11. Estimated Number of It is expected that that 200 — 400 families will be assisted under this
Participating Program.
Households

12. Program Inception/ This Program will be available statewide during the third quarter of 2011.
Duration It is expected that it will run for 60-72 months.

13. Program Interactions This Program will interact with the following South Carolina HFA

with Other Programs
(e.g. other HFA
programs)

Hardest-Hit Fund Programs:

e Monthly Payment Assistance Program - Households that are not self-
supporting after exhausting allowable funding under the Monthly
Payment Assistance Program may be eligible for this Program.

e Direct Loan Assistance - Households that are not self-supporting after
exhausting allowable funding under the Direct Loan Assistance
Program may be eligible for this Program.

14.

Program Interactions
with HAMP

None.

15.

Program Leverage with
Other Financial
Resources

None.

16.

Qualify as an
Unemployment
Program

OYes MNo

12



Property/Loan
Eligibility Criteria

e Eligible loans must be fixed term, amortizing loans and the original
loan amount must be within GSE limits.

© Eligible properties must be owner-occupied primary residence located
in South Carolina.

Program Exclusions

e Borrowers without a documented, acceptable hardship as described
above in Section 5.

e Borrowers already under a non-South Carolina HFA Hardest-Hit Fund
program.

Structure of Assistance

Assistance under this Program will be provided in the form of a
nonrecourse zero-percent interest, non-amortizing, forgivable loan secured
by a subordinate lien on the subject property. The loan will be forgiven
over a five (5) year period at a rate of 20% per year. If property is sold or
refinanced prior to the loan termination date, funds will be recovered
should sufficient equity be available from the transaction.

Any loan payoff proceeds will be recycled for use within the Program and
used to provide assistance to additional homeowners until December 31,
2017, at which time any proceeds shall be returned to Treasury.

9.

Per Household
Assistance

Assistance under this Program will be capped at $36,000 per household for
eligible borrowers deemed INELIGIBLE for the MPA program.

Assistance under this Program will be capped at $25,000 per household for
eligible borrowers also deemed ELIGIBLE for the MPA program.

The sum of assistance provided through all Programs when a household is
participating in multiple Programs is capped at $36,000 per household
(except for borrowers also participating in the Affordable Refinance
Program).

Expected Median: $10,000.

10.

Duration of Assistance

Program is a one-time payment per household.

11.

Estimated Number of
Participating
Households

It is expected that that 8,000 — 10,000 families will be assisted under this
Program.

12.

Program Inception/
Duration

This Program was originally rolled out statewide on January 20, 2011 and
is expected to be available for 48-60 months.



In Witness Whereof, HFA, Eligible Entity and Treasury by their duly authorized officials
hereby execute and deliver this Fifth Amendment to Commitment to Purchase Financial
Instrument and HFA Participation Agreement as of the Amendment Date.

HFA:
SOUTH CAROLINA STATE HOUSING

FINANCE AND DEVELOPMENT
AUTHORITY

By:

Name:
Title:

ELIGIBLE ENTITY:
SC HOUSING CORP.

By:

Name:
Title:

TREASURY:

UNITED STATES DEPARTMENT OF THE
TREASURY

— 1 \
: joey
By: Pi fp
Name: Timothy G. Massad
Title: Assistant Secretary for
Financial Stability

{Signature Page to Fifth Amendment to HPA — South Carolina)


SCHEDULE C

Permitted Administrative

Expenses
O arolina
Qe. E Total
One-time / Start-Up Expenses:
Initial Personnel $169,280
Building, Equipment, Technology $82,000
Professional Services $125,000
Supplies / Miscellaneous $55,000
Marketing /Communications $10,000
Travel $10,000
Website development /Translation $25,000
Contingency $50,000
Subtotal $526,280
Operating / Administrative
Expenses:
Salaries $5,505,917
Professional Services (Legal,
Compliance, Audit, Monitoring) $430,000
Travel $265,000
Buildings, Leases & Equipment $1,528,000
Information Technology &
Communications $1,225,000
Office Supplies/Postage and
Delivery/Subscriptions $215,000
Risk Management/ Insurance $270,000
Training $290,000
Marketing/PR $3,390,000
Miscellaneous $255,690
Subtotal $13,374,607
: 4.53%
Transaction Related Expenses:
Recording Fees $21,500
Wire Transfer Fees $1,115,200
Counseling Expenses
File Intake $2,317,502
Decisi6n Costs $1,755,700
Successful File $17,693,250
Key Business Partners On-Going $17,201,945
Subtotal $40,105,097
Grand Total | _ $54,005,984
% of Total Award 18.28%
Award Amount $295,431,547

Doc#: US1:8226791 v3


14, Program Interactions
with HAMP

This Program can be used in conjunction with HAMP to improve
a borrower’s likelihood of success and to help ensure long term
affordability for borrowers.

15. Program Leverage with

Servicer/Investor will be required to waive all non-expense fees

Other Financial (i.e. late fees).
Resources

16. Qualify as an OYes MNo
Unemployment
Program

10



SERVICE SCHEDULE B-1

SC State Housing Finance and Development Authority

Monthly Payment Assistance Program

Summary Guidelines

1. Program Overview The Monthly Payment Assistance Program will assist eligible households
that are experiencing a temporary reduction in income by making the full
monthly first mortgage payment for a specified period of time or until the
Assistance cap is reached. This Program will give eligible households the
time and opportunity to replace lost income and/or make other household
financial adjustments and decisions while remaining current on first
mortgage payments. Eligibility will be reevaluated periodically during the
assistance period.

2. Program Goals To bridge eligible borrowers across a gap in employment or other
temporary reduction in income, and allow them to stay current on their
mortgages.

3. Target Population/ This Program will be available in all 46 counties in South Carolina, and is

Areas intended to assist borrowers with a short-term affordability problem.
4. Program Allocation $59,425,563.00
(Excluding
Administrative
Expenses)
5. Borrower Eligibility An eligible borrower must have at least one of the following qualifying
Criteria hardships:

e Unemployment
e Underemployment
e Significant reduction in self-employment income

Additional eligibility criteria:

e To qualify as unemployed for the Program, a borrower must be
unemployed and receiving unemployment insurance (“UI”)
payments as administered by the State of South Carolina, or
unemployed with available UI benefits exhausted within the
previous 12 months.

e To qualify as underemployed, a borrower must show a minimum
25% reduction in available household income.

e To qualify as self-employed with a significant reduction in income,
a borrower must show that gross receipts for a primary borrower’s
business have been reduced a minimum of 30%.

e Payment to Income ratio must exceed an affordable level as
outlined in program and underwriting guidelines.

e Borrower must provide a financial hardship affidavit.

All final eligibility determinations will be made by SCHC.
Funds will be available on a first-come first served basis.



SCHEDULE A

BASIC INFORMATION

Eligible Entity Information:
Name of the Eligible Entity:

Corporate or other organizational form:

Jurisdiction of organization:

Notice Information:

HFA Information:
Name of HFA:

Organizational form:

Date of Application:
Date of Action Plan:

Notice Information:

Program Participation Cap:

Portion of Program Participation Cap
Representing Original HHF Funds:

Portion of Program Participation Cap

Representing Unemployment HHF Funds:

Doc#t: US1:8226791v3

SC Housing Corp. (“SCHC”)
Nonprofit corporation

South Carolina

South Carolina State Housing Finance and
Development Authority

a public body, corporate and politic under
the laws of the State of South Carolina

June 1, 2010

September 1, 2010

$295,431,547.00

$138,000,000.00

$58,772,347.00


EXHIBITS AND SCHEDULES

Schedule A Basic Information
Schedule B Service Schedules
Schedule C Permitted Expenses

Doe#t: US1:8226791v3


SERVICE SCHEDULE B-4

SC State Housing Finance and Development Authority
Property Disposition Assistance Program

Summary Guidelines

1. Program Overview There may be a segment of borrowers whose position is unrecoverable, and
who need assistance in gracefully exiting homeownership. The Property
Disposition Assistance Program will be used to assist households who are
able to complete a short sale or deed-in-lieu of foreclosure. The funds are
provided as a one-time payment and are intended to provide deposits and
other funds needed to transition from homeownership to renting.

2. Program Goals To assist households who are able to complete a short sale or deed-in-liew
of foreclosure by providing deposits and other funds needed to transition
from homeownership to renting.

3. Target Population/ This Program will be available in all 46 counties in South Carolina, and is

Areas intended to assist borrowers with a long-term or permanent affordability
roblem with little expectation for financial recovery.

4. Program Allocation $2,000,000.00

(Excluding
Administrative
Expenses)
5. Borrower Eligibility Borrower must provide a financial hardship affidavit.
Criteria Delinquency event must be ongoing with little or no expectation for
financial recovery (i.e. prolonged under-employment, divorce, death of
a spouse, etc.).
e Application for assistance must be completed prior to completion of
short sale or deed-in-lieu of foreclosure.
e Short sale or deed-in-lieu of foreclosure must be complete prior to final
approval and funding.
e All final eligibility determinations will be made by SCHC.
e Funds will be available on a first-come first served basis.
6. Property/Loan Eligible properties must be owner-occupied primary residence located
Eligibility Criteria in South Carolina.
7. Program Exclusions e Borrowers already under a non-South Carolina HFA Hardest-Hit Fund
program.
e Borrower receiving assistance under the Home Affordable Foreclosure
Alternative (HAFA) Program.

8. Structure of Assistance | Assistance under this Program will be provided directly to the homeowner,
and will not be structured as a loan, nor will it be secured by the subject
property. No payments may be made directly to homeowners until a short
sale or deed-in-lieu is completed.

9. Per Household Assistance under this Program will be capped at $5,000 per household.

Assistance Expected Median: $5,000
10. Duration of Assistance | Program is a one-time payment.

11



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.

Doc#: US1:8226791 v3


FIFTH AMENDMENT TO

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT
and
HFA PARTICIPATION AGREEMENT

This Fifth Amendment to Commitment to Purchase Financial Instrument and HFA Participation
Agreement (the “Fifth Amendment”) is entered into as of the date set forth on Schedule A
attached hereto as the Fifth 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”), and as further amended by that certain
Fourth Amendment to Commitment to Purchase Financial Instrument and HFA Participation
Agreement (the “Fourth Amendment”; and together with the Original HPA as amended thereby
and by the First Amendment, the Second Amendment and the Third 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;

WHEREAS, HFA, Eligible Entity and Treasury wish to enter into this Fifth 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.

Fifth Amendment to HPA — South Carolina
Doc#: US1:8226791v3


13.

Program Interactions
with Other Programs
(e.g. other HFA.
programs)

This Program will interact with:

e Direct Loan Assistance Program - Households that are
delinquent at the time monthly assistance begins may be
eligible for Direct Loan Assistance to help with any arrearage
that exists.

e Property Disposition Assistance Program - Households that are
not self-supporting after exhausting allowable funding under
this Program may be eligible for the Property Disposition
Assistance Program.

e Total Assistance for households participating in multiple
Programs is capped at $36,000 per household.

14,

Program Interactions
with HAMP

The Program could effectively “hand off’ the borrower to HAMP once the
borrower is reemployed, if required. Households successfully coming out
of the Program may be eligible for HAMP to obtain a permanent
modification.

The funds from this Program would be utilized prior to UP. Implementing
the Program in this order is most beneficial to the borrower and the
investor since payments would continue to be made instead of capitalized
and no late charges or adverse credit report would occur. Should the
borrower still be unemployed after the assistance from this Program ends,
they may be eligible to roll into UP.

Beneficiaries who participated in UP prior to making application to SC
HELP would be eligible to participate in this Program.

It is also expected that this Program may act as a front-end extension of
existing forbearance with deed-in-lieu wrap programs.

15.

Program Leverage with
Other Financial
Resources

None.

16.

Qualify as an
Unemployment
Program

MYes ONo



Property/Loan
Eligibility Criteria

e Eligible loans must be fixed term, amortizing loans, and the original
loan amount must be within GSE limits.

« Eligible properties must be owner-occupied primary residence located
in South Carolina.

Program Exclusions

e Borrowers already under a non-South Carolina HFA Hardest-Hit Fund
program.

e Borrowers without a documented, acceptable hardship as described
above in Section 5.

Structure of Assistance

Assistance under this Program will be provided in the form of a
nonrecourse zero-percent interest, non-amortizing, forgivable loan secured
by a subordinate lien on the subject property. The loan will be forgiven
over a five (5) year period at a rate of 20% per year. If property is sold or
refinanced prior to the loan termination date, funds will be recovered
should sufficient equity be available from the transaction.

Any loan payoff proceeds will be recycled for use within the Program and
used to provide assistance to additional homeowners until December 31,
2017, at which time any proceeds shall be returned to Treasury.

9.

Per Household
Assistance

Assistance under this Program will be capped at $36,000 per household.
The sum of assistance provided through all Programs when a household is
participating in multiple Programs is capped at $36,000 per household.

The Per Household Assistance cap for eligible households that are
currently receiving funds under this Program as of the Amendment Date
will be increased to $36,000.

The Per Household Assistance cap for eligible households that reached the
previous Per Household Assistance cap or Duration of Assistance cap for
this Program within a maximum 120 day period preceding the Amendment
Date will be increased to $36,000.

Expected Median: $12,000

10.

Duration of Assistance

Assistance under this Program will be capped at 24 months. The Duration
of Assistance cap for eligible households that are currently receiving funds
under this Program as of the Amendment Date will be extended to 24
months.

The Duration of Assistance cap for eligible households that reached the
previous Per Household Assistance cap or Duration of Assistance cap for
this Program within a maximum 120 day period preceding the Amendment
Date will be extended to 24 months.

11.

Estimated Number of
Participating
Households

It is expected that that 5,000 — 6,000 families will be assisted under this
Program.

12.

Program Inception/
Duration

This Program was originally rolled out statewide on January 20, 2011 and
is expected to be available for 36-48 months.



Permitted Expenses:
Closing Date:

First Amendment Date:
Second Amendment Date:
Third Amendment Date:
Fourth Amendment Date:

Fifth Amendment Date:

Eligible Entity Depository Account Information:

Doc#t: US1:8226791v3

$54,005,984.00

August 3, 2010

September 23, 2010

September 29, 2010

December 16, 2010

August 31, 2011

November 15, 2012

See account information set forth in the
Depository Account Control Agreement

between Treasury and Eligible Entity
regarding the HHF Program.


Doc#: US1:8226791v3


In Witness Whereof, HFA, Eligible Entity and Treasury by their duly authorized officials
hereby execute and deliver this Fifth Amendment to Commitment to Purchase Financial
Instrument and HFA Participation Agreement as of the Amendment Date.

HFA: TREASURY:
SOUTH CAROLINA STATE HOUSING UNITED STATES DEPARTMENT OF THE
FINANCE AND DEVELOPMENT TREASURY
AUTHORITY
By: /s/ Valerie M. Williams By:
Name: Valerie M. Williams Name: Timothy G. Massad
Title: Executive Director Title: Assistant Secretary for

Financial Stability

ELIGIBLE ENTITY:

SC HOUSING CORP.

By: /s/ Valerie M. Williams
Name: Valerie M. Williams
Title: Executive Director

[Signature Page to Fifth Amendment to HPA — South Carolina]


13.

Program Interactions
with Other Programs
(e.g. other HFA
programs)

This Program will interact with the following South Carolina HFA
Hardest-Hit Fund Programs:

e

Monthly Payment Assistance Program — Households with an
arrearage and a temporarily reduced level of income may be
eligible for the Program and the MPA program to cure the
immediate delinquency and to insure that further delinquencies
are not incurred.

Property Disposition Assistance Program - Households that are
not self-supporting after exhausting allowable funding under
this Program may be eligible for the Property Disposition
Assistance Program.

Affordable Housing Refinance Program — Households that are
delinquent at the time of approval under the Affordable
Refinance Program may be eligible for Direct Loan Assistance
to help with any arrearage that exists.

Total Assistance for households participating in multiple
Programs is capped at $36,000 per household (except for
borrowers also participating in the Affordable Refinance
Program).

14,

Program Interactions

Households successfully coming out of the Program may be eligible for

with HAMP HAMP to obtain a permanent modification.
15. Program Leverage with | Servicer/Investor will be required to waive all non-expense fees (i.e. late
Other Financial fees).
Resources
16. Qualify as an OYes MNo
Unemployment
Program



Property/Loan
Eligibility Criteria

e Eligible loans must be fixed term, fully amortizing, and the
original loan amount must be within GSE limits.

e Eligible properties must be owner-occupied primary residence
located in South Carolina.

7. Program Exclusions e Borrowers without a documented, acceptable hardship as
described above in Section 5.
e Borrowers already under a non-South Carolina HFA Hardest-
Hit Fund program.
¢ Borrowers who fail to meet the requirements of the
modification, including failure to complete any trial period.
8. Structure of Assistance | Assistance under this Program will be provided in the form of a
nonrecourse zero-percent interest, non-amortizing, forgivable
loan secured by a subordinate lien on the subject property. The
loan will be forgiven over a five (5) year period at a rate of 20%
per year. [f property is sold or refinanced prior to the loan
termination date, funds will be recovered should sufficient equity
be available from the transaction.
Any loan payoff proceeds will be recycled for use within the
Program and used to provide assistance to additional homeowners
until December 31, 2017, at which time any proceeds shall be
returned to Treasury.
9. Per Household Assistance under this Program will be capped $36,000 per
Assistance household.
Expected Median: $20,000
10. Duration of Assistance__| Program is a one-time payment per household.
11. Estimated Number of It is expected that 4,000 — 6,000 families will be assisted under
Participating this Program.
Households
12. Program Inception/ This Program will be available statewide during the first quarter
Duration of 2013. It is expected that it will run for months.
13. Program Interactions This Program will interact with the following South Carolina
with Other Programs HFA Hardest-Hit Fund Programs:
(e.g. other HFA «© Monthly Payment Assistance- Households successfully
programs) coming out of the Monthly Assistance Program may be

eligible for this Program.

« Direct Loan Assistance- Households successfully coming out
of the Direct Loan Assistance Program may be eligible for
this Program.

e Property Disposition Assistance Program - Households that
are not self-supporting after exhausting allowable funding
under this Program may be eligible for the Property
Disposition Assistance Program.

« Total Assistance for households participating in multiple
Programs is capped at $36,000 per household.



Miscellaneous

A. The recitals set forth at the beginning of this Fifth 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.
Cc. 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.

Dz. This Fifth 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
Fifth Amendment shall be treated as originals for all purposes.

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]


1,

Agreement
Amendments

A. Definitions. All references in the Current HPA to the “Agreement” shall mean the
Current HPA, as further amended by this Fifth 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 Fifth
Amendment. All references herein to the “HPA” shall mean the Current HPA, as further
amended by this Fifth 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 Fifth Amendment.

Cc. Schedule B. Schedule B attached to the Current HPA is hereby deleted in its entirety
and replaced with Schedule B attached to this Fifth 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 Fifth Amendment.

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 Fifth Amendment and any other closing documentation delivered to
Treasury in connection with this Fifth 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
Fifth Amendment and any other closing documentation delivered to Treasury in
connection with this Fifth Amendment, and to perform its obligations hereunder and
thereunder.


SERVICE SCHEDULE B-2

SC State Housing Finance and Development Authority

Direct Loan Assistance Program
Summary Guidelines

Program Overview

In some cases borrowers may have fallen behind on their mortgage
payments, and have since regained the ability to make the full payment, or
are eligible for funding under the Monthly Payment Assistance (“MPA”)
program and have an accrued arrearage owed to the lender. Under the
Direct Loan Assistance Program, funding in the form of a one-time
payment will be provided to bring such loans current. Funds may also be
made available for principal reductions ancillary to a reinstatement and to
reduce or eliminate any forbearance in order ensure long-term
affordability.

Program Goals To help borrowers become current on their mortgage during or following a
brief interruption or reduction in income and to ensure long-term
affordability.

Target Population/ This Program will be available in all 46 counties in South Carolina.

Areas

Program Allocation $90,000,000.00

(Excluding

Administrative

Expenses)

Borrower Eligibility An eligible borrower must have at least one of the following qualifying

Criteria hardships:

e Unemployment
Underemployment
Significant reduction in self-employment income
Death of a spouse
Divorce
e Catastrophic health-related expenses or income interruption
Additional Eligibility criteria:

e Payment to Income ratio must not exceed an affordable level as
outlined in program and underwriting guidelines unless borrower is
approved for funding under the MPA program.

¢ Borrower must provide a financial hardship affidavit.

¢ Borrower must demonstrate that circumstances that led to the
delinquency have been resolved unless borrower is approved for
funding under the MPA program.

All final eligibility determinations will be made by SCHC.
Funds will be available on a first-come first served basis.

eecee



SERVICE SCHEDULE B-3

SC State Housing Finance and Development Authority

HAMP Assistance Program
Summary Guidelines

1. Program Overview

The majority of lenders in South Carolina are offering troubled
borrowers the opportunity to modify their loans under certain
circumstances, with the most notable of these programs being the
Home Affordable Modification Program (““HAMP”). Under the
HAMP Assistance Program, funding in the form of a one-time
payment will be provided to help borrowers qualify for a
modification, and to improve a borrower’s likelihood of success
in a modification by reinstating delinquent amounts, and/or
reducing or eliminating any forbearance amount created as part of
a qualifying modification.

2. Program Goals

To provide limited funding to improve a borrower’s likelihood of
receiving a modification, and to help ensure long term
affordability for borrowers who do receive a modification.

3. Target Population/
Areas

This Program will be available in all 46 counties in South
Carolina.

4, Program Allocation $90,000,000.00
(Excluding
Administrative
Expenses)
5. Borrower Eligibility An eligible borrower must have at least one of the following
Criteria qualifying hardships:
«¢ Unemployment
e Underemployment
e Significant reduction in self-employment income
e Death of a spouse
e¢ Divorce
¢ Catastrophic health-related expenses or income
interruption

e Long-term or permanent reduction in income.

Additional eligibility criteria:

e Borrower must provide a financial hardship affidavit.

e Must meet all requirements of the lender modification.

e Must successfully complete any required modification
trial period prior to disbursement.

e Payment to Income ratio after modification must not
exceed an affordable level as outlined in program and
underwriting guidelines.

e All final eligibility determinations will be made by SCHC.

e Funds will be available on a first-come first served basis.