Program Leverage with Other Financial Resources Clause Samples
Program Leverage with Other Financial Resources. The goal of the program is for the applicable servicer/lender to match PRP funds on a dollar-for-dollar basis. The servicer/lender’s matching funds will be paid no later than at the time of CalHFA MAC program funding. CalHFA MAC will require that the servicer waive all accrued and unpaid late charges and NSF fees at the time the modification agreement is completed
Program Leverage with Other Financial Resources. In order to leverage the funds, ADOH requires the lender/servicer to match any principal reduction provided through the Permanent Modification Component. It is expected that this match will be no less than one to one. In the event the match is less than one to one then the structure of assistance will be in the form of a loan as described in the first bullet under section 8 above. In some instances the lender/servicer will need to contribute a larger amount based upon the affordability/ profitability assessment of the transaction and the Permanent Modification Component maximum assistance per household. Lender match amounts up to and equal to the amount of program funds for any homeowner shall be credited at the time of closing of the modification. Lender match amounts greater than the amount of program funds may be credited after closing according to a schedule satisfactory to ADOH.
Program Leverage with Other Financial Resources. The DCHFA will provide $1,084,463 of in-kind administrative expenses to the HomeSaver Program. The HomeSaver Program requires no financial contribution from servicers or lenders, however loan modifications or contributions/fee waivers are allowed but not required.
Program Leverage with Other Financial Resources. CalHFA MAC will require that the servicer waive all accrued and unpaid late charges and NSF fees at the time the modification agreement is completed. CalHFA MAC will require the servicer to waive any associated recast or modification fee.
1. Program Overview The Transition Assistance Program (“TAP”) is one of CalHFA MAC’s federally-funded programs developed to provide eligible homeowners with transition assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with short sale and deed-in-lieu programs to help homeowners make a smooth transition to housing. Homeowners will be required to occupy and maintain the property until the home is sold or returned to the lender as negotiated. Program funds will be available on a one-time only basis up to $5,000 per household and can be used or layered with other CalHFA MAC HHF programs. Funds will be sent to the homeowner after the short sale or deed-in-lieu of foreclosure closing. Funds are intended to help the homeowner secure new housing (e.g., rent, moving expenses, and security deposits) and will also be available for transition assistance counseling services.