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THE STATE OF GEORGIA

EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

ORDERED:

I have been informed by officials of the Georgia Housing and Finance Authority
(the “Issuer”) that the Issuer desires to issue single family home Ownership
qualified mortgage bonds (the “Bonds”) in an amount not to exceed $150,000,000
in order to make funds available to purchase qualified single-family residential
mortgage loans and establish any necessary reserves and pay costs of issuance;
and

The Bonds will be issued by the Issuer, which is an instrumentality of the State of
Georgia; the mortgages purchased will finance properties located entirely within
the boundaries of the State of Georgia; and

I am the chief elected executive officer of the State of Georgia; and

This Executive Order is intended solely to constitute the approval required by
Section l47(f) of the Internal Revenue Code of 1986, as amended; and

A hearing related to the proposed issuance of the Bonds, open to the public, was
held on October 18, 2012 for which due and reasonable public notice was given in
accordance with the provisions of law and the procedures established therefor;
and

Following such hearing, the Georgia Housing and Finance Authority
recommended that the issuance of the Bonds be approved, and requested this
approval.

Now, THEREFORE, PURSUANT TO THE AUTHORITY VESTED IN ME As
GOVERNOR OF THE STATE OF GEORGIA, IT Is HEREBY

That I approve the issuance of the Bonds by the Georgia Housing and Finance
Authority, solely for the purpose of satisfying the requirements for such approval
under Section l47(f) of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder, and for no other purpose.