Seventh Amendment to HPA — Georgia

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SEVENTH AMENDMENT TO

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT

and

HFA PARTICIPATION AGREEMENT

This Seventh Amendment to Commitment to Purchase Financial Instrument and HFA 

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

Schedule A attached hereto as the Seventh 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”), and 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”), 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 

together with the Original HPA as amended thereby and by the First Amendment, the Second 

Amendment, the Third Amendment, the Fourth Amendment and the Fifth 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 Seventh Amendment to 

document all approved modifications to the Service Schedules and Permitted Expenses, as 

applicable;
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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 Seventh Amendment; and all references in the 

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

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

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

Treasury in connection with this Seventh Amendment, and to perform its obligations 

hereunder and thereunder.
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(3) HFA has the full legal power and authority to enter into, execute, and deliver this 

Seventh Amendment and any other closing documentation delivered to Treasury in 

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

thereunder.

3. Miscellaneous

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

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE

INTENTIONALLY LEFT BLANK]
[Signature Page to Seventh Amendment to HPA — Georgia]

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

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

Instrument and HFA Participation Agreement as of the Amendment Date.

HFA: TREASURY:

GEORGIA HOUSING AND FINANCE 

AUTHORITY

UNITED STATES DEPARTMENT OF THE 

TREASURY

By: /s/ Carmen Chubb By:

Name: Carmen Chubb Name: Timothy J. Bowler

Title: Deputy Executive Director Title: Deputy Assistant Secretary for 

 Financial Stability

ELIGIBLE ENTITY:

GHFA AFFORDABLE HOUSING, INC.

By: /s/ Carmen Chubb

Name: Carmen Chubb

Title: Deputy Executive Director
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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: GHFA Affordable Housing, Inc.

Corporate or other organizational form: Non-profit corporation

Jurisdiction of organization: State of Georgia

Notice Information:

HFA Information:

Name of HFA: Georgia Housing and Finance Authority

Organizational form: A body corporate and politic, 

instrumentality of the state and a public 

corporation performing an essential 

governmental function (and not a state 

agency)

Date of Application: September 1, 2010

Date of Action Plan: September 1, 2010

Notice Information:

Program Participation Cap: $339,255,819.00

Portion of Program Participation Cap

Representing Original HHF Funds: N/A

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: $126,650,987.00

Permitted Expenses: $47,410,693.00

Closing Date: September 23, 2010

First Amendment Date: September 29, 2010

Second Amendment Date: December 16, 2010

Third Amendment Date: June 28, 2011
A-2

Fourth Amendment Date: May 3, 2012

Fifth Amendment Date: December 12, 2013

Sixth Amendment Date: January 31, 2014

Seventh Amendment Date: October 10, 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.
SCHEDULE B

SERVICE SCHEDULES

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

and replaced with the attached Service Schedules (numbered sequentially as Service Schedule B-1, 

Service Schedule B-2, et. seq.), which collectively comprise Schedule B to the HPA.
B-1-1

SERVICE SCHEDULE B-1

Georgia Housing Finance Authority

Mortgage Payment Assistance (MPA)

Summary Guidelines

1. Program Overview The Georgia Housing Finance Authority (GHFA) Mortgage Payment 

Assistance (MPA) program will provide loans to unemployed and 

substantially underemployed 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 (PITIA) while the homeowner seeks employment or 

completes training for a new career. Full payments will be remitted to 

the homeowners’ servicer each month. Homeowners may pay an 

affordable portion of the mortgage payment directly to GHFA. The 

MPA program is limited to once per household.

2. Program Goals The goal is to provide assistance to 9,000 homeowners to prevent 

foreclosures. Mortgage Payment Assistance (MPA) will be provided as 

follows:

Mortgage Payment Assistance

Up to 24 monthly mortgage payments on first and second mortgages to 

assist unemployed or substantially underemployed homeowners while 

they seek employment or complete training for a new career.

Homeowners who are enrolled in an eligible educational institution 

and making satisfactory academic progress toward a degree prior to the 

end of such 24-month period may be eligible for an additional 

12 months of assistance (“Education Extension”). If homeowner 

ceases to participate in the education program after 24 months, benefits 

would end at that time.

Reinstatement Assistance

Up to 12 months reinstatement can be provided for delinquent first and 

second mortgages.

3. Target 

Population/Areas

Homeowners who are or were unemployed or substantially 

underemployed and suffered a substantial loss of income, causing the 

mortgage to become delinquent or be in imminent default.

This Program will be available in all Georgia counties.

4. Program Allocation 

(Excluding 

Administrative 

$216,845,126
B-1-2

Expenses)

5. Borrower Eligibility 

Criteria

Homeowners who, through no fault of their own, are or were

unemployed or substantially underemployed 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. 

Underwriting Criteria:

• Homeowner became unemployed through no fault of his/her 

own:

o To qualify as underemployed, a homeowner must show a 

minimum 25% reduction in household income. 

o To qualify as underemployed for self-employed, a 

homeowner must show that gross receipts for their 

business have been reduced by a minimum of 30%;

• Must not be more than 12 months past due;

• Satisfactory mortgage payment history prior to the job 

loss/income loss;

• Monthly mortgage payments (PITIA) are greater than 25% of 

household income after job/income loss;

• Hardship must have occurred in the last 36 months; 

• Total Unpaid Principal Balance less than or equal to the current 

GSE conforming amount;

• 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;

• To qualify for the Education Extension homeowner must be 

enrolled in an eligible educational institution and making 

satisfactory academic progress toward a degree prior to the end 

of their initial 24 months of assistance. Such homeowners must 

remain enrolled in order to continue to receive Education 

Extension assistance; and

• Additional underwriting criteria apply per program guidelines.
B-1-3

6. 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 and taxed as real property).

Owner-occupied, primary residences located in Georgia, with total 

unpaid principal balance of all mortgages on subject property less than 

or equal to the current GSE conforming amount.

Mortgage must be held by a Lender or Servicer licensed in the state of 

Georgia or exempt from licensing due to federal regulatory oversight.

7. Program Exclusions Mortgages with:

• Total Unpaid Principal Balances (all mortgages on property) 

greater than the current GSE conforming amount.

• Total monthly payments (PITIA) less than 25% of current 

income.

Manufactured homes that are not considered real property.

Open ended second mortgages.

Second homes and investment property; charged off mortgage liens; 

homes titled in trusts.

Homeowners who are non-legal U.S. residents or in active bankruptcy.

8. Structure of Assistance No (0%) interest, non-recourse, deferred-payment, forgivable, 

subordinate loan. Twenty percent (20%) of the loan balance will be 

forgiven each year on the anniversary of the final monthly assistance 

payment.

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

property before the forgiveness period expires, and there are equity 

proceeds available to pay towards the portion of the loan that has not 

yet been forgiven. 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. 

9. Per Household The maximum household assistance amount is up to 36 times the 
B-1-4

Assistance monthly PITIA for first and second mortgages, plus eligible lender 

fees (e.g. Corporate and Escrow Advances).

GHFA expects the average loan amount will be $24,100.

10. Duration of Assistance The Duration of Assistance for eligible borrowers under the program 

will be no more than 36 months including those borrowers who are 

currently receiving assistance. 

Borrowers may continue to receive assistance for up to 2 months after 

reemployment (not to exceed 36 months in total.)

11. Estimated Number of 

Participating 

Households

9,000 homeowners.

Estimated number served based on an average loan amount of $24,100.

12. Program Inception / 

Duration

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

December 31, 2017 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Programs

None.

14. Program Interactions 

with HAMP

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.

Borrowers can receive HAMP assistance prior to or after receiving 

Hardest Hit Fund assistance. For example, a borrower can receive UP 

assistance for 3-6 months and then receive MPA Assistance. GHFA 

will agree to subordinate all assistance loans for borrowers who 

refinance their mortgage(s) to receive more favorable loan terms.

To the maximum extent possible, GHFA will coordinate with eligible 

homeowners’ servicers to assist them in obtaining a loan modification 

from HAMP, if needed after program completion.

15. Program Leverage with 

Other Financial 

Resources

The program will strongly encourage servicers to waive late fees and 

any other non-3rd party expenses. 

16. Qualify as an 

Unemployment 

Program

 Yes  No
B-2-1

SERVICE SCHEDULE B-2

Georgia Housing Finance Authority

Mortgage Reinstatement Assistance

Summary Guidelines

1. Program Overview The Georgia Housing Finance Authority (GHFA) Mortgage 

Reinstatement Assistance program will provide loans to homeowners 

who became delinquent on their mortgage due to an involuntary 

reduction of income or a catastrophic medical hardship. The loan 

proceeds will be used to reinstate the mortgage to help prevent 

foreclosure. 

Reinstatement assistance is limited to once per household. 

2. Program Goals The goal is to provide assistance to 3,500 homeowners to prevent 

foreclosures.

Reinstatement Assistance

Reinstatement Assistance will cover past due payments on first and 

second mortgage loans that occurred as a result of an eligible 

hardship.

Program will help homeowners who have income to resume mortgage 

payments but need help to bring their mortgage current.

3. Target 

Population/Areas

Homeowners who suffered an involuntary loss or reduction in income 

due to an eligible hardship and are able to resume mortgage payments.

This Program will be available in all Georgia counties.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$35,000,000

5. Borrower Eligibility 

Criteria

Homeowners will be required to provide a financial hardship affidavit 

with appropriate documentation on the cause of their hardship per 

program guidelines. 

Underwriting Criteria:

• Hardship resulted due to an involuntary loss or reduction in 

income of 10% or greater;

• Hardship must have occurred in the last 36 months; 

• Total unpaid principal balance less than or equal to current 

GSE conforming amount; 
B-2-2

• 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 is now able to meet mortgage payment 

requirements as outlined in program underwriting guidelines 

or per Lender/Servicer guidelines;

• Homeowner must be no more than 12 months delinquent; and

• Additional underwriting criteria apply per program guidelines.

6. 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 and taxed as real property.) 

Owner-occupied, primary residences located in Georgia, with total 

unpaid principal balance of all mortgages on subject property less than 

or equal to the current GSE conforming amount.

Mortgage must be held by a Lender or Servicer licensed in the state of 

Georgia or exempt from state licensing due to federal regulatory 

oversight.

7. Program Exclusions Mortgages with total unpaid principal balances (all mortgages on 

property) greater than the current GSE conforming amount.

Open-ended second mortgages.

Manufactured homes that are not considered real property.

Second homes and investment property; charged off mortgage liens; 

homes titled in trust.

Homeowners who are non-legal U.S. residents or are in active 

bankruptcy.

8. Structure of Assistance No (0%) interest, non-recourse, deferred-payment, forgivable, 

subordinate loan. Twenty percent (20%) of the loan balance will be 

forgiven each year on the anniversary of the final assistance 

payment.

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

property before the forgiveness period expires, and there are equity 

proceeds available to pay towards the portion of the loan that has not 

yet been forgiven. 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 
B-2-3

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. 

9. Per Household 

Assistance

The maximum household reinstatement assistance is up to: 12 times 

the monthly PITIA for first and second mortgages, plus eligible lender 

fees (e.g. Corporate and Escrow Advances) plus up to 3 months PITIA 

for program processing time

GHFA expects the average loan amount will be $10,000.

10. Duration of Assistance Assistance ends after the payment to the lender/servicer.

11. Estimated Number of 

Participating 

Households

3,500 homeowners.

Estimated number served based on an average loan amount of $10,000.

12. Program Inception / 

Duration

Program rollout was February 1, 2014 and will last until December 31, 

2017 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Programs

None. 

14. Program Interactions 

with HAMP

Reinstatement will bring borrowers current on their mortgage. To the 

maximum extent possible, GHFA will coordinate with eligible 

homeowners’ servicers to assist them in obtaining a loan modification 

from HAMP, if needed.

15. Program Leverage with 

Other Financial 

Resources

The program will strongly encourage servicers to waive late fees and 

any other non-3rd party expenses. 

16. Qualify as an 

Unemployment 

Program

Yes  No 
B-3-1

SERVICE SCHEDULE B-3

Georgia Housing Finance Authority

Recast/Modification

Summary Guidelines

1. Program Overview The Recast/Modification program will provide funds for principal 

reduction to facilitate a recast or permanent modification of the 

mortgages to provide an affordable payment to a homeowner who 

has a permanent reduction of income. 

Funds provided under this program can be applied as a principal 

reduction and to reinstate payments if necessary in order to obtain an 

affordable payment.

This program will assist Georgia homeowners who are financially 

unable to make their payment based on a program eligible hardship. 

2. Program Goals The goal of this program is to facilitate long-term mortgage 

sustainability with a recast or modification. This program will 

provide mortgage payment relief and stable long term mortgage 

payments.

3. Target Population/Areas Homeowners suffering a program eligible financial hardship related 

to a permanent reduction of income.

This program will be available in all Georgia counties.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$40,000,000

5. Borrower Eligibility 

Criteria

Homeowners must be those with a program eligible hardship due to 

an involuntary permanent reduction or loss of income. Homeowners 

will be required to provide a financial hardship affidavit with 

appropriate documentation on the cause of the hardship.

Underwriting Criteria:

• Total unpaid principal balance less than or equal to current 

GSE conforming loan amount; 

• 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;
B-3-2

• Monthly mortgage payment after modification or recast 

(including reinstatement, if applicable) must not exceed the 

affordable level as outlined in program underwriting 

guidelines; or per lender/servicer guidelines;

• Modified monthly mortgage payment to gross monthly 

income ratio will not be reduced below 25%;

• At least one person in the household must have consistent

 employment and/or income sources; and

• Additional underwriting criteria apply as provided in 

program guidelines.

6. 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 and taxed as real 

property.) 

Owner-occupied, primary residences located in Georgia, with total 

unpaid principal balance of all mortgages on subject property less 

than or equal to the current GSE conforming loan amount.

Mortgage must be held by a Lender/Servicer licensed in the state of 

Georgia or exempt from state licensing due to federal regulatory 

oversight.

7. Program Exclusions Mortgages with:

• Total unpaid principal balances (all mortgages on property) 

greater than the current GSE conforming loan amount.

• Total monthly payments (PITIA) if 31% or less of income.

Homeowners who are non-legal U.S. residents or are in active 

bankruptcy.

8. Structure of Assistance 0% interest, non-recourse, deferred-payment, forgivable, subordinate 

5-year loan. Twenty percent (20%) of the loan balance will be 

forgiven each year on the anniversary of the final assistance 

payment to the borrower.

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

property before the forgiveness period expires, and there are equity 

proceeds available to pay towards the portion of the loan that has not 

yet been forgiven. 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 
B-3-3

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. 

9. Per Household 

Assistance

Eligible homeowners may receive up to $45,000.00.

In no case can the CLTV be reduced below 80%.

10. Duration of Assistance Assistance ends after a onetime payment to the servicer. 

11. Estimated Number of 

Participating Households

1,000 homeowners.

Estimated number served based on an average loan amount of 

$40,000

12. Program Inception / 

Duration

Program rollout was February 1, 2014; the program will last until 

December 31, 2017 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Programs

None.

14. Program Interactions 

with HAMP

Applicants denied for other HHF programs or Making Home 

Affordable (MHA) programs may be eligible for assistance through 

this program.

15. Program Leverage with 

Other Financial 

Resources

The Program will disburse funds up to $45,000.00 if the lien holder 

agrees to a loan modification or recast that shows direct benefit to 

the borrower. Investor match is not required. 

16. Qualify as an 

Unemployment Program

 Yes  No 
C-1

SCHEDULE C

PERMITTED EXPENSES

Georgia

One-time / Start-Up Expenses:

Initial Personnel $0.00

Building, Equipment, Technology $90,612.00

Professional Services $0.00

Supplies / Miscellaneous $10,000.00

Marketing /Communications $0.00

Travel $2,000.00

Website development /Translation $260,000.00

Contingency $0.00

Subtotal $362,612.00

Operating / Administrative 

Expenses:

Salaries $11,597,003.00

Professional Services (Legal, 

Compliance, Audit, Monitoring) $16,563,844.00

Travel $57,994.00

Buildings, Leases & Equipment $1,045,070.00

Information Technology & 

Communications $2,356,356.00

Office Supplies/Postage and 

Delivery/Subscriptions $1,171,395.00

Risk Management/ Insurance $0.00

Training $0.00

Marketing/PR $2,006,000.00

Miscellaneous $0.00

Subtotal $34,797,662.00

Transaction Related Expenses:

Recording Fees $726,000.00

Wire Transfer Fees $124,419.00

Counseling Expenses

File Intake 

Decision Costs $4,500,000.00

Successful File $6,900,000.00

Key Business Partners On-Going $0.00

Subtotal $12,250,419.00
C-2

Grand Total $47,410,693.00

% of Total Award 13.97%

Award Amount $339,255,819.00