SC 13G

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)

Under the Securities Exchange Act of 1934
(Amendment No. )*

Homebanc Corp.

(Name of Issuer)

Shares of Common Stock, par value $0.01 per share

(Title of Class of Securities)

43738R109

(CUSIP Number)

January 23, 2007

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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CUSIP No. 43738R109  Page 2  of  11 

1	NAMES OF REPORTING PERSONS: North Run Capital, LP
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
	36-4504416
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	Delaware
		5	SOLE VOTING POWER:
NUMBER OF			4,741,200**
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			4,741,200**
WITH:		8	SHARED DISPOSITIVE POWER:
			0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	4,741,200**
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	8.34%**
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	PN

*             SEE INSTRUCTIONS BEFORE FILLING OUT
**            SEE ITEM 4.

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CUSIP No. 43738R109  Page 3  of  11 

1	NAMES OF REPORTING PERSONS: North Run GP, LP
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
	37-1438821
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	Delaware
		5	SOLE VOTING POWER:
NUMBER OF			4,741,200**
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			4,741,200**
WITH:		8	SHARED DISPOSITIVE POWER:
			0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	4,741,200**
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	8.34%**
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	PN

*               SEE INSTRUCTIONS BEFORE FILLING OUT
**             SEE ITEM 4.

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CUSIP No. 43738R109  Page 4  of  11 

1	NAMES OF REPORTING PERSONS: North Run Advisors, LLC
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
	35-2177955
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	Delaware
		5	SOLE VOTING POWER:
NUMBER OF			4,741,200**
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			4,741,200**
WITH:		8	SHARED DISPOSITIVE POWER:
			0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	4,741,200**
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	8.34%**
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	OO

*               SEE INSTRUCTIONS BEFORE FILLING OUT
**             SEE ITEM 4.

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CUSIP No. 43738R109  Page 5  of  11 

1	NAMES OF REPORTING PERSONS: Todd B. Hammer
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	United States
		5	SOLE VOTING POWER:
NUMBER OF			4,741,200**
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			4,741,200**
WITH:		8	SHARED DISPOSITIVE POWER:
			0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	4,741,200**
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	8.34%**
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	IN

*               SEE INSTRUCTIONS BEFORE FILLING OUT
**             SEE ITEM 4.

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CUSIP No. 43738R109  Page 6  of  11 

1	NAMES OF REPORTING PERSONS: Thomas B. Ellis
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
	(a)   o
	(b)   o
3	SEC USE ONLY:
4	CITIZENSHIP OR PLACE OF ORGANIZATION:
	United States
		5	SOLE VOTING POWER:
NUMBER OF			4,741,200**
SHARES		6	SHARED VOTING POWER:
BENEFICIALLY
OWNED BY			0
EACH		7	SOLE DISPOSITIVE POWER:
REPORTING
PERSON			4,741,200**
WITH:		8	SHARED DISPOSITIVE POWER:
			0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
	4,741,200**
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
	8.34%**
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
	IN

*               SEE INSTRUCTIONS BEFORE FILLING OUT
**             SEE ITEM 4.

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TABLE OF CONTENTS

	Item 1(a) Name of Issuer
	Item 1(b) Address of Issuer’s Principal Executive Offices
	Item 2(a) Name of Person Filing
	Item 2(b) Address of Principal Business Office, or, if none, Residence
	Item 2(c) Citizenship or Place of Organization
	Item 2(d) Title of Class of Securities
	Item 2(e) CUSIP Number
	Item 3 If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a
	Item 4 Ownership
	Item 5 Ownership of Five Percent or Less of a Class
	Item 6 Ownership of More Than Five Percent on Behalf of Another Person
	Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company
	Item 8 Identification and Classification of Members of the Group
	Item 9 Notice of Dissolution of Group
	Item 10 Certification
SIGNATURE
Joint Filing Agreement

SCHEDULE 13G

     This Schedule 13G (the “Schedule 13G”) is being filed on behalf of North Run Advisors, LLC, a Delaware limited liability company (“North Run”), North Run GP, LP, a Delaware limited partnership (the “GP”), North Run Capital, LP, a Delaware limited partnership (the “Investment Manager”), Todd B. Hammer and Thomas B. Ellis. Todd B. Hammer and Thomas B. Ellis are the principals of North Run, the GP and the Investment Manager. North Run is the general partner for both the GP and the Investment Manager. The GP is the general partner of North Run Capital Partners, LP, a Delaware limited partnership (the “Fund”), North Run Qualified Partners, LP, a Delaware limited partnership (the “QP Fund”), and North Run Master Fund, LP, a Cayman Island exempted limited partnership (the “Master Fund”). The Fund, the QP Fund and North Run Offshore Partners, Ltd., a Cayman Island exempted company (the “Offshore Fund”), are also general partners of the Master Fund. This Schedule 13G relates to shares of common stock of Homebanc Corp. a Georgia corporation (the “Issuer”) purchased by the Master Fund.

Item 1(a) Name of Issuer.

Homebanc Corp.

Item 1(b) Address of Issuer’s Principal Executive Offices.

2002 Summit Boulevard, Suite 100
Atlanta, Georgia, 30319

Item 2(a) Name of Person Filing.

(1)	North Run Capital, LP
(2)	North Run GP, LP
(3)	North Run Advisors, LLC
(4)	Todd B. Hammer
(5)	Thomas B. Ellis

Item 2(b) Address of Principal Business Office, or, if none, Residence.

(1) For all Filers:
One International Place, Suite 2401
Boston, MA 02110
(617) 310-6130

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Item 2(c) Citizenship or Place of Organization.

(1)	North Run Capital, LP is a Delaware limited partnership.
(2)	North Run GP, LP is a Delaware limited partnership.
(3)	North Run Advisors, LLC is a Delaware limited liability company.
(4)	Todd B. Hammer is a U.S. citizen.
(5)	Thomas B. Ellis is a U.S. citizen.

Item 2(d) Title of Class of Securities.

Common stock, par value $0.01 per share (the “Common Stock”).

Item 2(e) CUSIP Number.

43738R109

Item 3 If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not Applicable.

Item 4 Ownership.

(a)	North Run, the GP, the Investment Manager, Todd B. Hammer, and Thomas B. Ellis may be deemed the beneficial owners of 4,741,200 shares of Common Stock.
(b)	North Run, the GP, the Investment Manager, Todd B. Hammer and Thomas B. Ellis may be deemed the beneficial owners of 8.34% of the outstanding shares of Common Stock. This percentage was determined by dividing 4,741,200 by 56,838,725, which is the number of shares of Common Stock outstanding as of November 7, 2006, according to the Issuer’s Form 10-Q filed on November 9, 2006 with the Securities Exchange Commission.
(c)	North Run, the GP, the Investment Manager, Todd B. Hammer and Thomas B. Ellis have the sole power to vote and dispose of the 4,741,200 shares of Common Stock beneficially owned.

Item 5 Ownership of Five Percent or Less of a Class.

Not Applicable.

Item 6 Ownership of More Than Five Percent on Behalf of Another Person.

All securities reported in this schedule are owned by clients of the Investment Manager. To the knowledge of the Investment Manager, no one client owns more than 5% of the Common Stock.

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Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Not Applicable.

Item 8 Identification and Classification of Members of the Group.

Not Applicable.

Item 9 Notice of Dissolution of Group.

Not Applicable.

Item 10 Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Exhibits Exhibit 1

Joint Filing Agreement, dated February 1, 2007, between North Run, GP, the Investment Manager, Todd B. Hammer and Thomas B. Ellis.

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SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 1, 2007
	NORTH RUN CAPITAL, LP
	By:	North Run Advisors, LLC
		its general partner
		By:	/s/ Thomas B. Ellis
		Name:	Thomas B. Ellis
		Title:	Member
		and
		By:	/s/ Todd B. Hammer
		Name:	Todd B. Hammer
		Title:	Member
	NORTH RUN GP, LP
	By:	North Run Advisors, LLC
		its general partner
		By:	/s/ Thomas B. Ellis
		Name:	Thomas B. Ellis
		Title:	Member
		and
		By:	/s/ Todd B. Hammer
		Name:	Todd B. Hammer
		Title:	Member
	NORTH RUN ADVISORS, LLC
	By:	/s/ Thomas B. Ellis
	Name:	Thomas	B. Ellis
	Title:	Member

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and
By:	/s/ Todd B. Hammer
Name:	Todd B. Hammer
Title:	Member
	/s/ Thomas B. Ellis
	Thomas B. Ellis
	/s/ Todd B. Hammer
	Todd B. Hammer

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EX-99.1

EXHIBIT 1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the common stock, par value $0.01 per share, of Homebanc Corp., and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.

     The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.

     This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.

[Signature Page Follows]

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of February 1, 2007.

NORTH RUN ADVISORS, LLC
By:	/s/ Thomas B. Ellis
Name:	Thomas B. Ellis
Title:	Member
and
By:	/s/ Todd B. Hammer
Name:	Todd B. Hammer
Title:	Member
NORTH RUN GP, LP
By:	North Run Advisors, LLC
	its	general partner
	By:	/s/ Thomas B. Ellis
	Name:	Thomas B. Ellis
	Title:	Member
	and
	By:	/s/ Todd B. Hammer
	Name:	Todd B. Hammer
	Title:	Member
NORTH RUN CAPITAL, LP
By:	North Run Advisors, LLC
	its general partner
	By:	/s/ Thomas B. Ellis
	Name:	Thomas B. Ellis
	Title:	Member
	and
	By:	/s/ Todd B. Hammer
	Name:	Todd B. Hammer
	Title:	Member
	/s/ Thomas B. Ellis
	Thomas B. Ellis
	/s/ Todd B. Hammer
	Todd B. Hammer