B-1-2

HHF Nevada Date: April 10, 2020

SERVICE SCHEDULE B-1

The Nevada Affordable Housing Assistance Corporation 

PRINCIPAL REDUCTION PROGRAM

Summary Guidelines

1. Program Overview The Principal Reduction Program (“PRP”) will provide assistance to 

reduce the principal balance of primary (first priority) mortgages for 

borrowers with an eligible financial hardship and/or negative equity 

by: (a) principal reduction and a permanent modification or 

reamortization (recast) to achieve an affordable monthly payment 

(“Modification or Reamortization”); or (b) principal reduction of a 

“non-delinquent” borrower’s primary mortgage in a significant 

negative equity position to an amount as close to and not less than 

100% loan-to-value (“LTV”) ratio as the amount of per-household 

assistance will permit to reduce the risk of potential default by such 

borrowers (“Negative Equity Reduction”).

The assistance will be provided as a one-time payment to 

lenders/servicers up to a maximum of $100,000 per household.

A borrower’s primary mortgage lender may agree to make a matching 

reduction to the principal balance of the primary mortgage.

2. Program Goals The goal of the PRP is to help borrowers avoid foreclosure by 

reducing the principal balance of their primary mortgage to either(a) 

facilitate a permanent loan modification or reamortization that 

achieves an affordable monthly mortgage payment of their primary 

mortgage and/or (b) reduce a borrower’s negative equity position on 

their primary mortgage to an amount as close to and not less than 

100% LTV ratio as the amount of per-household assistance will 

permit.

3. Target Population / 

Areas

All qualified Nevada residents who could achieve an affordable 

primary mortgage payment and/or appropriate level of debt with a 

principal reduction.

4. Program Funds 

(Excluding

Administrative 

Expenses)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.
B-1-3

5. Borrower Eligibility 

Criteria

General Eligibility:

 Legal U.S. resident or lawful permanent U.S. resident and 

Nevada resident.

 Borrower qualifies as a low-to-moderate income, based on 

per-household income not to exceed income limits set forth in 

program guidelines.

 Borrower must have an eligible financial hardship as 

determined by program criteria and underwriting guidelines.

 Borrower cannot have liquid assets, other than exempt 

retirement assets, in excess of (i) the amount of assistance 

being provided, or (ii) $30,000, whichever is less.

 Borrower’s post-assistance housing expenses must meet the 

definition of an “Affordable Payment.” For the purposes of 

PRP, “Affordable Payment” means the borrower’s postassistance, total monthly primary mortgage payment PITI 

(principal, interest, taxes and insurance, as applicable) 

including any escrowed homeowner’s association dues or 

assessments, must be no greater than 38% of the gross 

household income excluding temporary income (e.g., 

unemployment or short-term disability benefits).

 Borrower agrees to provide all necessary documentation to 

satisfy program guidelines within the timeframes established 

by NAHAC, including a financial hardship affidavit.

Additional Eligibility Criteria Applicable to Each Structure of

Principal Reduction:

(a) Modification or Reamortization Structure (i.e. principal 

reduction of a borrower’s primary mortgage combined with 

either an interest rate reduction and/or term extension to 

achieve a permanent modification, or a reamortization of the 

remaining unpaid principal balance to achieve an Affordable 

Payment):

 Eligible financial hardship: reduced income due to 

underemployment, medical condition, divorce or death, 

as set forth in the program guidelines.

 Borrower’s pre-assistance, total monthly primary 

mortgage payment PITI including any escrowed or nonescrowed assessments, is greater than 38% of the gross 

household income excluding temporary income (e.g., 

unemployment or short-term disability benefits).

 Borrower’s post-assistance total monthly primary 

mortgage payment PITI including any escrowed or nonescrowed assessments is between 25% and 38% of the 

gross household income excluding temporary income
B-1-4

(e.g., unemployment or short-term disability benefits).

 Borrowers whose primary income is from a fixed 

income source (as defined in program guidelines) must 

have gross household income equal to or less than 100% 

of family State Median Income (SMI). Borrowers are 

eligible to receive a full lien extinguishment if the 

unpaid principal balance of the first-lien mortgage loan 

is less than or equal to $50,000 and the Borrower’s 

remaining housing expenses are consistent with the 

definition of an Affordable Payment.

 Borrowers whose primary income is not from a fixed 

income source must meet the additional following 

criteria:

o Pre-assistance LTV must be greater than 80%; 

and

o Post-assistance LTV must be greater than 80%; 

provided that post-assistance LTV may go below 

80% only if no more than $20,000 is provided 

toward a principal reduction in order to lower the 

post-assistance housing-to-income ratio to 38%.

(b) Negative Equity Reduction (i.e. principal reduction of a 

“non-delinquent” borrower’s primary mortgage that is in a 

severe negative equity position to an amount as close to and 

not less than 100% LTV ratio as the amount of per-household 

assistance will permit to reduce the risk of potential default by 

such borrower):

 Eligible financial hardship: (1) a negative equity position 

in which the primary mortgage LTV is 110% or more. 

Borrower must be current on the primary mortgage at the 

time of PRP application.

 Pre-assistance primary mortgage payment meets 

NAHAC’s definition of an Affordable Payment.

6. Property / Loan 

Eligibility Criteria

 The applicant must own and occupy the single family, 1-4 unit 

home (an attached or detached house or a condominium unit) 

located in Nevada and it must be their primary residence. Mobile 

homes are eligible if they are permanently affixed to the real 

property that is secured by the primary mortgage.

 For a Modification or Reamortization, the servicer must utilize 

the PRP monies to bring the primary mortgage current before 

applying PRP monies to the borrower’s principal balance. 

Funds may be applied to cure delinquent first mortgage loan

arrearages and non-escrowed property taxes and homeowners’ 

association dues, fees and assessments.
B-1-5

 Current, unpaid principal balance (which includes the interestbearing unpaid principal balance and any existing non-interest 

bearing forbearance balance) of the first-lien mortgage cannot 

exceed the current GSE loan limit.

7. Program Exclusions  Borrowers with liquid assets, other than exempt retirement assets, 

in excess of (i) the total amount of assistance provided, or (ii)

$30,000, whichever is less.

 Borrower is in “active” bankruptcy. Borrowers who have 

previously filed bankruptcy are eligible for consideration only 

with proof of court order “Dismissal” or “Discharge”.

 Borrowers in an active Home Affordable Modification Program 

(HAMP) trial period plan.

 Borrowers who fail to satisfy underwriting guidelines of the 

lender/servicer or NAHAC.

 Borrowers with a post-assistance LTV ratio greater than 140%or 

less than 100%. Post-assistance LTV ratio may be less than 100% 

only if it is necessary in order to provide the homeowner an 

Affordable Payment

 Borrowers with a post-assistance total monthly first-lien 

mortgage payment PITI, including any escrowed or nonescrowed assessments as applicable, is greater than NAHAC’s 

definition of an Affordable Payment.

 Property is subject to a current foreclosure proceeding (judicial or 

non-judicial) under any lien encumbering the property, including 

the lien of a Homeowners Association, unless the lender/servicer 

or Homeowners Association agrees in writing to suspend their 

foreclosure proceeding and to record a rescission of their notice 

of default and/or notice of sale at closing.

 Property is abandoned, vacant or condemned.

 Property has more than two mortgages.

8. Structure of 

Assistance

The assistance will be administered as a one-time direct payment to 

the servicer.

The assistance will be structured as a 0% interest forgivable loan 

with no monthly payment evidenced by a promissory note with a 

sixty (60) month term. The loan will be secured by a junior lien on 

the property. If the borrower complies with the terms of the loan, 

the loan will be considered satisfied at the end of the sixty (60) 

month period following funding and the lien released.

There is no pro-rated forgiveness for this loan. Loan funds will only 

be repaid to Eligible Entity (NAHAC) in the event of a sale or a 

refinance that includes cash out and there are equity proceeds 

available prior to forgiveness.
B-1-6

In the event that NAHAC receives a 100% or greater match in funds 

by the lender/servicer and the borrower’s post-assistance LTV is 

100% or greater, then NAHAC will not structure the assistance as a 

loan.

Borrowers will not always receive the maximum assistance amount 

of $100,000.

All funds returned to NAHAC will be used to assist additional 

borrowers in accordance with the Agreement.

9. Per Household 

Assistance

The maximum amount of mortgage principal reduction receivable 

by a qualified borrower is $100,000.

10. Duration of 

Assistance

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

servicer.

11. Estimated Number 

of Participating 

Households

Approximately 1,915 households could be assisted under this 

program assuming an average assistance amount of $41,000.

12. Program Inception / 

Duration

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

funds are committed or December 31, 2020, whichever occurs first.

13. Program 

Interactions with 

Other HFA Programs

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

PRP may work in conjunction with aspects of the Making Home 

Affordable Program to help eligible borrowers achieve desired 

housing debt-to-income ratios, permanent affordability and establish 

an appropriate level of mortgage debt.

15. Program Leverage 

with Other Financial

Resources

NAHAC will require that the servicer waive all accrued and unpaid 

late charges and NSF fees at the time the modification agreement is 

completed. NAHAC will require the servicer to waive any association 

recast or modification fee.
B-2-1

SERVICE SCHEDULE B-2

The Nevada Affordable Housing Assistance Corporation 

SECOND MORTGAGE REDUCTION PLAN

Summary Guidelines

1. Program Overview The Second Mortgage Reduction Plan (SMRP) will provide 

assistance to borrowers with an eligible financial hardship who have 

a second mortgage lien and who: (i) could achieve affordable monthly 

mortgage payments and an appropriate level of debt if their second 

mortgage (second lien) were eliminated; or (ii) could achieve 

affordable monthly mortgage payments and an appropriate level of 

debt with a principal reduction and reamortization (recast) or 

modification of their second mortgage.

The assistance will be provided as a one-time payment to 

lenders/servicers up to a maximum of $50,000 per household.

2. Program Goals The goals of the SMRP are to help borrowers avoid foreclosure by 

reducing or eliminating the principal balance of their second 

mortgage or to facilitate a permanent loan modification or recast that 

achieves an affordable monthly mortgage payment and reduces the 

likelihood that a borrower will default.

3. Target Population / 

Areas

All qualified Nevada residents who could achieve affordable 

mortgage payments and an appropriate level of debt if their second 

mortgage were eliminated or reduced.

4. Program Funds 

(Excluding 

Administrative 

Expenses)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.

5. Borrower Eligibility 

Criteria

 Legal U.S. resident or lawful permanent U.S. resident and 

Nevada resident.

 Borrower qualifies as a low-to-moderate income, based on perhousehold income not to exceed income limits set forth in 

program guidelines.

 Borrower must have an eligible financial hardship as determined 

by program criteria and underwriting guidelines. Eligible 

financial hardships include (a) borrowers with a reduced income 

due to underemployment, medical condition, divorce or death, as 

set forth in the program guidelines, with a negative equity 

position in which the borrower’s combined loan to value ratio 

(“CLTV”) is 100% or more; or (b) a negative equity position in
B-2-2

which the borrower’s CLTV is 115% or more.

 Borrowers qualifying with a hardship as described in (a), in the 

previous bullet, must also have pre-assistance, total monthly 

mortgage payments for their primary and second mortgages PITI 

(principal, interest, taxes and insurance, as applicable) including 

any escrowed or non-escrowed homeowner’s association dues or 

assessments, greater than 38% of the gross household income 

excluding temporary income (e.g., unemployment or short-term 

disability benefits).

 Borrower cannot have liquid assets, other than exemptretirement 

assets, in excess of (i) the amount of assistance being provided, or

(ii) $30,000, whichever is less.

 Borrower’s post-assistance housing expenses must meet the 

definition of an “Affordable Payment.” For the purposes of 

SMRP, “Affordable Payment” means the borrower’s postassistance, total monthly mortgage payments for the primary and 

second mortgages PITI including any escrowed or non-escrowed 

homeowner’s association dues or assessments must be between 

25% and 38% of the gross household income excluding 

temporary income (e.g., unemployment or short-term disability 

benefits).

 Borrower agrees to provide all necessary documentation to 

satisfy program guidelines within the timeframes established by 

NAHAC, including a financial hardship affidavit.

6. Property / Loan 

Eligibility Criteria

 The applicant must own and occupy the single family, 1-4 unit 

home (an attached or detached house or a condominium unit) 

located in Nevada and it must be their primary residence.

 Mobile homes are eligible if they are permanently affixed to the 

real property that is secured by the first and second mortgages.

 The servicer must utilize the SMRP monies to bring the second 

mortgage current before applying SMRP monies to the 

borrower’s principal balance.

 SMRP monies may be used to bring delinquent property taxes; 

Homeowners Association dues, fees and assessments; and 

property related insurance as set forth in program guidelines 

(collectively “Property Related Expenses”) current at closing.

 If the amount of SMRP monies is not sufficient to extinguish the 

second mortgage, the servicer/lender must agree to reamortize or 

modify the second mortgage or apply the funds as curtailment if 

the borrower’s pre-assistance housing-to-income ratio is 

affordable, as set forth in program guidelines.

 Current, unpaid principal balance (which includes the interestbearing unpaid principal balance and any existing non-interest 

bearing forbearance balance) of the first-lien mortgage cannot 

exceed the current GSE loan limit.
B-2-3

 Post-assistance combined principal balance of the primary and 

second mortgages must not be less than 100% CLTV based 

upon valuation obtained by NAHAC or the servicer.

7. Program Exclusions  Borrower is in “active” bankruptcy. Borrowers who have 

previously filed bankruptcy are eligible for consideration only 

with proof of court order “Dismissal” or “Discharge”.

 Borrowers in an active Home Affordable Modification Program 

(HAMP) or a Second Lien Modification Program (“2MP”) trial 

period plan.

 Property is listed for sale.

 Property is currently subject to a current foreclosure proceeding 

(judicial or non-judicial) under any lien encumbering the 

property, including the lien of a Homeowner’s Association, unless 

the lender/servicer or Homeowner’s Association agrees in writing 

to suspend their foreclosure proceeding and to record a rescission

of their notice of default and/or notice ofsale at closing.

 Borrowers with liquid assets, other than exempt retirement assets, 

in excess of (i) the total amount of assistance provided, or (ii)

$30,000, whichever is less.

 Property is abandoned, vacant or condemned.

 Property has more than two mortgages.

 Property is subject to a first priority lien securing a Home Equity 

Line of Credit.

8. Structure of 

Assistance

The assistance will be administered as a one-time direct payment to 

the servicer. The assistance will be structured as a 0% interest 

forgivable loan with no monthly payment evidenced by apromissory 

note with a sixty (60) month term. The loan will be secured by a junior 

lien on the property. If the borrower complies with the terms of the

loan, the loan will be considered satisfied at the end of the sixty

(60) month period following funding and the lien released. 

Borrowers will not always receive the maximum assistance amount 

of $50,000.

If the borrower defaults under the terms of the loan prior to the 

maturity date of the note evidencing the assistance loan, the loan will 

be due and payable to NAHAC. If the borrower sells the property or 

obtains a refinancing where the borrower is eligible to receive cash 

out of the transaction before the maturity date of the note, all net 

equity proceeds after payment of borrower’s closing costs (with the 

commission to real estate brokers, if applicable, by the borrower 

limited to 6 percent) and the payment to the holders of the senior 

deeds of trust, will be due and payable to NAHAC to satisfy payment 

of all or a portion of the loan funds.

All funds returned to NAHAC will be used to assist additional 

borrowers in accordance with the Agreement.
B-2-4

9. Per Household 

Assistance

The maximum amount of second mortgage principal reduction 

receivable by a qualified borrower is $50,000.

10. Duration of 

Assistance

Program funds will be disbursed as a onetime payment to the servicer.

11. Estimated Number 

of Participating 

Households

Approximately 616 households could be assisted under this program 

assuming an average assistance amount of $13,800.

12. Program Inception / 

Duration

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

funds are committed or December 31, 2020, whichever occurs first.

13. Program 

Interactions with 

Other HFA Programs

This program could interact with the Principal Reduction Program 

and other HHF Programs 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

This program does not interact with HAMP. The HAMP program is 

now closed to new applications.

15. Program Leverage 

with Other Financial 

Resources

While NAHAC does not require a contribution from the servicer, it 

will be encouraged and in addition, servicers will be requested to 

waive fees.
B-3-1

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 burdensthat 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 Funds 

(Excluding 

Administrative 

Expenses)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.

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 borrower’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, borrower 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.

Borrowers with a second lien will also be considered for the Second
B-3-2

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 

terminated on December 31, 2012.

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.
B-3-3
B-4-1

SERVICE SCHEDULE B-4

The Nevada Affordable Housing Assistance Corporation 

MORTGAGE ASSISTANCE PROGRAM (MAP)

Summary Guidelines

1. Program Overview The Mortgage Assistance Program (MAP) will provide temporary 

financial assistance to eligible Nevada borrowers who wish to remain 

in their homes, but have suffered a loss of income due to 

unemployment or underemployment

MAP provides mortgage payment assistance equal to the lesser of

$3,000 per month or 100% of the PITI (principal, interest, tax, 

insurance, as applicable) and any escrowed or non-escrowed 

homeowner’s association dues or assessments, for up to eighteen (18) 

months, with the purpose of preventing avoidable foreclosures.

2. Program Goals MAP’s goal is to help borrowers remain in their homes and prevent 

avoidable foreclosures despite loss of income due to unemployment 

or underemployment.

MAP will reinstate a delinquent first mortgage loan before making 

monthly payments in order to prevent foreclosure.

MAP is designed to assist borrowers who are currently receiving 

Nevada Department of Employment, Training, and Rehabilitation 

(DETR) unemployment benefits.

MAP was designed to complement other loss mitigation programs, 

including increasing a borrower’s eligibility for an extended written 

forbearance plan and/or loan modification.

3. Target Population / 

Areas

MAP is designed to target low-to-moderate income borrowers and 

address the needs of a borrower’s specific situation in lieu of targeting 

certain regions or counties.

4. Program Funds

(Excluding 

Administrative

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.
B-4-2

Expenses)

5. Borrower Eligibility 

Criteria

General Requirements:

 Legal U.S. resident or lawful permanent U.S. resident and 

Nevada resident.

 Borrower qualifies as low-to-moderate income based on perhousehold income thresholds not to exceed income limits set 

forth in program guidelines.

 Borrower must complete and sign a Hardship Affidavit / 3rd 

Party Authorization to document the reason for the hardship.

 Borrowers who have recently encountered a financial 

hardship due to underemployment or unemployment, 

including those whose unemployment hardship is related to 

their military service.

 Borrower’s total monthly first-lien mortgage payment PITI 

and escrowed homeowner’s association dues or assessments 

must exceed 31 percent of the borrower’s gross monthly 

household income, excluding temporary income (e.g., 

unemployment or short-term disability benefits).

 Borrower must agree to provide all necessary documentation 

to satisfy program guidelines within the timeframes 

established by NAHAC.

 Borrower must be currently receiving Nevada Department of 

Employment, Training and Rehabilitation (DETR) 

unemployment benefits.

 General program eligibility is determined by NAHAC based 

on information received from the borrower. Programspecific eligibility is determined by NAHAC on a first-come, 

first-approved basis until program funds and funding 

reserves have been exhausted. Loan servicer will implement 

the HHF program based on participation agreement terms 

and conditions.

 If the maximum program amount is not sufficient to both 

reinstate a delinquent first mortgage loan and provide at least 

three (3) monthly mortgage payments (including nonescrowed taxes and homeowner’s association dues or 

assessments), NAHAC may, if approved by the loan 

servicer, commence monthly mortgage payments without 

reinstatement of the delinquent loan.

6. Property / Loan 

Eligibility Criteria

 The applicant must own and occupy the single family, 1-4 unit 

home (an attached or detached house or a condominium unit) 

located in Nevada and it must be their primary residence. Mobile 

homes are eligible if they are permanently affixed to the real 

property that is secured by the primary mortgage.
B-4-3

 Current, unpaid principal balance (which includes the interestbearing unpaid principal balance and any existing non-interest 

bearing forbearance balance) of the first-lien mortgage cannot 

exceed the current GSE loan limit.

 The property securing the mortgage loan must not be 

abandoned, vacant or condemned.

7. Program Exclusions  A Notice of Default (“NOD”) has been recorded on the subject 

property’s first mortgage loan more than 60 days prior to the 

date of request for MAP assistance.

 Borrower has a subordinate lien that is in foreclosure as 

evidenced by a recorded NOD or Notice of Trustee’s Sale 

(“NOS”).

 Borrower is in “active” bankruptcy. Borrowers who have 

previously filed bankruptcy are eligible for consideration only 

with proof of court order “Dismissal” or “Discharge”.

 Borrower’s “hardship” is a result of voluntary resignation of 

employment.

 Borrower in an active HAMP trial modification is not eligible 

for MAP consideration unless the trial is cancelled.

 Borrower becomes fully employed at any time during the MAP 

benefit period.

 Borrower is actively being reviewed for a short sale, or a deed in 

lieu.

 Property is subject to a first priority lien securing a Home Equity 

Line of Credit (“HELOC”).

8. Structure of 

Assistance

NAHAC will structure the assistance as a non-recourse, non-interest 

bearing subordinate loan in favor of the Eligible Entity (NAHAC) 

secured by a junior lien recorded against the property in the amount 

of the total reduced PITI and any escrowed or non-escrowed 

homeowner’s association dues or assessments, and equal to the total 

amount of HHF unemployment assistance. At the conclusion of (3) 

three years, the subordinate loan will be released. There is no prorated forgiveness for this loan. Loan funds will only be repaid to 

Eligible Entity (NAHAC) in the event of a sale or a refinance that 

includes cash out and there are equity proceeds available prior to 

forgiveness. Recovered funds will be recycled in order to provide 

additional program assistance in accordance with the Agreement.

9. Per Household 

Assistance

Up to $54,000 per household in total, equaling the lesser of $3,000 

per month or 100% of PITI (principal, interest, tax, insurance, as 

applicable) and any escrowed borrower’s association dues or 

assessments (and in all cases, subject to the HHF program maximum

benefit cap of $100,000 with respect to monies previously received
B-4-4

under other HHF programs, if any).

10. Duration of 

Assistance

Borrower participation in MAP is limited to eighteen (18) months 

maximum.

11. Estimated Number 

of Participating 

Households

Approximately 5,249. This figure is based on loans with unpaid 

principal balances ranging from $100,000 to $300,000 with an 

average funding of $8,200.

12. Program Inception / 

Duration

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

funds are committed or December 31, 2020, whichever occurs first.

13. Program 

Interactions with 

Other HFA 

Programs

Other HFA program benefits may be available to the borrower 

provided the HHF program maximum benefit cap of $100,000 has not 

been exceeded, and program funds are available. The borrower is 

required to apply separately for each HFA program.

14. Program 

Interactions with 

HAMP

MAP may work in conjunction with aspects of the Making Home 

Affordable Program to help eligible borrowers achieve desired 

housing debt-to-income ratios, permanent affordability and establish 

an appropriate level of mortgage debt.

15. Program Leverage 

with Other Financial 

Resources

Upon completion of all MAP benefit assistance payments and based 

on borrower need, the servicer agrees to consider an extension of any 

foreclosure prevention program, as applicable and per investor 

guidelines.

NAHAC will request that the loan servicer waive fees (e.g., NSF and 

late charges).
B-5-1

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 borrowers 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 and being given an 

appointment with the NAHAC loan underwriter. MAPA payments will
B-5-2

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 debt-toincome 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 

Funds (Excluding 

Administrative 

Expenses)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.

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 borrower’s control (no contrived 

defaults allowed).

 Borrower will be required to sign a financial hardship affidavit

attesting to their inability to make mortgage payments. 

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
B-5-3

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.

7. Property / Loan 

Eligibility Criteria

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

primary residence.

 Mortgage balance is less than the current GSE loan limit.

8. 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.

9. 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 1

st priority lien holder. All funds returned to NAHAC will be used in 

accordance with the Agreement.

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.

10. 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
B-5-4

payment assistance of $9,000.

Reinstatement candidates will be eligible to receive a limited, one-time 

payment of up to $12,500.

The combined maximum amount of MAPA assistance available to a 

qualified borrower is $21,500.

11. Duration of 

Assistance

MAPA will last up to nine (9) months.

12. Estimated 

Number of 

Participating 

Households

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

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.

13. Program 

Inception / 

Duration

This program began February 2012 and terminated on October 1, 2012.

14. 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.

15. 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 borrower and mortgage servicer as payments would bemade 

instead of capitalized and no additional late charges accrued.

16. 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.
B-6-1

SERVICE SCHEDULE B-6

The Nevada Affordable Housing Assistance Corporation 

HOME RETENTION PROGRAM

PROGRAM DEFUNDED ON JUNE 25, 2015
B-7-1

SERVICE SCHEDULE B-7

The Nevada Affordable Housing Assistance Corporation

NEVADA RECAST REFINANCE AND MODIFICATION PROGRAM (NRRM) 

PROGRAM DEFUNDED ON JUNE 25, 2015
B-8-1

SCHEDULE B-8

The Nevada Affordable Housing Assistance Corporation (“NAHAC”) 

MORTGAGE REINSTATEMENT ASSISTANCE PROGRAM (MRAP)

Summary Guidelines

1. Program 

Overview

The Mortgage Reinstatement Assistance Program (“MRAP”) is one of 

NAHAC’s federally-funded programs developed to provide temporary 

financial assistance to eligible borrowers who wish to remain in their 

homes, but are in imminent danger of losing their home to foreclosure.

MRAP provides funds to help income-qualified borrowers cure their 

delinquent first mortgage loan arrearages, which may also include 

payments needed to reinstate their loans from foreclosure. Assistance 

with curing delinquent, non-escrowed property taxes and 

homeowners’ association dues is only available in conjunction with 

other assistance on the homeowner’s mortgage loan.

2. Program Goals MRAP will prevent avoidable foreclosures by helping borrowers 

reinstate their past due first mortgage loans.

MRAP will also mitigate the need for large reinstatement dollars to be 

capitalized with remaining loan balance, and thus, broaden the 

population of borrowers who qualify for modification.

3. Target

Population / 

Areas

MRAP is designed to target low-to-moderate income borrowers and 

address the needs of a borrower’s specific situation in lieu of targeting 

certain regions or counties.

4. Program Funds 

(Excluding 

Administrative 

Expenses)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.

5. Borrower 

Eligibility 

Criteria

 Borrower qualifies as low-to-moderate income based on perhousehold income not to exceed income limits set forth in 

program guidelines.

 Borrower must complete and sign a Hardship Affidavit / 3rd 

Party Authorization to document the reason for the hardship.

 Borrowers who have recently encountered a financial hardship 

due to their military service are eligible.

 Borrower has adequate income to sustain reinstated first- lien 

mortgage loan, per NAHAC approved investor guidelines.
B-8-2

 Borrower cannot have liquid assets, other than exempt retirement 

assets, in excess of (i) the amount of assistance being provided, or

(ii) $30,000, whichever is less.

 Borrower must agree to provide all necessary documentation to 

satisfy program guidelines within the timeframes established by 

NAHAC.

 Mortgage loan is delinquent as substantiated by borrower’s 

hardship documentation. The delinquency and the total amount 

required to cure the delinquency is verified with the servicer.

 The first lien mortgage delinquency amount must be less than the 

MRAP benefit available to the borrower.

 Loans in foreclosure are eligible.

 The borrower’s total monthly first-lien mortgage payment PITI 

(principal, interest, taxes and insurance, as applicable), and any 

escrowed or non-escrowed homeowner’s association dues or 

assessments, payment must be a maximum of 38% of the gross 

household income excluding temporary income (e.g., 

unemployment or short-term disability benefits) to meet the 

definition of an affordable payment.

 On a case by case basis, NAHAC reserves the right to review and 

approve investor program guidelines that utilize affordable 

mortgage definitions greater than 38%.

 General program eligibility is determined by NAHAC based on 

information received from the borrower. Program-specific 

eligibility is determined by NAHAC on a first-come, firstapproved basis until program funds and funding reserves have 

been exhausted. Loan servicer will implement the HHF program 

based on participation agreement terms and conditions.

6. Property / Loan 

Eligibility 

Criteria

 Current, unpaid principal balance (which includes the interestbearing unpaid principal balance and any existing non-interest 

bearing forbearance balance) of the first-lien mortgage loan 

cannot exceed the current GSE loan limit.

 The property securing the mortgage loan must not be abandoned, 

vacant or condemned.

 The applicant must own and occupy the single family, 1-4 unit 

home (an attached or detached house or a condominium unit) 

located in Nevada and it must be their primary residence. Mobile 

homes are eligible if they are permanently affixed to the real 

property that is secured by the first lien.

7. Program 

Exclusions

 Borrower is in “active” bankruptcy. Borrowers who have 

previously filed bankruptcy are eligible for consideration only 

with proof of court order “Dismissal” or “Discharge”.

 MRAP benefit assistance request for reinstatement with a firstlien total monthly first lien mortgage payment PITI and any
B-8-3

escrowed homeowner’s association dues or assessments, payment 

of greater than 38% of the borrower’s gross monthly household 

income, excluding temporary income (e.g., unemployment or 

short-term disability benefits) will be considered unaffordable 

and is excluded from MRAP reinstatement benefit assistance.

Such borrowers with unaffordable payments may be considered 

for Principal Reduction Program (“PRP”) assistance.

 The total past due arrearage of the first mortgage loan exceedsthe 

maximum available MRAP benefit amount.

 Loan is less than two (2) payments past due as of the date of 

request for assistance.

 Property is subject to a first priority lien securing a Home Equity 

Line of Credit (“HELOC”).

8. Structure of 

Assistance

NAHAC will structure the assistance as non-recourse, non-interest 

bearing subordinate loan in favor of the Eligible Entity (NAHAC) 

secured by a junior lien recorded against the property in the amount 

of the HHF assistance. At the conclusion of (5) five years, the 

subordinate loan will be released. There is no pro-rated forgiveness 

for this loan. Loan funds will only be repaid to Eligible Entity 

(NAHAC) in the event of a sale or a refinance that includes cash out 

and there are equity proceeds available prior to forgiveness.

Recovered funds will be recycled in order to provide additional 

program assistance in accordance with the Agreement.

9. Per Household 

Assistance

Up to $54,000 per household in total for PITI and any escrowed 

homeowner’s association dues or assessments, arrearages (and in all 

cases, subject to the HHF program maximum benefit cap of $100,000 

with respect to monies previously received under other HHF programs, 

if any).

10. Duration of 

Assistance

Available in a single, lump-sum disbursement.

NAHAC reserves the right to provide additional MRAP benefits, not 

to exceed the maximum program assistance amount per household, to 

previous MRAP recipients if the homeowner has suffered a 

subsequent, qualifying hardship.

11. Estimated 

Number of 

Participating 

Households

Approximately 208. This figure is based on loans with unpaid principal 

balances ranging from $ 100,000 to $300,000 with an average funding 

of $ 14,500.

12. Program 

Inception

/Duration

The statewide launch of MRAP was November 1, 2016 and it will 

continue until December 31, 2020 or until funding is fully reserved, 

whichever comes first.
B-8-4

13. Program 

Interactions with 

Other 

HFA/Programs

Other HFA program benefits may be available to the borrower 

provided the HHF program maximum benefit cap of $100,000 hasnot 

been exceeded, and program funds are available. The borrower is 

required to apply separately for each HFA program.

14. Program 

Interactions with 

HAMP

MRAP can serve as a gateway to HAMP which may include principal 

reduction of borrower’s mortgage.

15. Program 

Leverage with 

Other Financial 

Resources

NAHAC will require that the servicer waive all accrued and unpaid 

late charges and NSF fees for all payments funded with MRAP 

benefits.
B-8-5
B-9-1

SERVICE SCHEDULE B-9

The Nevada Affordable Housing Assistance Corporation 

DOWN PAYMENT ASSISTANCE (DPA) PROGRAM

Summary Guidelines

1. Program Overview The Down Payment Assistance (DPA) Program will provide an 

incentive to qualified homebuyers to purchase a primary residence in 

targeted areas in Nevada. Providing incentives to qualified homebuyers 

in housing markets that have been hardest hit by serious delinquency, 

negative equity, distressed sales, and foreclosures which will 

strengthen demand in those areas, stabilize housing prices and prevent 

future foreclosures. This Program will be offered in specific zip codes 

in Nevada.

2. Program Goals The goal of the DPA Program is to prevent future foreclosures by 

assisting with the stabilization of housing prices in targeted areas. The 

Nevada Affordable Housing Assistance Corporation (NAHAC) will 

identify meaningful indicators that will enable them to track and 

quantify the DPA Program’s impact in the targeted areas.

3. Target

Population/Areas

This component will be offered in the following zip codes 

(collectively, the Targeted Area):, 89030, 89048,

89060, 89101, 89102, 89103, 89104, 89106, 89107, 89108,

89109, 89110, 89115, 89119, 89120, 89121, 89122, 89146, 89156, 

89169.

To identify the Targeted Area, NAHAC evaluated five (5) housing 

market distress indicators—seriously delinquent mortgage loans, 

negative equity, short sales, REO sales, and foreclosures—as well as 

loan origination volume, across the entirety of Nevada. The zip codes 

in the Targeted Area exceeded the statewide rate in at least four (4) out 

of the five (5) distressed housing market indicators, and achieved a 

minimum threshold origination volume.

4. Program Funds 

(Excluding 

Administrative 

Expense)

Not applicable. Program Funds may be disbursed under any program 

included in Schedule B.

5. Borrower Eligible borrowers must qualify for and meet all requirements of the
B-9-2

Eligibility Criteria Nevada Housing Division’s (NHD) Home is Possible homebuyer 

program. Allowable first mortgage loans will include 30-year, fixedrate loans originated by an approved lender (as specified in DPA 

Program guidelines), and insured or guaranteed by the Federal Housing 

Administration (FHA), U.S. Department of Veterans Affairs (VA),

U.S. Department of Agriculture-Rural Development (USDA-RD) 

and Freddie Mac HFA Advantage. Eligible borrowers must also 

meet the following criteria:

 Borrower income may not exceed $98,500.

 Each borrower must complete an approved homebuyer education 

course before closing.

 Each borrower will be required to provide a satisfactory DoddFrank affidavit, as set forth in DPA program guidelines.

 The borrower may not have an ownership interest in another 

property.

6. Property/Loan 

Eligibility Criteria

 The property must be a residential single-family home, 

condominium unit, or townhome.

 The property must be the borrower’s primary residence.

 The property must be located in the Targeted Area.

 The loan must meet all applicable DPA Program, U.S. Bank,

Ginnie Mae (FHA, VA, USDA-RD) or Freddie Mac

underwriting guidelines.

 The property must be an existing residential dwelling and may

not be new construction.

 Purchase price of property may not exceed $400,000.

7. Program 

Exclusions

 Borrowers, properties and loans that do not meet the requirements 

for assistance under NHD’s Home is Possible homebuyer program.

 Borrowers who received assistance from down payment assistance 

programs offered by NHD.

 Borrowers who received assistance from other HHF Programs.

 Borrowers convicted of any mortgage-related felonies or other 

prohibited crimes in the past ten years, in accordance with Section 

1481(d) of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act.
B-9-3

8. Structure of 

Assistance

Down payment assistance, including reasonable and customary closing 

costs, will be structured as a one-time up-front, forgivable loan in the 

amount of the assistance provided to eligible borrowers. The loan will 

be zero percent (0%) interest, with no monthly payments and a three

(3) year term. The loan will be evidenced by a promissory note in 

favor of NAHAC and secured by a junior lien on the property. The 

loan will be forgiven on a monthly, pro rata basis over the three-year 

term, provided the borrower has satisfied all terms of the loan. Any 

portion of the loan which is not forgiven will be repaid to NAHAC in 

the event of a sale or cash-out refinance, to the extent of net cash 

proceeds. Any proceeds that are returned to NAHAC will be utilized

to assist additional homeowners in accordance with the Agreement.

9. Per Household 

Assistance

The lesser of 10 percent of the purchase price amount or $20,000.

10. Duration of 

Assistance

Available in a single, lump-sum disbursement.

DPA Program funds will be used to reimburse participating lenders, 

via the Master Servicer for the program, who pre-funds the down 

payment assistance at closing once it is determined that all DPA

Program requirements have been met.

11. Estimated Number 

of Participating 

Households

It is anticipated that the DPA Program will assist approximately 2,765

households.

12. Program

Inception/ 

Duration

The DPA Program was launched on May 1, 2018, and will continue 

until December 31, 2020 or until funding is fully reserved, whichever 

comes first.

13. Program

Interactions with 

Other Programs 

(e.g. other HFA 

programs)

The DPA program will leverage the existing infrastructure of lenders 

who are already actively originating loans under NHD’s Home is 

Possible homebuyer program. If the borrower has received HHF 

assistance under any other HHF Program, they will be excluded from 

receiving assistance under the DPA Program.

A borrower may receive assistance under either the DPA Program, or 

another down payment assistance program offered by NHD, but may 

not receive assistance under both.

14. Program

Interactions with 

HAMP

None.
B-9-4

15. Program Leverage 

with Other 

Financial 

Resources

None
C-1

HHF Nevada Date: April 10, 2020

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 $12,339,647.22

Professional Services (Legal, Compliance, Audit, $3,590,247.86

Travel $115,839.44

Buildings, Leases & Equipment $1,177,317.43

Information Technology & Communications $4,547,389.06

Office Supplies / Postage and Delivery / Subscriptions $280,337.87

Risk Management/ Insurance $364,219.21

Training $7,814.87

Marketing/PR $559,807.13

Miscellaneous $25,785.61

Subtotal $23,008,405.70

Transaction Related Expenses:

Recording Fees $316,936.40

Wire Transfer Fees $173,815.83

Counseling Expenses

File Intake $2,143,650.49

Decision Costs $113,675.86

Successful File $48,095.22

Key Business Partners On-Going $654,556.50

Subtotal $3,450,730.30

Grand Total $27,294,420.00

% of Total Award 13.91%

Award Amount $196,247,650.00