. Borrower Eligibility 

Criteria 

• Eligible financial hardship. Eligible financial hardships include: 

reduced income due to under employment, medical condition 

divorce or death. Borrower will be required to provide a 

financial hardship affidavit. 

• Property must be borrower’s primary residence (single family 

unit). 

• 120% of AMI maximum household income (underemployed). 

• Present dollar value of 31% of monthly gross income must be 

equal to or greater than NPV of REO. 

• Eligibility determined through application process and 

application evaluation by ADOH and HUD approved 

counselors. 

• Funds will be monitored, allocated and distributed based on 

approved application request and adjusted upon successful 

modification. No commitments will be made to borrowers 

beyond the capacity of Permanent Modification Component 

funds. 

6. Property/Loan Eligibility 

Criteria 

• Property must be owner occupied. 

• Mortgage amount must be equal to or less than GSE conforming 

limits. 

• Mortgage must be a traditional fixed rate, 30-year, fully 

amortized and full income documented mortgage to qualify. 

• Purchase money mortgage(s) or rate and term refinance of 

purchase money mortgage(s). 

• 60 days delinquent on mortgage. 

• At least 60 days prior to the scheduled date of a trustee’s sale 

with respect to borrower’s residence. 

7. Program Exclusions • Refinance cash out mortgages. 

• Cash out second mortgages and home equity lines of credit. 

• Current mortgage payment is equal to or less than 31% of 
TAMPA/134434.2

borrower’s monthly gross income. 

8. Structure of Assistance The Permanent Modifications Component will provide up-front, 

soft second loans to eligible borrowers for up to $50,000 depending 

upon individual circumstances. Notes on the soft second loans will 

be for a term of ten (10) years in favor of the Eligible Entity. A 

forgiveness clause will reduce the loan amount due by 20 percent 

(20%) a year for every year the consumer stays in the home after 

five years. At the end of the ten (10) years the note will be 

considered satisfied and ADOH will release the second lien 

connected with the note. These soft second loans will be utilized to 

reduce a portion of the principal on the loan, the amount of which 

will be required to be matched by the primary lender/servicer. 

During the period of the loan it will be “due on sale.” Any 

remaining amount not previously “forgiven” will be due, if the 

home has increased in equity. If the home has not increased in 

equity to the degree necessary to repay the note, all or a portion of 

the note may 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 reutilized to assist additional 

homeowners. 

9. Per Household Assistance • $50,000 is the Maximum Amount of Assistance. 

• $30,000 is the Estimated Median Amount of Assistance. 

10. Duration of Assistance Permanent modification assistance will be disbursed in full at the 

initial completion of the modification agreement. 

11. Estimated Number of 

Participating Households 

It is anticipated that the Permanent Modification Component will 

assist a minimum of 1,848 households in avoiding imminent 

foreclosures. Based upon the median or estimated average amount 

of assistance we could assist as many as 3,080 households. 

12. Program 

Inception/Duration 

It is expected that the program will be available in a controlled 

rollout environment 3 weeks from Treasury’s approval of the 

program. The complete rollout of the program will occur 

approximately 4 weeks later, after the satisfactory assessment and 

adjustments as determined necessary in the controlled rollout.

It is projected that assistance will be expended over a three year 

period of time. However, repayment of assistance may extend this 

time frame one or two additional years. 

13. Program Interactions 

with Other Programs (e.g. 

other HFA programs) 

N/A
TAMPA/134434.2

14. Program Interactions 

with HAMP 

Borrowers for the Permanent Modification Component must be 

ineligible or denied for HAMP. 

15. Program Leverage with 

Other Financial 

Resources 

In order to leverage the funds, ADOH requires the lender/servicer to 

match any principal reduction provided through the Permanent 

Modification Component. It is expected that this match will be no 

less than one to one. In some instances the lender/servicer will need 

to contribute a larger amount based upon the affordability/ 

profitability assessment of the transaction and the Permanent 

Modification Component maximum assistance per household. 

Lender match amounts up to and equal to the amount of program 

funds for any homeowner shall be credited at the time of closing of 

the modification. Lender match amounts greater than the amount of 

program funds may be credited after closing according to a schedule 

satisfactory to ADOH. 

16. Qualify as an 

Unemployment Program 

N/A 
TAMPA/134434.2

SERVICE SCHEDULE B-2

SAVEMYHOMEAZ 

Second Mortgage Assistance Component 

Summary Guidelines 

1. Program Overview Under the Second Mortgage Assistance Component, assistance of 

up to $5,000 will be provided to remove second mortgages if 

necessary to modify the terms of primary loans. This amount may 

also be available to borrowers where the second mortgage itself is 

burdensome. 

2. Program Goals The goals of the Second Mortgage Assistance Component is to help 

homeowners avoid foreclosure by eliminating a second mortgage if 

necessary to modify the terms of the primary loan, and to reduce the 

likelihood that a borrower will re-default under its primary loan as a 

result of the burden of a second mortgage. 

3. Target Population/Areas The targeted populations are households whose income does not 

exceed 120% AMI and that exhibit a commitment to retaining their 

home and can demonstrate an ability to maintain a financial 

obligation for the home. These households will be analyzed based 

on two primary factors which are affordability and profitability. 

Each household will be evaluated to determine an affordable and 

sustainable monthly mortgage payment according to its gross 

monthly income. 

It is projected that program assistance will be provided to targeted 

areas according to the following breakdown of counties. These 

projections are based on population, delinquent loans and pending 

foreclosures in these areas. 

Maricopa County, 75% of program funds 

Pima County, 8% of program funds 

Pinal County, 9% of program funds 

All other areas, 8% of program funds 

4. Program Allocation 

(Excluding 

Administrative Expenses) 

$7,500,000.00

5. Borrower Eligibility 

Criteria 

• Eligible financial hardship. Eligible financial hardships include: 

reduced income due to under employment, medical condition 

divorce or death. Borrower will be required to provide a 

financial hardship affidavit. 

• Property must be borrower’s primary residence (single family 

unit). 

• 120% of AMI maximum household income. 
TAMPA/134434.2

• Present dollar value of 31% of monthly gross income must be 

equal to or greater than NPV of REO. 

6. Property/Loan Eligibility 

Criteria 

• Property must be owner occupied. 

• Mortgage amount must be equal to or less than GSE conforming 

limits. 

• Mortgage must be a traditional fixed rate, 30-year, fully 

amortized and full income documented mortgage to qualify. 

• Purchase money mortgage(s) or rate and term refinances. 

• 60 days delinquent on mortgage. 

• At least 60 days prior to the scheduled date of a trustee’s sale 

with respect to borrower’s residence. 

7. Program Exclusions • Refinance cash out mortgages. 

• Cash out second mortgages and home equity lines of credit 

• Current mortgage payment is equal to or less than 31% of 

borrower’s monthly gross income. 

8. Structure of Assistance The Second Mortgage Assistance Component will provide up-front, 

soft second loans to eligible borrowers depending upon individual 

circumstances. Notes on the soft second loans will be for a term of 

ten (10) years in favor of the Eligible Entity. A forgiveness clause 

will reduce the loan amount due by 20 percent (20%) a year for 

every year the consumer stays in the home after five years. At the 

end of the ten (10) years the note will be considered satisfied and 

ADOH will release the second lien connected with the note. These 

soft second loans will be utilized to reduce a portion of the principal 

on the loan, the amount of which will be required to be matched by 

the primary lender/servicer. During the period of the loan it will be 

“due on sale.” Any remaining amount not previously “forgiven” 

will be due, if the home has increased in equity. If the home has not 

increased in equity to the degree necessary to repay the note, all or a 

portion of the note may 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 reutilized to 

assist additional homeowners. 

9. Per Household Assistance • $5,000 Maximum of Second Mortgage Settlement Assistance. 

• $4,000 is the Estimated Median Amount of Assistance. 

10. Duration of Assistance Second mortgage settlement will be disbursed in full at the initial 

completion of the modification agreement. 

11. Estimated Number of 

Participating Households 

It is anticipated that the Second Mortgage Assistance Component 

will assist a minimum of 1,500 households in avoiding imminent 

foreclosures. Based upon median or estimated average amount of 
TAMPA/134434.2

assistance ADOH could assist as many as 1,875 households. 

12. Program 

Inception/Duration 

It is expected that the program will be available in a controlled 

rollout environment 3 weeks from Treasury’s approval of the 

program. The complete rollout of the program will occur 

approximately 4 weeks later, after the satisfactory assessment and 

adjustments as determined necessary in the controlled rollout.

It is projected that assistance will be expended over a three year 

period of time. However, repayment of assistance may extend this 

time frame one or two additional years. 

13. Program Interactions 

with Other Programs (e.g. 

other HFA programs) 

N/A

14. Program Interactions 

with HAMP 

Borrowers for the Second Mortgage Assistance Component must be 

ineligible or denied for HAMP. 

15. Program Leverage with 

Other Financial 

Resources 

In order to leverage the funds, ADOH requires the lender/servicer to 

match any principal reduction provided through the Second 

Mortgage Assistance Component. It is expected that this match will 

be no less than seven to one. Lender match amounts up to and equal 

to the amount of program funds for any homeowner shall be 

credited at the time of closing of the modification. Lender match 

amounts greater than the amount of program funds may be credited 

after closing according to a schedule satisfactory to ADOH. 

16. Qualify as an 

Unemployment Program 

N/A 
TAMPA/134434.2

SERVICE SCHEDULE B-3

SAVEMYHOMEAZ 

Temporary Modification Component 

Summary Guidelines 

1. Program Overview The Temporary Modification Component is designed to give 

unemployed or underemployed borrowers relief for up to 24 months 

while seeking to become reemployed or sufficiently employed 

(maximum of $12,000 of assistance). This assistance may be used 

to pay monthly mortgage payments or to remove second mortgages 

as necessary in order to modify the terms of the primary mortgage. 

2. Program Goals The goal of the Temporary Modification Component is to help 

homeowners remain in their homes and prevent avoidable 

foreclosures despite loss of income due to unemployment or 

underemployment. The Temporary Modification Component funds 

will reduce past due payments, and provide borrower’s additional 

time to find alternate employment and replace income deeded to 

make mortgage payments. The Temporary Modification 

Component is designed to complement other components of the 

HHF Program. Funds available under the Temporary Modification 

Component may also be applied to remove second mortgages as 

necessary to modify the terms of the primary loan. 

3. Target Population/Areas The targeted populations are households whose income does not 

exceed 120% AMI and that exhibit a commitment to retaining their 

home and can demonstrate an ability to maintain a financial 

obligation for the home. These households will be analyzed based 

on two primary factors which are affordability and profitability. 

Each household will be evaluated to determine an affordable and 

sustainable monthly mortgage payment according to its gross 

monthly income. 

It is projected that program assistance will be provided to targeted 

areas according to the following breakdown of counties. These 

projections are based on population, delinquent loans and pending 

foreclosures in these areas. 

Maricopa County, 75% of program funds 

Pima County, 8% of program funds 

Pinal County, 9% of program funds 

All other areas, 8% of program funds 

4. Program Allocation 

(Excluding 

Administrative Expenses) 

$12,000,000.00 
TAMPA/134434.2

5. Borrower Eligibility 

Criteria 

• Eligible financial hardship. Eligible financial hardships include: 

reduced income due to under employment, medical condition 

divorce or death. Borrower will be required to provide a 

financial hardship affidavit. 

• Property must be borrower’s primary residence (single family 

unit). 

• 120% of AMI maximum household income. 

• Present dollar value of 31% of monthly gross income must be 

equal to or greater than NPV of REO. 

6. Property/Loan Eligibility 

Criteria 

• Property must be owner occupied. 

• Mortgage amount must be equal to or less than GSE conforming 

limits. 

• Mortgage must be a traditional fixed rate, 30-year, fully 

amortized and fully income documented mortgage to qualify. 

• Purchase money mortgage(s) or rate and term refinances. 

• 60 days delinquent on mortgage. 

• At least 60 days prior to the scheduled date of a trustee’s sale 

with respect to borrower’s residence. 

7. Program Exclusions • Refinance cash out mortgages. 

• Cash out second mortgages and home equity lines of credit. 

• Current mortgage payment is equal to or less than 31% of 

borrower’s monthly gross income. 

8. Structure of Assistance The Temporary Modification Component will provide up-front, soft 

second loans to eligible borrowers depending upon individual 

circumstances. Notes on the soft second loans will be for a term of 

ten (10) years in favor of the Eligible Entity. A forgiveness clause 

will reduce the loan amount due by 20 percent (20%) a year for 

every year the consumer stays in the home after five years. At the 

end of the ten (10) years the note will be considered satisfied and 

ADOH will release the second lien connected with the note. These 

soft second loans will be utilized to reduce a portion of the principal 

on the loan, the amount of which will be required to be matched by 

the primary lender/servicer. During the period of the loan it will be 

“due on sale.” Any remaining amount not previously “forgiven” 

will be due, if the home has increased in equity. If the home has not 

increased in equity to the degree necessary to repay the note, all or a 

portion of the note may 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 reutilized to 

assist additional homeowners 

9. Per Household Assistance • $12,000 Maximum of Mortgage Payment Assistance. 
TAMPA/134434.2

• $8,400 is the Estimated Median Amount of Assistance. 

10. Duration of Assistance Temporary Modification assistance will be disbursed monthly up to 

24 months. Provided the borrower can demonstrate they qualify for 

a permanent modification prior to the expiration of the temporary 

assistance the provisions of the permanent modification will 

commence at that time. Assistance under the Permanent 

Modification Component will be disbursed at conversion to a 

permanent modification. 

11. Estimated Number of 

Participating Households 

It is anticipated that the Temporary Modification Component will 

assist a minimum of 1,000 households in avoiding imminent 

foreclosures. Based upon the median or estimated average amount 

of assistance ADOH could assist as many as 1,428 households. 

12. Program 

Inception/Duration 

It is expected that the program will be available in a controlled 

rollout environment 3 weeks from Treasury’s approval of the 

program. The complete rollout of the program will occur 

approximately 4 weeks later, after the satisfactory assessment and 

adjustments as determined necessary in the controlled rollout.

It is projected that assistance will be expended over a three year 

period of time. However, repayment of assistance may extend this 

time frame one or two additional years. 

13. Program Interactions 

with Other Programs (e.g. 

other HFA programs) 

N/A

14. Program Interactions 

with HAMP 

Borrowers for the Temporary Modification Component must be 

ineligible or denied for HAMP. 

15. Program Leverage with 

Other Financial 

Resources 

In the event a permanent modification is achieved in order to 

leverage funds, ADOH requires the lender/servicer to match any 

principal reduction provided through the Permanent Modification 

Component. It is expected that this match will be no less than one 

to one. In some instances the lender/servicer will need to contribute 

a larger amount based upon the affordability/profitability 

assessment of the transaction and the Permanent Component 

maximum assistance per household. Lender match amounts up to 

and equal to the amount of program funds for any homeowner shall 

be credited at the time of closing of the modification. Lender match 

amounts greater than the amount of program funds may be credited 

after closing according to a schedule satisfactory to ADOH. 
TAMPA/134434.2

16. Qualify as an 

Unemployment Program 

N/A