Doc#: US1:9462458v1

TWELFTH AMENDMENT TO

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT

and

HFA PARTICIPATION AGREEMENT

This Twelfth Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the “Twelfth Amendment”) is entered into as of the date set forth on 

Schedule A attached hereto as the Twelfth 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”), as further amended 

by that certain Third Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the “Third Amendment”), as further amended by that certain Fourth 

Amendment to Commitment to Purchase Financial Instrument and HFA Participation Agreement 

(the “Fourth Amendment”), as further amended by that certain Fifth Amendment to Commitment 

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

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

Instrument and HFA Participation Agreement (the “Sixth Amendment”), as further amended by 

that certain Seventh Amendment to Commitment to Purchase Financial Instrument and HFA 

Participation Agreement (the “Seventh Amendment”), as further amended by that certain Eighth 

Amendment to Commitment to Purchase Financial Instrument and HFA Participation Agreement 

(the “Eighth Amendment”), as further amended by that certain Ninth Amendment to 

Commitment to Purchase Financial Instrument and HFA Participation Agreement (the “Ninth

Amendment”) as further amended by that certain Tenth Amendment to Commitment to Purchase 

Financial Instrument and HFA Participation Agreement (the “Tenth Amendment”), as further 

amended by that certain Eleventh Amendment to Commitment to Purchase Financial Instrument 

and HFA Participation Agreement (the “Eleventh Amendment”); and together with the Original 

HPA as amended thereby and by the First Amendment, Second Amendment, Third Amendment, 

Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth 

Amendment, Ninth Amendment and the Tenth 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 
2

Doc#: US1:9462458v1

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 Twelfth 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.

Agreement

1. Amendments

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

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

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

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

as further amended by this Twelfth 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 Twelfth 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 Twelfth 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 Twelfth 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 
3

Doc#: US1:9462458v1

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 Twelfth Amendment and any other closing 

documentation delivered to Treasury in connection with this Twelfth 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 Twelfth Amendment and any other closing documentation delivered 

to Treasury in connection with this Twelfth Amendment, and to perform its 

obligations hereunder and thereunder.

3. Miscellaneous

A. The recitals set forth at the beginning of this Twelfth 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 Twelfth 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 Twelfth Amendment shall be treated as originals for all purposes.

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

INTENTIONALLY LEFT BLANK]
[Signature Page to Twelfth Amendment to HPA — Nevada]

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

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

Instrument and HFA Participation Agreement as of the Amendment Date.

HFA: TREASURY:

NEVADA HOUSING DIVISION UNITED STATES DEPARTMENT OF THE 

TREASURY

By: /s/ C. J. Manthe By:

Name: C. J. Manthe Name: Timothy J. Bowler

Title: Administrator Title: Acting Assistant Secretary for 

Financial Stability

ELIGIBLE ENTITY:

NEVADA AFFORDABLE HOUSING 

ASSISTANCE CORPORATION

By: /s/ Ash Mirchandani

Name: Ash Mirchandani

Title: Chairman
Doc#: US1:9462458v1

EXHIBITS AND SCHEDULES

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses
Doc#: US1:9462458v1

SCHEDULE A

BASIC INFORMATION

Eligible Entity Information:

Name of the Eligible Entity: Nevada Affordable Housing Assistance 

Corporation

Corporate or other organizational form: Non-profit corporation 

Jurisdiction of organization: Nevada 

Notice Information:

HFA Information:

Name of HFA: Nevada Housing Division1

Organizational form: A Division of the Nevada Department of 

Business and Industry of the State of 

Nevada 

Date of Application: April 16, 2010 

Date of Action Plan: September 1, 2010 

Notice Information:

Program Participation Cap: $194,026,240.00 

Portion of Program Participation Cap

Representing Original HHF Funds: $102,800,000.00

Portion of Program Participation Cap

Representing Unemployment HHF Funds: $ 34,056,581.00

Permitted Expenses: $ 24,978,556.00

Closing Date: June 23, 2010

First Amendment Date: September 23, 2010

Second Amendment Date: September 29, 2010

Third Amendment Date: December 16, 2010

 1 Each Schedule A-1 attached to the Original HPA, the First Amendment and the Second Amendment 

shall remain a part of the Current HPA.
Doc#: US1:9462458v1

Fourth Amendment Date: April 5, 2011

Fifth Amendment Date: May 25, 2011

Sixth Amendment Date: October 28, 2011

Seventh Amendment Date: December 8, 2011

Eighth Amendment Date: February 28, 2012

Ninth Amendment Date: June 28, 2012

Tenth Amendment Date: September 28, 2012

Eleventh Amendment Date: August 28, 2013

Twelfth Amendment Date: June 11, 2014

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#: US1:9462458v1

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.
Doc#: US1:9462458v1

SERVICE SCHEDULE B-1

The Nevada Affordable Housing Assistance Corporation

PRINCIPAL REDUCTION PROGRAM

Summary Guidelines

1. Program Overview To ensure that approximately 1,205 Nevada families are able to stay 

in their homes with a permanent change to their primary mortgages 

via principal reductions which will provide qualified homeowners a 

principal reduction of up to $50,000. This program will target 

borrowers pursuing loan modifications on a servicer matched 1:1 

basis.

HARP eligible borrowers will be processed on an unmatched basis.

The following method will be used to reduce the principal balance 

of a borrower’s primary mortgage:

• Up to $50,000 in assistance will be provided as a one-time upfront payment to the lender/servicer; or

• Up to $50,000 in assistance may be provided over a three-year 

period as a payment to the lender/servicer for borrowers who 

receive a matching contribution from their servicer.

2. Program Goals The primary goal is to reduce first mortgage principal balances.

3. Target Population / 

Areas

The funding will be distributed via a geographic formula of 

1/3+1/3+1/3 weight for unemployment + foreclosure rate + 

population. There will be target population segmentation into (a) 

the Clark County/Las Vegas valley area, (b) the Reno-Sparks SMSA 

area, and (c) all of rural Nevada. Where a finer breakdown is 

possible within each of the three geographic areas, zip code and 

census track targeting will be utilized.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$ 50,267,585

5. Borrower Eligibility 

Criteria

• Legal U.S. resident or lawful permanent U.S. resident.

• Borrower will be required to sign a financial hardship affidavit.

Borrower eligibility criteria will be first analyzed by information 

provided during the application process. Typically, the application 

will commence by contacting Nevada Hardest Hit Fund. If 

borrowers meet Nevada Hardest Hit Fund eligibility criteria, then 
Doc#: US1:9462458v1

servicer eligibility will be confirmed as a next step.

Funding will be provided on a first-come, first-served basis within 

each geographical zone. Funding levels will vary by borrower. 

Borrowers will not always receive the maximum assistance amount 

of $50,000.

6. Property / Loan 

Eligibility Criteria

• Home is currently owner-occupied and serves as the borrower’s 

primary residence.

• Pre-reduction/pre-modification principal balance must exceed 

100% LTV based upon valuation obtained by NAHAC or the 

servicer.

• Post-reduction/post-modification principal balance must fall 

between 100% and 150% loan-to-value ratio (LTV) based upon 

valuation obtained by NAHAC or the servicer.

• Mortgage balance cannot exceed the current GSE loan limit.

• Homeowners pursuing principal reduction in conjunction with 

HARP must have a loan origination date prior to May 31, 2009 

and must have a loan where Fannie Mae or Freddie Mac is the 

investor.

• Must have a pre-assistance housing ratio greater than 25% on 

non-HARP.

• Assistance is contingent upon successful achievement of 

modification or HARP.

7. Program Exclusions None.

8. Structure of 

Assistance

Depending on the agreement with the lender/servicer, the structure 

of assistance may be provided in one of two ways:

• In the event there is no matching contribution by the servicer, 

borrowers will sign a promissory note and will agree to maintain 

homeownership for the twenty-four (24) months following 

assistance.

• In the event the servicer provides a dollar for dollar match of 

funds provided by Nevada Hardest Hit Fund toward the 

borrower’s Principal Reduction, no lien will be required. 

Assistance may be provided to the servicer in equal installments 

per the preference of the servicer over a three (3) year period, at 

months thirteen (13), twenty-five (25) and thirty-seven (37), 

provided the homeowner remains in the home and continues to 

make current mortgage payments. Alternatively, assistance may 

be paid to the servicer in one installment, so long as the 

borrower has successfully completed a trial modification when 

applicable.
Doc#: US1:9462458v1

9. Per Household 

Assistance

The maximum amount of mortgage principal reduction receivable 

by a qualified borrower is $50,000. The median amount is expected 

to be close to the maximum (skewed right position distribution) 

amount.

10. Duration of 

Assistance

Program funds will be distributed as a one-time payment unless the 

servicer elects the three-payment mode.

11. Estimated Number of 

Participating 

Households

Approximately 1,205 households could be assisted under this 

program.

12. Program Inception / 

Duration

The HAMP specific segment of this program began on March 1, 

2010 and could last until December 31, 2017.

The HARP specific segment of this program was introduced in July

2012 and could last until December 31, 2017.

13. Program 

Interactions with 

Other HFA 

Programs

The Principal Reduction Program is aimed at both the 

underemployed and the fully employed income qualified/limited 

homeowners, not the unemployed. Thus, it is possible that a 

homeowner could receive a mortgage principal reduction through 

this program and then subsequently lose their job and eventually 

qualify for the Short-Sale Acceleration Program.

It is also possible that a homeowner may receive assistance through 

the Second Mortgage Reduction Plan or Mortgage Payment 

Assistance programs.

Each HARP eligible candidate will be screened for Second 

Mortgage Reduction Plan program eligibility.

14. Program 

Interactions with 

HAMP

Participating servicers will screen their databases for HAMP eligible 

borrowers on a regular basis and make referrals as appropriate.

15. Program Leverage 

with Other Financial 

Resources

While Nevada does not require a contribution from the servicer on 

transactions associated with HARP, it will be encouraged. Nevada 

will also request that the loan servicer waive certain fees like late 

charges, delinquency fees and penalties and recast the principal 

reduced loan and participate in its recordation.

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-2

The Nevada Affordable Housing Assistance Corporation

SECOND MORTGAGE REDUCTION PLAN

Summary Guidelines

1. Program Overview The Second Mortgage Reduction Plan is aimed at assisting 

borrowers who have a second mortgage lien interfering with either a 

short-sale, refinance or modification of the first mortgage. The 

expected borrower pool is believed to be both unemployed and 

underemployed families.

2. Program Goals The expected outcome of this program is to assist approximately 

400 families remove the impediment of a second lien on their 

property such that either a short-sale, refinancing or first mortgage 

modification can be carried out and thus prevent a foreclosure.

3. Target Population / 

Areas

The funding will be distributed via a geographic formula of 

1/3+1/3+1/3 weight for unemployment + foreclosure rate + 

population. There will be target population segmentation into (a) 

the Clark County/Las Vegas valley area, (b) the Reno-Sparks SMSA 

area and (c) all of rural Nevada. Where a finer breakdown is 

possible within each of the three geographic areas, zip code and 

census track targeting will be utilized.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$ 4,690,004

5. Borrower Eligibility 

Criteria

• Legal U.S. resident or lawful permanent U.S. resident. 

• Borrower must be in default, facing imminent default or 

participating in a principal curtailment application under the 

HHF Principal Reduction Program with their HHF participating 

servicer.

• Delinquency based on a financial hardship due to circumstances 

beyond the homeowner’s control (no contrived defaults 

allowed).

• Borrower will be required to sign a financial Hardship Affidavit.

Eligibility criteria will be analyzed either on-line (through the 

borrower’s visit to the website and use of the ‘screening tool’), 

directly at the intake portal of the contract agents (foreclosure 

mitigation and mediation agencies) or by the designated call center. 

If borrowers meet screening criteria, application packages will be 
Doc#: US1:9462458v1

assembled and forwarded onto the NAHAC underwriters who will 

do the full verifications/confirmation and begin the relationship with 

the participating banks/lenders/servicers to work through the 

calculation of aid levels.

Funding will be provided on a first-come, first-served basis within 

each geographical zone. Monitoring of funding 

commitments/pipelines by zone will allow sufficient trend evidence 

to allow for sufficient lead time to ‘cut-off’ further funding 

commitments what might exceed available resources.

6. Property / Loan 

Eligibility Criteria

• Home is currently owner occupied and serves as the borrower’s 

primary residence. If vacant, homeowner must be able to prove 

that they moved due to extenuating circumstances and that the 

home was most recently used as a primary residence – not an 

investment property.

• Should have only one existing mortgage and a second lien. In 

circumstances where there exists a third lien strictly associated 

with a governmental or non-profit sponsored ‘down payment 

assistance program’ the third lien relief will also be accepted for 

assistance under this program.

• All second liens obtaining relief through this program element 

will be completely extinguished and have an accompanying lien 

release of the entire lien.

• First mortgage balance cannot exceed the current GSE loan 

limit.

7. Program Exclusions • If a program contribution of greater than $16,500 is needed by 

the servicer then the borrower would be ineligible.

8. Structure of 

Assistance

Depending on the agreement with the lender/servicer, the structure

of assistance may be provided in one of two ways:

• No lien will be required in the event the servicer provides a 

dollar for dollar match of funds provided by Nevada Hardest Hit 

Fund.

• In the event there is no matching contribution by the servicer, 

assistance will be structured as a forgivable lien recorded against 

the property. Borrowers who follow through and earn the loan 

forgiveness will not be required to repay their lien. The lien has 

a term of three (3) years and is forgiven at a rate of 33% per year 

with full forgiveness at the end of year three (3). If the borrower 

sells the property before the forgiveness period expires, all net 

sale proceeds up to the unforgiven lien balance will be due and 

payable to NAHAC. All funds returned to NAHAC may be 

recycled until December 31, 2017; thereafter they must be 
Doc#: US1:9462458v1

returned to Treasury.

• Assistance will be structured as a one-time payout to the 

servicer.

In the event a program recipient subsequently participates in the 

NAHAC’s Short-sale Acceleration Program, the lien recorded as a 

result of participation in the Second Mortgage Reduction Plan 

program may be extinguished.

9. Per Household 

Assistance

The maximum amount of second mortgage lien relief from this

program will be $8,500 when the borrower is pursuing a short-sale. 

In the event the home is not listed as a short-sale, then the maximum

amount of assistance will increase to $16,500.

10. Duration of 

Assistance

One-time payment.

11. Estimated Number of 

Participating 

Households

It is estimated that approximately 404 borrowers/families could 

receive second lien relief under this program. If the level of lender 

participation exceeds 40% versus the program’s 60% or the average 

program funding level averages less than the maximum of $16,500 

in necessary funding to create the second lien relief, then there could 

be an increase in the number of borrowers assisted.

12. Program Inception / 

Duration

The Second Mortgage Reduction Plan program began on March 1, 

2010 and could last up to thirty-six (36) months.

13. Program 

Interactions with 

Other HFA 

Programs

None.

14. Program 

Interactions with 

HAMP

HAMP eligible borrowers will be considered for 2MP which is 

designed to assist in the modification of a second lien when 

applicable. Borrowers that are not eligible for 2MP may be 

considered for the Nevada Hardest Hit Fund Second Mortgage 

Reduction Plan program.

15. Program Leverage 

with Other Financial 

Resources

The basis of the Second Mortgage Reduction Plan program is to 

‘free up’ the first mortgage note holder to complete the necessary 

modification or refinance to keep the borrower current and in their 

home. In order to leverage the second lien relief funds, the program 

requires participating lenders to contribute a minimum of $0.40 for 

each $0.60 contributed by this program, except in the event the 

second or third lien is held by a down payment assistance program 

provider, in which event no matching funds will be required.
Doc#: US1:9462458v1

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-3

The Nevada Affordable Housing Assistance Corporation

SHORT-SALE ACCELERATION PROGRAM

Summary Guidelines

1. Program Overview The Short-Sale Acceleration Program is aimed at assisting 

borrowers who are beginning or need to initiate the short-sale 

process, deed in lieu of foreclosure or a similar foreclosure 

mitigation measure to relieve themselves of the mortgage burdens 

that they cannot sustain—even with a material loan principal 

reduction.

2. Program Goals It is expected that at a $5,000 level of average funding per family 

approximately 100 families facing imminent foreclosure threat will 

have the burden of their home mortgage eliminated.

3. Target Population /

Areas

Those Nevadans that are facing imminent threat of foreclosure.

4. Program Allocation 

(Excluding

Administrative

Expenses)

$289,179

5. Borrower Eligibility

Criteria

• Legal U.S. resident or lawful permanent U.S. resident.

• Borrower must have short-sale approval in place with lender if

pursuing a short-sale.

• Borrower must provide verification of short-sale approval or 

deed in lieu of foreclosure agreement.

• Borrower will be required to sign a financial hardship affidavit 

attesting to their inability to make mortgage payments.

• Borrower must be in default or facing imminent default.

• Borrower must be experiencing financial hardship due to 

circumstances beyond the homeowner’s control (no contrived 

defaults allowed).

• Borrowers who chose to leave the state of Nevada will not 

receive the rental assistance component of benefits under this 

program, but will be entitled to all others.

6. Property / Loan

Eligibility Criteria

• Home is currently owner-occupied and serves as the borrower’s 

primary residence. If vacant, homeowner must be able to prove 

that they moved due to extenuating circumstances and that the 

home was most recently used as a primary residence – not an 

investment property.
Doc#: US1:9462458v1

• Borrowers with a second lien will also be considered for the 

Second Mortgage Reduction Plan program.

7. Program Exclusions • None.

8. Structure of

Assistance

This program is direct assistance through direct payment to vendors 

at closing of the escrow, or immediately post-short-sale closing. 

The payments will not be structured as a loan.

9. Per Household

Assistance

The maximum program benefit per household is $8,025. Assistance

can be used to cover the cost of up to three (3) months of rent (not to

exceed $4,500), fees incurred by a storage facility (not to exceed

$1,000) and/or certain fees which are interfering with the short-sale

closing – specifically HOA liens and utility liens.

10. Duration of

Assistance

Assistance will be a one-time set of payments.

11. Estimated Number of 

Participating

Households

The Business Plan calls for this program element to assist up to 100

families complete their home abandonment/ownership through a 

short-sale and matriculate to a rental property somewhere else in 

Nevada.

12. Program Inception / 

Duration

The Short-Sale Acceleration Program began on March 1, 2010 and 

could last up to thirty-four (34) months.

13. Program

Interactions with

Other HFA

Programs

This program cannot be used when HAFA is also being utilized.

14. Program

Interactions with

HAMP

None

15. Program Leverage

with Other Financial 

Resources

In the event the short-sale program recipient has incurred a lien as a 

result of earlier participation in NAHAC’s Principal Reduction, 

Second Mortgage Reduction Plan or Mortgage Assistance Program, 

then the lien may be extinguished for the purpose of helping to 

facilitate the short-sale request.

16. Qualify as an

Unemployment

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-4

The Nevada Affordable Housing Assistance Corporation

MORTGAGE ASSISTANCE PROGRAM (MAP)

Summary Guidelines

1. Program Overview The Nevada Mortgage Assistance Program (MAP) is designed to 

provide a financial bridge to temporarily unemployed or 

underemployed borrowers facing imminent default. The MAP loan 

will provide qualified borrowers assistance up to a maximum of 

$1,000 per month toward the borrower’s impounded principal, 

interest, property taxes and property insurance (PITI) excluding 

homeowner association fees for up to nine (9) consecutive months

(MAP Participation Period). The borrower will be responsible for 

contributing a minimum of $75 per month plus any amount of PITI 

payments due above the MAP assistance.

If, during the MAP Participation Period, the borrower becomes 

employed, or employed at a higher income level, and can 

demonstrate that he/she can sustain mortgage payments with a debtto-income ratio (DTI) below 43%, the borrower may become 

eligible for additional reinstatement assistance (Reinstatement). 

Reinstatement assists qualified borrowers by providing up to 

$12,500 to eliminate arrearages and bring the loan current. 

Reinstatement is only applicable when the entire amount of 

arrearages can be eliminated.

2. Program Goals The MAP goal is to assist borrowers in keeping their homes during 

a period of temporary unemployment or underemployment and, 

thereby, prevent avoidable defaults and foreclosures.

3. Target Population / 

Areas

MAP aims to serve all regions of the state and all employment 

sectors, as the foreclosure and unemployment crises in Nevada are

widespread and varied.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$36,687,416

5. Borrower Eligibility 

Criteria

• Legal U.S. resident or lawful permanent U.S. resident.

• Borrower must be facing imminent default or be in default.

• Borrower’s financial hardship is due specifically to 

unemployment or underemployment. For purposes of MAP, 

unemployed borrowers are individuals who were previously 
Doc#: US1:9462458v1

employed but not currently working through no fault of their 

own and underemployed borrowers are individuals that are in 

default or in imminent threat of defaulting on their mortgage due 

to a negative change in economic status or a material reduction 

in measurable income.

• Borrower will be required to sign a financial hardship affidavit

attesting to their inability to make mortgage payments.

• To qualify for Reinstatement, borrower must have become 

employed or employed at a higher income level during the 

period of assistance and must demonstrate that mortgage 

payments will be affordable going forward (i.e., borrower must 

have a DTI below 43%).

6. Property / Loan 

Eligibility Criteria

• Property is owner-occupied and serves as the borrower’s 

primary residence.

• Mortgage balance is at or below the current GSE loan limit.

7. Program Exclusions • The property is subject to a 1st priority or junior HELOC.

• Borrowers in active bankruptcy.

• Property listed for sale.

• Borrowers who are not currently working and collecting a fixed 

income such as that associated with one of the following: 

o Retirement

o Disability

o Social Security

8. Structure of 

Assistance

This program is administered through direct payments to the 

Servicer. All MAP assistance will be structured as a 0% interest, 

forgivable loan secured by a lien recorded against the subject 

property. The lien has a term of three (3) years and is forgiven 

following final funding at a rate of thirty-three percent (33%) per 

year with full forgiveness at the end of year three (3) provided the 

borrower complies with the terms of the loan. The loan will be 

repayable if the borrower defaults under the terms of the loan or if 

the borrower sells the property before the three (3) year time period 

expires and there is equity in the property after payment of the 1st

priority lien holder. All funds returned to NAHAC will be recycled 

until December 31, 2017; thereafter all remaining funds must be 

returned to Treasury.

9. Per Household 

Assistance

The maximum MAP assistance should not exceed $1,000/month per 

recipient for up to nine (9) months for a total aggregate mortgage 

payment assistance of $9,000.

Reinstatement candidates will be eligible to receive a limited, onetime payment of up to $12,500.
Doc#: US1:9462458v1

The combined maximum amount of MAP assistance available to a 

qualified borrower is $21,500.

10. Duration of 

Assistance

MAP assistance will last up to nine (9) months.

11. Estimated Number of 

Participating

Households

Based upon average assistance of $9,000, the expected number of 

potential recipients should be approximately 4,065.

12. Program Inception / 

Duration

This program began on March 1, 2010 and will continue until all 

funds are committed or before December 31, 2017, whichever is 

sooner.

13. Program 

Interactions with 

Other HFA

Programs

The MAP program could have some form of interactions with other 

HHF programs both pre- and post-assistance. Borrowers may 

receive assistance from more than one HHF program as long as the 

total combined assistance does not exceed $100,000.

14. Program 

Interactions with 

HAMP

MAP funds may be applied prior to HAMP or after a HAMP trial 

period has been successfully completed by the homeowner, on a 

case-by-case basis.

15. Program Leverage 

with Other Financial 

Resources

NAHAC will work directly with a loan servicer in conjunction with 

each MAP borrower to ensure that MAP funds are strictly used for 

MAP-eligible purposes. NAHAC accounting staff will communicate 

with the servicer to ensure that the MAP payments are credited only 

toward current amounts of PITI due on the borrower’s first 

mortgage. Funds will not be applied toward past due penalties 

except in those instances where the borrower qualifies for 

Reinstatement.

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-5

The Nevada Affordable Housing Assistance Corporation

MORTGAGE ASSISTANCE PROGRAM

ALTERNATIVE (MAPA)

Summary Guidelines

1. Program Overview The Nevada Mortgage Assistance Program Alternative (MAPA) is 

designed to help keep first mortgages current for approximately 415 

individuals who are not currently working and collecting a fixed 

income such as that associated with one of the following:

• Retirement

• Disability

• Social Security

The program will assist those qualified families by paying the lesser 

of:

(a) $1,000 of the principal, interest, property taxes and property

insurance (PITI) (when impounded) toward the monthly first

mortgage payment or

(b) Total first mortgage payment due for the aforementioned 

components.

Further, the borrower will be responsible for contributing a 

minimum of $75 per month toward completing the full payment 

due. MAPA payments may be extended for qualified families for 

up to nine (9) months (MAPA Participation Period).

MAPA payments are aimed at providing a financial bridge to 

income restricted, unemployed homeowners that are in pursuit of a 

homeownership sustainment program.

For the purpose of this program, the target population will include

individuals which cannot return to the workforce through no fault of 

their own and are in default or in a situation of imminent threat of 

going into default due to limited income – subject to satisfaction of 

all other borrower eligibility criteria.

Borrowers will submit their partial payment to NAHAC where it 

will be combined with the HHF funds and a full remittance made to 

the loan servicer. Borrowers can apply directly through the 

NAHAC offices after first completing an appropriate screening tool 
Doc#: US1:9462458v1

and being given an appointment with the NAHAC loan underwriter. 

MAPA payments will invoke a non-recourse lien which will have an 

earned forgiveness embedded in the Note. Borrowers who are able 

to sustain their homeownership for thirty-six (36) successive months 

following closing will have their lien extinguished.

If, during or after the MAPA Participation Period, the borrower can 

demonstrate that he/she can sustain mortgage payments with a debtto-income ratio (DTI) below 43%, the borrower may become 

eligible for additional reinstatement assistance (Reinstatement). In 

order to achieve a DTI below 43%, the borrower may, but is not 

required to enroll in a homeownership sustainment program. 

Reinstatement assists qualified borrowers by providing up to 

$12,500 to eliminate arrearages and bring the loan current. 

Reinstatement is only applicable when the entire amount of 

arrearages can be eliminated.

2. Program Goals The MAPA goal is to assist fixed-income borrowers in keeping their 

homes during a period of temporary financial hardship and, thereby, 

prevent avoidable defaults and foreclosures. MAPA in conjunction 

with subsequent homeownership sustainment programs and 

Reinstatement aims to decrease both the number and probability of 

future foreclosures in Nevada.

3. Target Population / 

Areas

Funding will be distributed on a first-come, first-served basis with 

target populations spanning (a) the Clark County/Las Vegas valley 

area, (b) the Reno-Sparks SMSA area and (c) all of rural Nevada.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$2,113,500

5. Borrower Eligibility 

Criteria

To ensure both consistencies with previously approved Participation 

Agreement programs and to lessen the burdens of administering the 

MAPA program, adherence to the same underwriting qualification 

standards will be generally utilized.

Thus, borrower eligibility criteria will consist of: 

• Legal U.S. resident or lawful permanent U.S. resident.

• Borrower must be in default or facing imminent default.

• Borrower must be experiencing financial hardship due to 

circumstances beyond the homeowner’s control (no contrived 

defaults allowed).

• Borrower will be required to sign a financial hardship affidavit 

attesting to their inability to make mortgage payments. 
Doc#: US1:9462458v1

Reinstatement candidates must demonstrate sustainability of 

current payments. By definition that would mean that their 

mortgage payment is less than 43% of their household income. 

The borrower must also demonstrate they still have little or no 

ability to extinguish past missed payments, penalties or fees. 

Reinstatement will only be allocated in those instances where 

the entire past due balance and/or accrued penalties can be 

eliminated such that the borrower is in good standing post 

assistance.

Basic eligibility criteria will be analyzed either on-line (through the 

borrower’s visit to the website and use of the ‘screening tool’), 

directly at the NAHAC offices or by the designated call center. If 

borrowers meet screening criteria, application packages will be 

assembled by the NAHAC underwriters who will do the full 

verifications/confirmation, enter the borrower’s data into the 

NAHAC database and accounts payable systems and begin the 

relationship with the borrower’s participating banks/lenders/

servicers to ensure aid is acceptable to them.

6. Property / Loan 

Eligibility Criteria

• Home is currently owner occupied and serves as the borrower’s 

primary residence.

• Mortgage balance cannot exceed the current GSE loan limit.

7. Program Exclusions Borrowers that have received nine (9) months of assistance through 

MAP will be ineligible for assistance through MAPA. In the event a 

borrower has received less than nine (9) months of assistance 

through MAP or MAPA, the borrower can reapply to receive 

assistance through either program on a pro-rata basis where any 

borrower will receive a maximum of nine (9) months of combined 

assistance.

8. Structure of 

Assistance

Borrower must proactively pursue homeownership sustainment 

program which must be verified with forty-five (45) days of closing 

on MAPA or borrower will be disenrolled from program.

This program is administered through direct payments to the 

servicer. All MAPA assistance will be structured as a 0% interest, 

forgivable loan secured by a lien recorded against the subject 

property. The lien has a term of three (3) years and is forgiven 

following final funding at a rate of thirty-three percent (33%) per 

year with full forgiveness at the end of year three (3) provided the 

borrower complies with the terms of the loan. The loan will be 

repayable if the borrower defaults under the terms of the loan or if 

the borrower sells the property before the three (3) year time period 

expires and there is equity in the property after payment of the 1st

priority lien holder. All funds returned to NAHAC will be recycled 
Doc#: US1:9462458v1

until December 31, 2017; thereafter any remaining funds must be 

returned to Treasury.

MAPA recipients who qualify for reinstatement will have up to 

$12,500 in reinstatement funds made on a ‘one-time basis’ directly 

to the mortgage servicer.

9. Per Household 

Assistance

The maximum MAPA assistance should not exceed $1,000/month 

per recipient for up to nine (9) months for a total aggregate 

mortgage payment assistance of $9,000.

Reinstatement candidates will be eligible to receive a limited, onetime payment of up to $12,500. 

The combined maximum amount of MAPA assistance available to a 

qualified borrower is $21,500.

10. Duration of 

Assistance

MAPA will last up to nine (9) months.

11. Estimated Number of 

Participating 

Households

Based upon average assistance of $9,000 per household, it is 

anticipated that 75% of the program funds be exhausted by monthly 

mortgage payment expenditures – for a total of approximately 176 

households.

The average Reinstatement payout is expected to be $12,500 per 

eligible borrower with a portion of MAPA eligible borrowers also 

qualifying and receiving Reinstatement benefits. The remaining 

25% of program funds are anticipated to be used for Reinstatement 

candidates, a total of approximately forty-two (42) households.

12. Program Inception / 

Duration

This program began February 2012 and will continue until all funds 

are committed or December 31, 2017, whichever is sooner.

13. Program 

Interactions with 

Other HFA 

Programs

The MAPA program could have some form of interactions with the 

other HHF programs both pre- and post-assistance. Borrowers may 

receive assistance from more than one HHF program as long as the 

total combined assistance does not exceed $100,000.

14. Program 

Interactions with 

HAMP

MAPA recipients that become employed or have an improvement in 

their economic situation during the period of assistance may also 

benefit from HAMP.

MAPA funds may be applied prior to HAMP since it is most 

beneficial to both the homeowner and mortgage servicer as 

payments would be made instead of capitalized and no additional 

late charges accrued.
Doc#: US1:9462458v1

15. Program Leverage 

with Other Financial 

Resources

NAHAC will work directly with a loan servicer in conjunction with 

each MAPA borrower to ensure that MAPA funds are strictly used 

for MAPA-eligible purposes. NAHAC accounting staff will 

communicate with the servicer to ensure that the MAPA payments 

are credited only toward current amounts of PITI due on the 

borrower’s first mortgage. Funds will not be applied toward past 

due penalties except in those instances where the borrower qualifies 

for Reinstatement.

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-6

The Nevada Affordable Housing Assistance Corporation

HOME RETENTION PROGRAM

Summary Guidelines

1. Program Overview The Home Retention Program (HRP) is being administered by 

Home Means Nevada, Inc. (HMN) in partnership with Nevada 

Affordable Housing Assistance Corporation (NAHAC).

Funding under this Program is designed to provide directed 

assistance to eligible borrowers with the intent to permanently 

reduce the borrower’s primary loan amount to a debt-to-income ratio

(DTI) of less than 31%.

HRP will be used to facilitate permanent modifications by 

contributing a dollar-for-dollar match up to $100,000 to reduce the 

unpaid principal balance (UPB) of an eligible borrower’s primary 

mortgage. Program funding may not be used to reduce the principal 

balance of an eligible borrower’s mortgage loan below 100% of the 

current market value of the property.

2. Program Goals To help homeowners avoid foreclosure by permanently modifying a 

borrower’s primary mortgage to achieve an affordable monthly 

housing payment.

To achieve a 75% success rate in loans assisted under the Program 

that continue to make on-time monthly payments for at least twelve 

(12) months after the permanent modification occurred.

3. Target Population / 

Areas

The targeted populations are households whose loans HMN is able 

to acquire.

Eligible loan pools include loans owned by Government Sponsored 

Entities, the U.S. Department of Housing & Urban Development, 

commercial banks, state chartered banks, and credit unions.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$40,000,000
Doc#: US1:9462458v1

5. Borrower Eligibility 

Criteria

• Legal U.S. Citizen or lawful permanent U.S. resident.

• Borrower must demonstrate an ability to maintain an affordable 

mortgage with a total monthly housing payment equal to or less 

than 45% of the borrower’s gross monthly income.

• Borrower must meet the CLTV requirements as follows: 

o either:

(a) a UPB equal to or greater than 105% of the 

property’s current market value and provide a 

financial hardship affidavit demonstrating one of the 

following hardships:

• Reduced income due to:

o Changes in employment;

o Medical condition(s);

o Divorce; or

o Death

or 

(b) a UPB equal to or greater than 125% of the 

property’s current market value.

6. Property / Loan 

Eligibility Criteria

• Property may not be abandoned, vacant or condemned.

• Property must be owner-occupied.

• The property must be a single family home, a condominium, a 

townhome, a manufactured or mobile home on foundation 

permanently affixed to real estate owned by the borrower. A

two-to-four family dwelling unit may also be eligible if one unit 

is occupied by the borrower, serves as the borrower’s principal 

residence and is subject to a mortgage with a UPB equal to or 

less than $500,000.

• Mortgage must be a loan with a UPB that equals or exceeds the 

required percentages described in Section 5 above. Market 

value will be established by a Brokers Price Opinion or appraisal 

completed within the last ninety (90) days by an appraiser or 

licensed real estate broker in good standing under Nevada 

statutes.

• HMN has acquired all notes on subject property and no other 

property liens exist.

7. Program Exclusions • Borrowers whose UPB is less than 105% of the property’s 

current market value.

• Borrowers in active bankruptcy.

• Property is currently listed for sale.
Doc#: US1:9462458v1

8. Structure of 

Assistance

The Program may permanently modify and reduce the first mortgage 

loan to an amount that does not exceed the greater of:

• A loan amount equal to 100% of the current market value of the 

property; or

• A loan amount resulting in a monthly total housing payment that 

does not exceed 45% of the borrower’s adjusted gross monthly 

income.

There is a required dollar-for-dollar match. As a result of this 

match, the final amount of assistance will be determined by (i) 

subtracting the current market value of the property from borrower’s 

unpaid principal balance as defined by the last promissory note(s) 

executed by the mortgagee multiplied by 50% or (ii) $100,000, 

whichever is less.

In addition, the borrower will execute a 0% interest, zero payment 

mortgage loan secured by a subordinate lien in favor of NAHAC 

equal to the lesser of the amount of assistance provided or 20% of 

current market value. The lien will be extinguished after the 

borrower maintains a zero delinquent payment record for twelve 

(12) months from date the assistance was provided.

If the homeowner does not comply with the requirements of this 

Program and defaults within the first twelve (12) months, then 

alternative resolutions, including short-sale, deed-in-lieu, or 

foreclosure, will be pursued. In such an event, 50% of the net 

proceeds of the subordinate lien will be due to NAHAC. The sales 

price will be reduced by the following:

• Usual and customary cost of sale and attorney’s fees.

• Taxes and any other payments due to federal, state and/or local 

government entities.

• Satisfaction of the first mortgage loan amount due to HMN and 

it successors and assigns.

If there are insufficient or no net proceeds available after reducing 

the sale amount by the above items, all or a portion of the note will 

be forgiven as not to create an additional hardship on the borrower 

at the time of closing. Any loan proceeds that are returned to the 

Program will be reutilized to assist additional borrowers.

9. Per Household 

Assistance

$100,000; $65,000 is the estimated median amount of HHF 

assistance.
Doc#: US1:9462458v1

10. Duration of 

Assistance

Assistance will be disbursed in full upon the NAHAC loan closing 

for qualified applicants.

11. Estimated Number of 

Participating 

Households

A minimum of 615 households.

12. Program Inception / 

Duration

This Program will begin in September 2013 or when the notes are

purchased by HMN whichever is sooner. It is projected that 

assistance will be expended over a three-year period of time. 

However, repayment of assistance may extend this time frame up to 

one additional year.

Recaptured funds may be recycled and used in the Program until 

December 31, 2017, at which time all remaining funds will be 

returned to Treasury.

13. Program Interactions 

with Other Programs

(e.g. other HFA

programs)

HRP may interact with Mortgage Assistance Program (MAP). 

Borrowers may receive assistance from more than one NAHAC 

program as long as the total combined assistance does not exceed 

$100,000.

14. Program Interactions 

with HAMP

None.

15. Program Leverage 

with Other Financial 

Resources

As the Program will reduce the existing first mortgage loan; there

will be a minimum 1:1 private capital leveraged match. Lender 

match amounts shall be documented at the time of closing of the 

modification.

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SERVICE SCHEDULE B-7

The Nevada Affordable Housing Assistance Corporation 

Nevada Recast Refinance and Modification Program (NRRM )

Summary Guidelines

1. Program Overview The Nevada Recast, Refinance & Modification Program (NRRM) is 

designed to assist approximately 1,000 Nevada families stay in their 

homes by permanently changing their primary mortgages via 

principal reductions in conjunction with a recast, refinance or 

modification. Nevada Affordable Housing Assistance Corporation 

(NAHAC) will provide qualified homeowners a principal reduction 

of up to $50,000. The following method will be used to reduce the 

principal balance of a borrower’s primary mortgage:

• Up to $50,000 in assistance will be provided as a one-time upfront payment applied to the mortgage of a borrower; and

• Participating lender/servicers will agree to waive certain fees 

(e.g., late charges, delinquency fees and penalties) and agree to 

recast, refinance or modify the mortgage.

2. Program Goals The primary goals are to prevent avoidable foreclosures by 

providing incentives for borrowers to stay current on their 

mortgages and remain in their homes. The program goals will be 

achieved primarily through the reduction of the borrower’s negative 

equity. 

3. Target Population / 

Areas

This program aims to serve all regions of the state and all 

employment sectors, as the foreclosure and unemployment crises in 

Nevada are widespread and varied.

4. Program Allocation 

(Excluding 

Administrative 

Expenses)

$ 35,000,000

5. Borrower Eligibility • Legal U.S. resident or lawful permanent U.S. resident.

• Borrower will be required to sign a hardship affidavit, 

demonstrating the borrower’s negative equity.

• Borrower eligibility will be analyzed with information provided 

during the application process by the servicer.

• Borrower must not have liquid assets in excess of the total 

amount of NRRM assistance provided.

• Borrower must be current on mortgage payments as defined in 
Doc#: US1:9462458v1

the underwriting guidelines and/or the lender’s criteria.

6. Property / Loan

Eligibility Criteria

• Property is owner-occupied and serves as the borrower’s 

primary residence.

• However, properties with a second mortgage will be considered 

based on the program guidelines.

• Mortgage must have a loan origination date prior to January 1, 

2009.

• Mortgage must be owned by a non-GSE investor.

• Mortgage balance cannot exceed the current GSE loan limit.

• Pre-assistance principal balance must exceed 110% loan-tovalue ratio (LTV) based upon valuation obtained by NAHAC or 

the servicer.

• Post-assistance principal balance must fall between 100% and 

115% LTV based upon valuation obtained by NAHAC or the 

servicer.

• Following assistance and recast, refinance or modification, 

principal, interest, taxes and insurance payments (PITI) cannot 

exceed 45% of borrower's gross monthly income.

7. Program Exclusions • Borrowers with GSE loans.

• Borrowers in active bankruptcy.

8. Structure of

Assistance

NRRM Program assistance will be administered as a one- time 

direct payment to the servicer. All assistance will be structured as a 

0% interest, forgivable loan secured by a lien recorded against the 

property. The lien has a term of four (4) years and is forgiven at a 

rate of twenty-five percent (25%) per year with full forgiveness at 

the end of year four (4), provided the borrower complies with the 

terms of the loan. The loan will be repayable if the borrower 

defaults under the terms of the loan or if the borrower sells the 

property before the four (4) year time period expires and there is 

equity in the property after payment of the 1st priority lien holder. 

Borrowers will not always receive the maximum assistance amount

of $50,000. If the borrower defaults under the terms of the loan or 

sells the property before the forgiveness period expires, the then 

unforgiven portion of the loan will be due and payable to NAHAC.

All funds returned to NAHAC may be recycled until December 31, 

2017; thereafter they must be returned to Treasury.

9. Per Household

Assistance

The maximum amount of mortgage principal reduction receivable 

by a qualified borrower is $50,000 from HHF funds. The estimated 

average amount of assistance is $36,000.

10. Duration of Program funds will be distributed as a one-time payment.
Doc#: US1:9462458v1

Assistance

11. Estimated Number of

Participating

Households

Approximately 1,000 households could be assisted under this 

program.

12. Program Inception /

Duration

This program will continue until all funds are committed or before 

December 31, 2017, whichever is sooner.

13. Program Interactions 

with Other HFA 

Programs

The NRRM Program could have some form of interactions with the 

other HHF programs both pre- and post-assistance. Borrowers may 

receive assistance from more than one NAHAC program as long as 

the total combined assistance does not exceed $100,000.

14. Program Interactions 

with HAMP

None.

15. Program Leverage

with Other Financial

Resources

NAHAC will require that the loan servicer waive certain fees like 

late charges, delinquency fees and penalties, and recast, refinance or 

modify the principal reduced loan and participate in its recordation.

16. Qualify as an 

Unemployment 

Program

Yes  No
Doc#: US1:9462458v1

SCHEDULE C

PERMITTED EXPENSES

Nevada

One-Time / Start-Up Expenses:

Initial Personnel $361,409.00

Building, Equipment, Technology $114,868.00

Professional Services $302,034.00

Supplies / Miscellaneous $11,836.00

Marketing / Communications $23,333.00

Travel $7,404.00

Website Development /Translation $14,400.00

Contingency $0.00

Subtotal $835,284.00

Operating / Administrative Expenses:

Salaries $11,122,825

Professional Services (Legal, Compliance, Audit, Monitoring) $1,800,385

Travel $249,200

Buildings, Leases & Equipment $875,000

Information Technology & Communications $2,835,525

Office Supplies / Postage and Delivery / Subscriptions $364,500

Risk Management/ Insurance $235,575

Training $10,075

Marketing/PR $482,000

Miscellaneous $0.00

Subtotal $17,975,085

Transaction Related Expenses:

Recording Fees $400,912

Wire Transfer Fees $267,275

Counseling Expenses

File Intake 3,500,000

Decision Costs 1,500,000

Successful File 250,000

Key Business Partners On-Going 250,000

Subtotal $6,168,187

Grand Total $24,978,556.00

% of Total Award 12.87%

Award Amount $194,026,240.00
Doc#: US1:9462458v1