Fifth Amendment to HPA — Georgia 

Doc#: US1:9056118v5 

FIFTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

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

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

attached hereto as the Fifth Amendment Date (the “Amendment Date”), by and among the 

United States Department of the Treasury (“Treasury”), the undersigned party designated as 

HFA whose description is set forth in Schedule A attached hereto (for convenience, a “state 

housing finance agency” or “HFA”) and the undersigned institution designated by HFA to 

participate in the program described below (“Eligible Entity”). 

Recitals 

WHEREAS, Treasury, HFA and Eligible Entity entered into that certain Commitment to 

Purchase Financial Instrument and HFA Participation Agreement (the “Original HPA”) dated as 

of the Closing Date, as previously amended by that certain First Amendment to Commitment to 

Purchase Financial Instrument and HFA Participation Agreement (the “First Amendment”), as 

further amended by that certain Second Amendment to Commitment to Purchase Financial 

Instrument and HFA Participation Agreement (the “Second Amendment”), 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”; and together with the Original HPA as amended thereby 

and by the First Amendment, the Second Amendment, and the Third Amendment, the “Current 

HPA”), dated as of their respective dates as set forth on Schedule A attached hereto, in 

connection with Treasury’s federal housing program entitled the Housing Finance Agency 

Innovation Fund for the Hardest Hit Housing Markets (the “HHF Program”), which was 

established pursuant to the Emergency Economic Stabilization Act of 2008 (P.L. 110-343), as 

amended, as the same may be amended from time to time (“EESA”); 

WHEREAS, HFA and Eligible Entity submitted a request to Treasury to make certain revisions 

to their Service Schedules and Permitted Expenses, as applicable, and Treasury has agreed to the 

same; 

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

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

applicable; 

Accordingly, in consideration of the representations, warranties, and mutual agreements set forth 

herein and for other good and valuable consideration, the receipt and sufficiency of which are 

hereby acknowledged, Treasury, HFA and Eligible Entity agree as follows. 
- 2 – 

Doc#: US1:9056118v5 

Agreement 

1. Amendments 

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

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

HPA to Schedules A or B shall mean the Schedules A or B attached to this Fifth 

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

amended by this Fifth Amendment. 

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

and replaced with Schedule A attached to this Fifth Amendment. 

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

and replaced with Schedule B attached to this Fifth Amendment. 

D. Schedule C. Schedule C attached to the Current HPA is hereby deleted in its entirety 

and replaced with Schedule C attached to this Fifth Amendment. 

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 Fifth Amendment and any other closing documentation delivered to 

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

hereunder and thereunder. 

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

Fifth Amendment and any other closing documentation delivered to Treasury in 

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

thereunder. 
- 3 – 

Doc#: US1:9056118v5 

3. Miscellaneous 

A. The recitals set forth at the beginning of this Fifth Amendment are true and accurate 

and are incorporated herein by this reference. 

B. Capitalized terms used but not defined herein shall have the meanings ascribed to 

them in the HPA. 

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 Fifth Amendment may be executed in two or more counterparts (and by different 

parties on separate counterparts), each of which shall be deemed an original, but all of which 

together shall constitute one and the same instrument. Facsimile or electronic copies of this 

Fifth Amendment shall be treated as originals for all purposes. 

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

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

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

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

Instrument and HFA Participation Agreement as of the Amendment Date. 

HFA: TREASURY: 

GEORGIA HOUSING AND FINANCE 

AUTHORITY 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: /s/ Carmen Chubb By: 

Name: Name: Timothy G. Massad 

Title: Title: Assistant Secretary for 

 Financial Stability 

 

ELIGIBLE ENTITY:

GHFA AFFORDABLE HOUSING, INC. 

By: /s/ Carmen Chubb 

Name: 

Title: 

 
Doc#: US1:9056118v5 

EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses 
Doc#: US1:9056118v5 

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 
Doc#: US1:9056118v5 

Third Amendment Date: June 28, 2011 

Fourth Amendment Date: May 3, 2012 

Fifth Amendment Date: December 12, 2013 

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. 
Doc#: US1:9056118v5 

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 

Doc#: US1:9056118v5 

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. 

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: 

Monthly 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. 

Reinstatement Assistance 

Up to 12 months reinstatement of payments on first and second 

mortgage loans that occurred during the period of unemployment or 

substantial underemployment. 

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 

Expenses) 

 $216,845,126 

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 
 

B-2 

Doc#: US1:9056118v5 

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 or substantially 

underemployed through no fault of his/her own: 

o To qualify as substantially underemployed, a 

homeowner must show a minimum 25% reduction in 

household income. 

o To qualify as substantially underemployed for selfemployed, 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 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; and 

• Additional underwriting criteria may 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 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) 
 

B-3 

Doc#: US1:9056118v5 

greater than the current GSE conforming loan 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 to the borrower, with any remaining balance forgiven on 

December 31, 2017. 

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 

Assistance 

The maximum household assistance amount is up to 24 times the 

monthly PITIA for first and second mortgages, plus eligible lender 

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

Non-escrowed property taxes and homeowners insurance that 

became due during the eligible hardship will be paid under 

acceptable payment conditions. 

GHFA expects the average loan amount will be $23,800. 
 

B-4 

Doc#: US1:9056118v5 

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

program will be no more than 24 months. 

As of December 12, 2013 (“Amendment Date”), the Duration of 

Assistance for eligible borrowers that are currently receiving funds 

under this program will be extended up to 24 months. 

As of the Amendment Date, the Duration of Assistance for eligible 

borrowers that reached the previous 18 month cap under the 

program and therefore not currently receiving assistance under this 

program will be extended to 24 months if the last assistance 

payment was made no more than 90 days preceding the Amendment 

Date. 

Borrowers may continue to receive assistance for up to 2 months 

after reemployment (not to exceed 24 months in total.) 

11. Estimated Number of 

Participating 

Households 

9,100 homeowners. 

Estimated number served based on an average loan amount of 

$23,800. 

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 The program will strongly encourage servicers to waive late fees 
 

B-5 

Doc#: US1:9056118v5 

Other Financial 

Resources 

and any other non-3rd party expenses. 

16. Qualify as an 

Unemployment 

Program 

 Yes  No 
 

B-6 

Doc#: US1:9056118v5 

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 is limited to once per household. 

2. Program Goals The goal is to provide assistance to 5,000 homeowners to prevent 

foreclosures. 

Reinstatement Assistance 

Up to 12 months of payments on first and second mortgage loans 

that occurred during eligible hardship. 

Program will help homeowners who have sufficient income to 

resume monthly 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) 

$45,000,000 

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 an involuntary loss or reduction in 
 

B-7 

Doc#: US1:9056118v5 

income; 

• Hardship must have occurred in the last 36 months; 

• 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; 

• Homeowner is now able to meet mortgage payment 

requirements up to 38% of income; 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 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 loan amount. 

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

during hardship period. 

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. 
 

B-8 

Doc#: US1:9056118v5 

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 to the borrower, with any remaining balance forgiven on 

December 31, 2017. 

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 

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). 

GHFA expects the average loan amount will be $9,000. 

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

11. Estimated Number of 

Participating 

Households 

5,000 homeowners. 

Estimated number served based on an average loan amount of 

$9,000. 

12. Program Inception / 

Duration 

Program rollout is expected by February 1, 2014 and is expected to 

last through December 31, 2017 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Borrower can access this program along with the 

Recast/Modification program if needed and appropriate. 
 

B-9 

Doc#: US1:9056118v5 

Programs 

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-10 

Doc#: US1:9056118v5 

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 first 

mortgage to provide an affordable payment to a homeowner who has 

a permanent reduction of income. This can occur through principal 

reduction, and/or reinstatement payment to achieve a monthly 

mortgage payment that does not exceed 38% of gross monthly 

income. 

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) 

$30,000,000 

5. Borrower Eligibility 

Criteria 

Applicants must be those with a program eligible hardship due to an 

involuntary permanent reduction or loss of income. Applicants 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; 
B-11 

Doc#: US1:9056118v5 

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

• Applicant must be the owner of subject property; 

• 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) less than 31% of income. 

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 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 monthly 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 
B-12 

Doc#: US1:9056118v5 

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 

Assistance 

Eligible borrowers may receive up to $30,000.00. 

Borrower may also be eligible for Hardship Reinstatement Program 

funds only if funds provided under this program are not sufficient to 

fully reinstatement the loan and obtain an affordable payment. 

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 

$30,000. 

12. Program Inception / 

Duration 

Program rollout is expected by February 1, 2014 and will last until 

December 31, 2017 or until all funds are exhausted. 

13. Program Interactions 

with Other HFA 

Programs 

Borrowers can access this program along with the Mortgage 

Reinstatement Program if both eligible and funds are required to 

reinstate the loan prior to the recast/modification. Combined 

assistance shall not exceed $30,000.00 

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 $30,000.00 if the lien holder 

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

the borrower. Investor match is not required. 
B-13 

Doc#: US1:9056118v5 

16. Qualify as an 

Unemployment Program 

 Yes  No 
Doc#: US1:9056118v5 

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 
Doc#: US1:9056118v5 

Decision Costs $4,500,000.00

Successful File $6,900,000.00

Key Business Partners On-Going $0.00

 Subtotal $12,250,419.00

 

 Grand Total $47,410,693.00

 

% of Total Award 13.97%

Award Amount $339,255,819.00