EXECUTIVE ORDER

BY THE GOVERNOR:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

WHEREAS:

I have been informed by officials of the Georgia Housing and
Finance Authority (the “Issuer”) that the Issuer desires to sell
and issue up to and including $175,000,000 of its single family
mortgage revenue bonds (the “Bonds”) in order to provide
monies to refund certain outstanding obligations of the issuer,
finance qualified single-family residential mortgage loans,
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 147(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 September 19, 2013 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 or THE STATE OF GEORGIA, IT Is HEREBY