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 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"), as further amended 

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

Participation Agreement (the "Third Amendment") as further amended by that certain Fourth 

Amendment to Commitment to Purchase Financial Instrument and HFA Participation Agreement 

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

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

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

Instrument and HFA Participation Agreement (the "Sixth Amendment"; and together with the 

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

Amendment, Fourth Amendment and Fifth Amendment, the "Current HPA"), dated as of their 

respective dates 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, 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; 

Seventh Amendment to HPA — Indiana 

Doc#:USl:8415747v2 
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. 

(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 

- 2 -

Doc# US1 8415747v2 
connection with this Seventh Amendment, and to perform its obligations hereunder and 

thereunder. 

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] 

Doc#:USl:8415747v2 
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: 

INDIANA HOUSING AND COMMUNITY 

DEVELOPMENT AUTHORITY 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: I si J. Jacob Sipe 

Name: J. Jacob Sipe 

Title: Executive Director 

By: 

Name: Timothy G. Massad 

Title: Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY. 

INDIANA HOUSING AND COMMUNITY 

DEVELOPMENT AUTHORITY 

By: I si J. Jacob Sipe 

Name: J. Jacob Sipe 

Title: Executive Director 

[Signature Page to Seventh Amendment to HPA — Indiana] 
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: 

INDIANA HOUSING AND COMMUNITY 

DEVELOPMENT AUTHORITY 

By: 

Name: J. Jacob Sipe 

Title: Executive Director 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: I (JKK 

Name: Timothy G. Massad 

Title: Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY: 

INDIANA HOUSING AND COMMUNITY 

DEVELOPMENT AUTHORITY 

By: 

Name: J. Jacob Sipe 

Title: Executive Director 

[Signature Page to Seventh Amendment to HPA— Indiana] 
EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses 

Doc# US1 8415747v2 
SCHEDULE A 

BASIC INFORMATION 

Eligible Entity Information: 

Name of the Eligible Entity: 

Corporate or other organizational form: 

Jurisdiction of organization: 

Notice Information: 

Indiana Housing and Community 

Development Authority1 

body corporate and politic, established and 

existing under Indiana Code 5-20-1 et. seq. 

Indiana 

HFA Information: 

Name of HFA: 

Organizational form: 

Date of Application: 

Date of Action Plan: 

Indiana Housing and Community 

Development Authority1 

body corporate and politic, established and 

existing under Indiana Code 5-20-1 et. seq. 

September 1,2010 

September 1, 2010 

1 References in the Agreement to the term "HFA" shall mean the Indiana Housing and Community Development 

Authority ("IHCDA") in its capacity as HFA as such term is used in the Agreement; and references in the 

Agreement to the term "Eligible Entity" shall mean IHCDA, in its capacity as Eligible Entity as such term is used in 

the Agreement. 

Notwithstanding anything to the contrary in the Agreement, (A) for purposes of Section 4(G) thereof, (i) annual 

audited financial statements shall be due no later than one hundred eighty (180) days after the end of IHCDA's fiscal 

year, and (ii) quarterly financial statements shall be due no later than forty-five (45) days after the end of each 

quarter commencing with the first full quarter ending after the Effective Date; provided that for any quarter IHCDA 

does not prepare unaudited financial statements for its internal use, or to be sent to a third party, such quarterly 

unaudited financial statement shall not be required and instead IHCDA shall provide to Treasury, no later than fortyfive (45) days after the end of each quarter commencing with the first full quarter ending after the Effective Date, 

summary expenses by category [e.g., in-take partners, IHCDA specific expenses (e.g. salaries)], and last business 

day of the quarter's Depository Account bank statement, which information will allow Treasury to review and 

confirm the funds used for the Services and Permitted Expenses; (B) for purposes of Section 7 thereof, the powers 

and authority of IHCDA shall be governed by and construed in accordance with the laws of the State of Indiana; and 

(C) for the purposes of Sections 2(C)(1) and 6(A)(2) thereof, references to the term "instrumentality" shall mean 

"body corporate and politic". 

Doc# US1 8415747v2 
Notice Information: 

Program Participation Cap: 

Portion of Program Participation Cap 

Representing Original HHF Funds: 

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: 

Fifth Amendment Date: 

Sixth Amendment Date: 

Seventh Amendment Date: 

Eligible Entity Depository Account Information: 

Same as notice information for Eligible 

Entity. 

$221,694,139.00 

N/A 

$82,762,859.00 

$30,313,760.00 

September 23, 2010 

September 29, 2010 

March 9, 2011 

September 28, 2011 

January 25, 2012 

July 17, 2012 

September 28, 2012 

March 8, 2013 

See account information set forth in the 

Depository Account Control Agreement 

between Treasury and Eligible Entity 

regarding the HHF Program. 

Doc# US1 8415747v2 
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. 

Doc# US1 8415747v2 
SERVICE SCHEDULE B-l 

Indiana 

Hardest Hit Fund Unemployment Bridge Program 

Summary Guidelines 

1) Program 

Overview 

Under Indiana's Hardest Hit Fund Unemployment Bridge Program 

("UBP") the Indiana Housing and Community Development Authority 

("IHCDA") offers qualifying individuals who are experiencing an 

involuntary unemployment-related financial hardship, the following 

assistance (up to the Maximum Household Assistance, defined below) 

with respect to their primary mortgage payments: 

1) For unemployed homeowners ("Multi-Benefit Unemployed 

Borrowers"): 

a) Funding at the outset of assistance to bring a delinquent mortgage 

current ("Reinstatement Assistance"); and 

b) Monthly assistance to cover their first mortgage payment and 

related expenses while seeking new employment. 

2) For homeowners who have accumulated a delinquency during a 

recent period of unemployment and have become re-employed, but 

cannot bring their mortgages current with their current income ("Reemployed Borrowers"), IHCDA will provide Reinstatement 

Assistance provided the borrower's mortgage payment is affordable 

with their post-unemployment income. 

3) For unemployed homeowners who have accumulated a delinquency 

during a recent (and continuing) period of unemployment 

("Reinstatement Only Unemployed Borrowers"), IHCDA will provide 

Reinstatement Assistance, provided the borrower's mortgage payment 

is affordable with household income other than unemployment 

assistance benefits. 

All assistance is subject to approval of the homeowner's HHF Action 

Plan, which is a plan relating solely to TARP-funded modification 

programs that will be developed by a housing counseling agency and 

approved by IHCDA. 

2) Program Goals ThegoaloftheUBPisto: 

1. Cover the PITI for eligible unemployed homeowners, allowing 

them to: (a) secure re-employment in their occupation; or (b) 

access training made available through the Indiana Department of 

Workforce Development ("DWD") that will help them secure 

employment in a new occupation; and 

2. For Re-employed Borrowers and Reinstatement Only 

Doc# US1 8415747v2 
Unemployed Borrowers, to mitigate the effects of recent 

unemployment. 

3) Target 

Population / 

Areas 

IHCDA's target population is low-to-moderate income homeowners in 

any county in Indiana. 

4) Program 

Allocation 

(Excluding 

Administrative 

Expenses) 

$150,000,000.00 

5) Borrower 

Eligibility 

Criteria 

With respect to all borrowers: 

1) 

2) 

3) 

4) 

Owning only one mortgaged home; 

Submission of affidavit documenting an involuntary unemploymentrelated financial hardship that occurred on or after January 1, 2009. 

Documentation supporting the application must show a correlation 

between the occurrence of the unemployment-related hardship and the 

difficulty in sustaining the mortgage. 

Priority of service will be extended to veterans and military personnel 

(active or reserve). 

In addition: 

5) With respect to Multi-Benefit Unemployed Borrowers only: 

a) Currently unemployed from a job loss that occurred on or after 

January 1, 2009. 

b) Monthly first mortgage PITI payment must be greater than 25% of 

the borrower's gross monthly household income, excluding 

unemployment insurance benefits ("Minimum Affordability 

Threshold"); 

c) Must have sufficient funds available following Reinstatement 

Assistance to allow IHCDA to make 6 monthly assistance 

payments to servicer before reaching the Maximum Household 

Assistance cap. 

d) Current household income at or below 140% of AMI, adjusted for 

borrower household size; 

e) Must engage in approved job training, education, or structured 

volunteer work (as defined by IHCDA); and 

f) Must complete a financial literacy educational course provided by 

IHCDA. 

6) With respect to Re-employed Borrowers only: 

a) Re-employed following unemployment that occurred on or after 

January 1, 2009, as identified by hardship affidavit; 

b) Qualify in all other respects for assistance; 

c) Have post-unemployment household income that results in a 

Doc# US1 8415747v2 
6) Property / Loan 

Eligibility 

Criteria 

7) Program 

Exclusions 

8) Structure of 

Assistance 

9) Per Household 

Assistance 

10) Duration of 

Assistance 

maximum housing debt-to-income ratio of 31%; 

d) Have an annual gross household income equal to or less than 

$150,000; and 

e) Do not have the means for, or otherwise qualify for, another 

program providing mortgage reinstatement. 

7) With respect to Reinstatement Only Unemployed Borrowers only: 

a) Currently unemployed from a job loss that occurred on or after 

January 1, 2009, as identified by hardship affidavit. 

b) Do not qualify for monthly assistance, but qualify in all other 

respects for assistance; 

c) Have household income, excluding unemployment insurance 

benefits, that results in a maximum housing debt-to-income ratio 

of 31%; 

d) Have an annual gross household income equal to or less than 

$150,000; and; 

e) Do not have the means for, or otherwise qualify for, another 

program providing mortgage reinstatement. 

1) One-to-four-unit, owner-occupied primary residence or condominium 

(attached or detached) located in Indiana. Manufactured or mobile 

homes are eligible if on a foundation permanently affixed to real 

estate owned by the borrower. Land contracts are not eligible. 

2) The unpaid principal balance of the borrower's first-lien mortgage 

cannot exceed the conforming loan limit established by the Federal 

Housing Finance Agency, as modified from time to time. 

1) Property is vacant, abandoned or condemned. 

2) Borrower has liquid assets sufficient to make 6 monthly PITI 

payments, excluding retirement accounts. 

3) Home equity line of credit loans. 

All assistance is structured as a forgivable, non-recourse, non-amortizing 

loan, secured by a junior lien on the property. The loan has a term often 

(10) years and is forgiven at a rate of 20% per year in years six (6) 

through ten (10) of the loan term. If the borrower sells the property 

before the forgiveness period expires, all net sale proceeds up to the full 

principal balance outstanding will be due and payable to IHCDA. All 

funds returned to the UBP may be recycled until December 31, 2017; 

thereafter, they must be returned to Treasury. 

Total assistance per household ("Maximum Household Assistance") is not 

to exceed $30,000. 

For currently unemployed borrowers, up to the borrowers' Maximum 

Household Assistance, twenty-four (24) months, or three (3) months after 

re-employment, whichever comes first. 

Doc#:USl:8415747v2 
11) Estimated 

Number of 

Participating 

Households 

12) Program 

Inception / 

Duration 

13) Program 

Interaction with 

Other 

Programs (e.g. 

other HFA 

programs) 

14) Program 

Interactions 

with HAMP 

| IS) Program 

Leverage 

1 16) Qualify as an 

Unemployment 

1 Program 

For Re-employed Borrowers, assistance is a one-time payment to the 

lender/servicer. 

IHCDA estimates that approximately 8,000 households will receive 

assistance, inclusive of payments to clear delinquencies and assistance 

after re-employment. 

IHCDA initially launched the HHF program on May 5, 2011. IHCDA 

anticipates that the program will last for approximately five (5) years after 

the date of launch. 

Borrowers may receive more than one type of Hardest Hit Fund 

assistance through IHCDA (excluding Transition Assistance, as defined 

in Service Schedule B-3, Indiana Hardest Hit Fund Transition Assistance 

Program), however the total amount of assistance provided may not 

exceed $30,000. 

Borrowers will be pre-screened for HAMP, HAFA and HAMP-UP and 

programs offered by lenders. HHF funds can be utilized before or after 

assistance from HAMP-UP. 

No leveraging from banks and servicers is required. IHCDA enters into 

participation agreements with servicers interested in participating in the 

UBP that sets forth IHCDA's expectations for servicers. 

0 Yes • No 

Doc#:USl'8415747v2 
SERVICE SCHEDULE B-2 

Indiana 

Hardest Hit Fund Recast/Modification Program 

Summary Guidelines 

1) Program 

Overview 

Under Indiana's Hardest Hit Fund Recast/Modification Program ("RMP") 

the Indiana Housing and Community Development Authority ("IHCDA") 

offers qualifying individuals who are experiencing financial hardship due 

to involuntary loss or reduction in income, significant medical expenses, 

military hardship, or death of a household member, the following 

assistance (up to the Maximum Household Assistance, defined below) 

with respect to their primary mortgage payments: 

1) For homeowners whose lender/servicer elects to participate and who 

can no longer afford their mortgage payment due to an involuntary 

and substantial reduction in employment income ("underemployment 

hardship"); substantial reduction in household income due to death of 

a household member ("death hardship"); significant medical expenses 

("medical hardship"); or military hardship ("military hardship"), 

IHCDA will provide a first mortgage principal balance payment to 

facilitate a recast/re-amortization by the servicer that results in an 

affordable monthly payment ("Recast Borrowers"). If necessary, 

Reinstatement Assistance (as defined in Service Schedule B-l, 

Indiana Hardest Hit Fund Unemployment Bridge Program) may be 

combined with the principal balance payment, provided that sufficient 

funds remain within the Maximum Household Assistance amount, 

following reinstatement to achieve an affordable payment through 

recast/re-amortization. 

2) For certain homeowners whose lender/servicer elects to participate, 

IHCDA will provide Reinstatement Assistance in conjunction with a 

permanent mortgage loan modification by the servicer ("Modification 

Borrowers"). Upon acceptance by the servicer, homeowners whose 

delinquency is above the amount of the Maximum Household 

Assistance may still qualify for such loan modification. HHF funds 

may be utilized for principal reduction, if necessary to facilitate a 

modification. 

All assistance is subject to approval of the homeowner's HHF Action 

Plan, which is a plan relating solely to TARP-funded modification 

programs that will be developed by a housing counseling agency and 

approved by IHCDA. 

2) Program Goals The goal of the RMP is to reduce the homeowner's monthly first 

mortgage payment to an affordable level, allowing long-term 

sustainability of the mortgage. 

Doc#:USl:8415747v2 
3) Target 

Population / 

Areas 

IHCDA's target population is low-to-moderate income homeowners in 

any county in Indiana. 

4) Program 

Allocation 

(Excluding 

Administrative 

Expenses) 

$40,000,000.00 

5) Borrower 

Eligibility 

Criteria 

With respect to all borrowers: 

1) Owning only one mortgaged home; 

2) Current household income at or below 140% of AMI, adjusted for 

borrower household size; 

3) Submission of affidavit documenting involuntary hardship which 

occurred on or after January 1, 2009. 

4) Documentation supporting the application must show a correlation 

between the occurrence of the hardship and the difficulty in sustaining 

the mortgage. 

5) Priority of service will be extended to veterans and military personnel 

(active or reserve). 

In addition: 

6) With respect to Recast Borrowers only: 

a) Qualifying hardship must have occurred on or after January 1, 

2009. 

b) To qualify with an underemployment hardship or death hardship, a 

minimum involuntary reduction in household income of 15%. If 

self- employed, a minimum 20% involuntary reduction in gross 

receipts. 

c) To qualify with a medical hardship, expenses must be related to 

non-elective medical procedures or emergencies, and must be 

greater than or equal to 15% of household income (20% of gross 

receipts if self-employed). 

d) To qualify for a military hardship: (1) have served on active duty 

and been released because of a service-connected illness or injury 

or (2) any individual who was in the National Guard or Reserves 

and was called to active duty during a war or in a campaign or 

expedition for which a campaign badge is authorized. 

e) Maximum post-recast housing debt-to-income ratio of 31 % 

f) Eligibility for recast/re-amortization will be determined by 

IHCDA. 

7) With Respect to Modification Borrowers only: 

a) Hardship, as identified by a hardship affidavit, which occurred on 

or after January 1, 2009, due to involuntary loss or reduction in 

Doc# US1 8415747v2 
6) Property / Loan 

Eligibility 

Criteria 

7) Program 

Exclusions 

8) Structure of 

Assistance 

9) Per Household 

Assistance 

10) Duration of 

Assistance 

11) Estimated 

Number of 

Participating 

Households 

12) Program 

Inception / 

Duration 

13) Program 

Interaction with 

Other 

Programs (e.g. 

other HFA 

programs) 

14) Program 

Interactions 

with HAMP 

15) Program 

Leverage 

income, significant medical expenses, military hardship, or death 

of a household member, 

b) Eligibility for loan modification will be determined by the 

mortgage servicer. 

1) One-to-four-unit, owner-occupied primary residence or condominium 

(attached or detached) located in Indiana. Manufactured or mobile 

homes are eligible if on a foundation permanently affixed to real 

estate owned by the borrower. Land contracts are not eligible. 

2) The unpaid principal balance of the borrower's first-lien mortgage 

cannot exceed the conforming loan limit established by the Federal 

Housing Finance Agency, as modified from time to time. 

1) Property is vacant, abandoned or condemned. 

2) Borrower has liquid assets sufficient to make 6 monthly PITI 

payments, excluding retirement accounts. 

3) Home equity line of credit loans. 

All assistance is structured as a forgivable, non-recourse, non-amortizing 

loan, secured by a junior lien on the property. The loan has a term often 

(10) years and is forgiven at a rate of 20% per year in years six (6) 

through ten (10) of the loan tenn. If the borrower sells the property 

before the forgiveness period expires, all net sale proceeds up to the full 

principal balance outstanding will be due and payable to IHCDA. All 

funds returned to the RMP may be recycled until December 31, 2017; 

thereafter, they must be returned to Treasury. 

Total assistance per household ("Maximum Household Assistance") is not 

to exceed $30,000. 

Assistance under RMP is a one-time payment to the mortgage 

lender/servicer. 

IHCDA estimates that approximately 2,000 households will receive RMP 

assistance. 

IHCDA initially launched the HHF program on May 5, 2011. IHCDA 

anticipates that the program will last for approximately five (5) years after 

the date of launch. 

Borrowers may receive more than one type of Hardest Hit Fund 

assistance through IHCDA (excluding assistance through the Transition 

Assistance Program, as defined in Service Schedule B-3, Indiana Hardest 

Hit Fund Transition Assistance Program), however the total amount of 

assistance provided to any individual household may not exceed $30,000. 

Borrowers will be pre-screened for HAMP, HAFA and HAMP-UP and 

programs offered by lenders. HHF funds can be utilized before or after 

assistance from HAMP-UP. 

No leveraging from banks and servicers is required. IHCDA enters into 

participation agreements with servicers interested in participating in the 

RMP that sets forth IHCDA's expectations for servicers, including 

Doc# US1 8415747v2 
16) Qualify as an 

Unemployment 

Program 

acceptance of payment from IHCDA. 

• Yes 0No 

Doc# US1 8415747v2 
SERVICE SCHEDULE B-3 

Indiana 

Hardest Hit Fund Transition Assistance Program 

Summary Guidelines 

1) Program 

Overview 

2) Program Goals 

3) Target 

Population / 

Areas 

4) Program 

Allocation 

(Excluding 

Administrative 

Expenses) 

5) Borrower 

Eligibility 

Criteria 

Under Indiana's Hardest Hit Fund Transition Assistance Program 

("TAP") the Indiana Housing and Community Development Authority 

("IHCDA") will provide transition assistance to eligible homeowners with 

unaffordable mortgage payments who obtain a short sale or deed-in-lieu 

of foreclosure from their lender/servicer and leave their home in a 

saleable condition. 

The following TAP assistance will be available: 

a) $2,500 to the homeowner to assist with moving and relocation 

expenses ("Transition Assistance"); and 

b) Up to $5,000 to lenders/servicers to extinguish and release 

subordinate liens as part of a short sale or deed-in-lieu of 

foreclosure agreement. 

All assistance is subject to approval of the homeowner's HHF Action 

Plan, which is a plan relating solely to TARP-funded modification 

programs that will be developed by a housing counseling agency and 

approved by IHCDA. 

The goal of the TAP is to prevent avoidable foreclosure and help stabilize 

neighborhoods by helping homeowners to achieve and orderly exit from 

their home. 

IHCDA's target population is low-to-moderate income homeowners in 

any county in Indiana. 

$1,380,379.00 

With respect to all borrowers: 

1) Owning only one mortgaged home. 

2) Current household income at or below 140% of AMI, adjusted for 

borrower household size. 

3) Submission of affidavit documenting involuntary hardship which 

occurred on or after January 1, 2009. 

4) Documentation supporting the application must show a correlation 

between the occurrence of the hardship and the difficulty in sustaining the 

mortgage. 

5) Priority of service will be extended to veterans and military 

Doc# US1 8415747v2 
personnel (active or reserve). 

6) With Respect to Transition Assistance only: 

a) Hardship, as identified by a hardship affidavit, which 

occurred on or after January 1, 2009, due to involuntary 

loss or reduction in income ("underemployment 

hardship"), significant medical expenses ("medical 

hardship"), military hardship ("military hardship"), or 

death of a household member ("death hardship"). 

b) To qualify for an underemployment or death hardship, a 

minimum involuntary reduction in household income of 

15%. If self- employed, a minimum 20% involuntary 

reduction in gross receipts. 

c) To qualify with a medical hardship, expenses must be 

related to non-elective medical procedures or 

emergencies, and must be greater than or equal to 15% of 

household income (20% of gross receipts if selfemployed). 

d) To qualify for a military hardship: (1) have served on 

active duty and been released because of a serviceconnected illness or injury, (2) any individual who was in 

the National Guard or Reserves and was called to active 

duty during a war or in a campaign or expedition for which 

a campaign badge is authorized or (3) have received a 

permanent change in station order necessitating a short sale 

or a deed in lieu of foreclosure. 

e) The short sale or deed-in-lieu transaction must not have 

occurred prior to the application for transition assistance 

funds. 

6) Property / Loan 

Eligibility 

Criteria 

1) One-to-four-unit, owner-occupied primary residence or 

condominium (attached or detached) located in Indiana. Manufactured or 

mobile homes are eligible if on a foundation permanently affixed to real 

estate owned by the borrower. Land contracts are not eligible. 

2) The unpaid principal balance of the borrower's first-lien mortgage 

cannot exceed the conforming loan limit established by the Federal 

Housing Finance Agency, as modified from time to time. 

7) Program 

Exclusions 

1) Property is vacant, abandoned or condemned. 

2) Borrower has liquid assets sufficient to make 6 monthly PITI 

payments, excluding retirement accounts. 

3) Home equity line of credit loans (with the exception of transition 

assistance payments to lenders/servicers to extinguish subordinate liens in 

conjunction with a deed-in-lieu or short sale). 

8) Structure of 

Assistance 

TAP funds will be provided to eligible homeowners as a non-recoverable 

grant. 

Doc# US1 8415747v2 
9) Per Household 

Assistance 

10) Duration of 

Assistance 

11) Estimated 

Number of 

Participating 

Households 

12) Program 

Inception / 

Duration 

13) Program 

Interaction with 

Other 

Programs (e.g. 

other HFA 

programs) 

14) Program 

Interactions 

with HAMP 

15) Program 

Leverage 

16) Qualify as an 

Unemployment 

Program 

Total assistance per household available for TAP is $7,500. 

Assistance is a one-time payment to the homeowner and a one-time 

payment to the lender/servicer. 

IHCDA estimates that 150 households will receive TAP assistance. 

IHCDA initially launched the HHF program on May 5, 2011. IHCDA 

anticipates that the program will last for approximately five (5) years after 

the date of launch. 

Homeowners who have received other types of Hardest Hit Fund 

assistance through IHCDA are not eligible for TAP assistance. 

Transition Assistance funds may be used in conjunction with HAFA 

No leveraging from banks and servicers is required. IHCDA enters into 

participation agreements with servicers interested in participating in the 

UBP that sets forth IHCDA's expectations for servicers, including 

acceptance of payment from IHCDA. 

• Yes • 0No 

Doc# US1 8415747v2 
SCHEDULE C 

PERMITTED EXPENSES 

Indiana 

One-time / Start-Up Expenses: 

Initial Personnel 

Building, Equipment, Technology 

Professional Services 

Supplies / Miscellaneous 

Marketing /Communications 

Travel 

Website development /Translation 

Contingency 

Subtotal 

$0.00 

$89,000.00 

$120,000.00 

$10,000.00 

$175,000.00 

$10,000.00 

$175,000.00 

$5,000.00 

$584,000.00 

Operating 1 Administrative 

Expenses: 

Salaries 

Professional Services (Legal, 

Compliance, Audit, Monitoring) 

Travel 

Buildings, Leases & Equipment 

Information Technology & 

Communications 

Office Supplies/Postage and 

Delivery/Subscriptions 

Risk Management/ Insurance 

Training 

Marketing/PR 

Miscellaneous 

Subtotal 

$2,750,000.00 

$1,000,000.00 

$87,000.00 

$71,550.00 

$3,000,000.00 

$25,000.00 

$25,410.00 

$150,000.00 

$2,000,000.00 

$1,500,000.00 

$10,608,960.00 

Transaction Related Expenses: 

Recording Fees 

Wire Transfer Fees 

Counseling Expenses 

File Intake 

Decision Costs 

Successful File 

$420,000.00 

$134,400.00 

$3,000,000.00 

$9,000,000.00 

$4,200,000.00 

Doc# US1 8415747v2 
Key Business Partners On-Going 

Subtotal 

$2,366,400.00 

$19,120,800.00 

Grand Total $30,313,760.00 

% of Total Award 

Award Amount 

13.67% 

$221,694,139.00 

Doc# US1 8415747v2