Tenth Amendment to HPA — Georgia 

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TENTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Tenth Amendment to Commitment to Purchase Financial Instrument and HFA Participation 

Agreement (this “Amendment”) is entered into as of the date set forth on Schedule A attached 

hereto as the Tenth 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 set forth on Schedule A attached hereto, as previously amended by those 

certain Amendments to Commitment to Purchase Financial Instrument and HFA Participation 

Agreement dated as of their respective dates as set forth on Schedule A attached hereto (each, an 

“Amendment” and together with the Original HPA as amended thereby, the “Current HPA”), 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 (12 U.S.C. 5201 et 

seq.), as amended, and 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 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. 

Agreement 

1. Amendments 

A. Definitions. All references in the Current HPA to the “Agreement” shall mean the 

Current HPA, as further amended by this Amendment; and all references in the Current HPA 

to Schedules A or B shall mean the Schedules A or B attached to this Amendment. All 

references herein to the “HPA” shall mean the Current HPA, as further amended by this 

Amendment. 
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B. Schedule A. Schedule A attached to the Current HPA is hereby deleted in its entirety 

and replaced with Schedule A attached to this 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 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 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 Amendment and any other closing documentation delivered to Treasury 

in connection with this 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 

Amendment and any other closing documentation delivered to Treasury in connection 

with this Amendment, and to perform its obligations hereunder and thereunder. 

3. Miscellaneous 

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

Amendment and any other closing documentation delivered in connection therewith shall be 

treated as originals for all purposes. 

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

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

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

hereby execute and deliver this Amendment 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: Mark McArdle 

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: $370,136,394.00 

Portion of Program Participation Cap 

Representing Original HHF Funds: N/A 

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: $126,650,987.00 

Rounds 1-4 Funding Allocation: $339,255,819.00 

Round 5 Funding Allocation: $30,880,575.00 

Permitted Expenses: $47,852,116.00 

Closing Date: September 23, 2010 

First Amendment Date: September 29, 2010 

Second Amendment Date: December 16, 2010 
A-2 

Third Amendment Date: June 28, 2011 

Fourth Amendment Date: May 3, 2012 

Fifth Amendment Date: December 12, 2013 

Sixth Amendment Date: January 31, 2014 

Seventh Amendment Date: October 10, 2014 

Eighth Amendment Date: July 30, 2015 

Ninth Amendment Date: May 3, 2016 

Tenth Amendment Date: August 31, 2016 

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 9,100 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 closed-end 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 15 months of the 24 MPA payments plus eligible lender fees 

may be used for the reinstatement of delinquent first and closed-end 

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. 
B-1-2 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$202,284,278 

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 at time of 

application; 

• 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 four calendar years; 

• 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 in accordance 

with the Agreement. 
B-1-4 

9. Per Household 

Assistance 

The maximum household assistance amount is up to 36 times the 

monthly PITIA for first and closed-end second mortgages, plus eligible 

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

GHFA expects the average loan amount will be $22,230. 

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 

9,100 homeowners. 

Estimated number served based on an average loan amount of $22,230.

12. Program Inception / 

Duration 

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

December 31, 2020 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. 
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 700 homeowners to prevent 

foreclosures. 

Reinstatement Assistance 

Reinstatement Assistance will cover past due payments on first and 

closed-end 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) 

$7,000,000 
B-2-2 

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 4 calendar years ; 

• Total unpaid principal balance less than or equal to 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; 

• 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 24 months delinquent at 

time of application; 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 
B-2-3 

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 

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 in accordance 

with the Agreement. 

9. Per Household 

Assistance 

The maximum household reinstatement assistance is up to: 24 times 

the monthly PITIA for first and closed-end 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 

700 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, 

2020 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Programs 

None. 
B-2-4 

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. 
B-3-1 

SERVICE SCHEDULE B-3 

Georgia Housing Finance Authority 

Recast/Modification 

Summary Guidelines 

1. Program Overview Two options are available: Recast/Modification and Principal 

Curtailment. 

The Recast/Modification option 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. This option will assist Georgia 

homeowners who are financially unable to make their payments 

based on an eligible hardship. 

• Funds provided under this option can also be applied to 

reinstate past-due amounts in order to obtain an affordable 

payment. 

The Principal Curtailment option will provide funds for a 

standalone principal reduction for low- to moderate-income 

homeowners whose mortgages are impacted by a significant 

negative equity (>110% combined loan-to-value ratio) hardship. 

• Funds provided under this option can be applied to achieve a 

post-assistance loan-to-value ratio between 100%-125% for 

homeowners who have been making their payments and 

stayed in their homes. 

• Funds can also be applied to reinstate past due amounts prior 

to principal reduction if the homeowner is less than 90 days 

delinquent and has an affordable payment. 

2. Program Goals The goal of this program is to assist underwater homeowners by 

bringing their mortgage balance in line with the property value. 

This program will also provide mortgage payment relief and stable, 

long-term mortgage payments to those homeowners whose income 

has been permanently reduced. 
B-3-2 

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

to a permanent reduction of income or significant negative equity. 

This program will be available in all Georgia counties. 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

 $113,000,000 

5. Borrower Eligibility 

Criteria 

Homeowners must be those with a program eligible hardship due to 

an involuntary permanent reduction or loss of income or significant 

negative equity. Homeowners will be required to provide a financial 

hardship affidavit with appropriate documentation on the cause of 

the hardship. 

Underwriting Criteria for Both Options: 

• Total household income does not exceed 140% of the Area 

Median Income (AMI); 

• Total unpaid principal balance less than or equal to $250,000; 

• Property must be owner occupied as the homeowner’s 

principal residence and be the only residential property 

owned; 

• Homeowner must be a legal resident of the United States; 

• Applicant must be the owner of the subject property; 

• Additional underwriting criteria apply as provided in 

program guidelines; and 

• At least one person in the household must have consistent 

employment and/or income sources. 

Additional Underwriting Criteria for Recast/Modification: 

• 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%; and 

• The post-assistance combined loan-to-value ratio cannot be 

reduced below 80%. 

Additional Underwriting Criteria for Principal Curtailment: 
B-3-3 

• Satisfactory mortgage history as provided in program 

guidelines; 

• Pre-assistance combined loan-to-value ratio is equal to or 

greater than 110%; and 

• Post assistance combined loan-to-value ratio falls between 

100-125%. 

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, evidenced by a 

deed 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 $250,000. 

• Second homes or investment property. 

• Homes titled in trusts. 

• Total pre-assistance monthly payments (PITIA) of 31% or 

less of income under the Recast/Modification option. 

• Homeowners with $5,000 or less negative equity under the 

Principal Curtailment option. 

• 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 
B-3-4 

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 in 

accordance with the Agreement. 

9. Per Household 

Assistance 

Eligible homeowners may receive up to $50,000.00 

 

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

11. Estimated Number of 

Participating Households 

2,825 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, 2020 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 

Under the Recast/Modification option, the program will disburse 

funds up to $50,000.00 if the lienholder agrees to a loan 

modification or recast that shows direct benefit to the borrower. 

Under the Principal Curtailment option, the program will disburse funds 

up to $50,000.00; this allows, but does not require, a recast by the 

lienholder. 

Investor match is not required on either option. 
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 $18,062,918.00 

Professional Services (Legal, 

Compliance, Audit, Monitoring) 

$19,665,710.00 

Travel $113,348.00 

Buildings, Leases & Equipment $1,384,315.00 

Information Technology & 

Communications 

$810,870.00 

Office Supplies/Postage and 

$965,657.00 
C-2 

Delivery/Subscriptions 

Risk Management/ Insurance $0.00 

Training $0.00 

Marketing/PR $2,206,000.00 

Miscellaneous $0.00 

 Subtotal $43,208,818.00 

 

 Transaction Related Expenses: 

Recording Fees $635,043.00 

Wire Transfer Fees $219,422.00 

 Counseling Expenses 

File Intake 

Decision Costs $637,531.00 

Successful File $2,788,690.00 

Key Business Partners On-Going $0.00 

 Subtotal $4,280,686.00 

 

 Grand Total $47,852,116.00 

 

% of Total Award 12.93%

Award Amount $370,136,394.00