TENTH AMENDMENT TO 

COMMITMENT TO PURCHASE FINANCIAL INSTRUMENT 

and 

HFA PARTICIPATION AGREEMENT 

This Tenth Amendment to Commitment to Purchase Financial Instrument and HFA Participation 

Agreement (the "Tenth Amendment") is entered into as of the date set forth on Schedule A 

attached hereto as the Tenth 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 HP A") 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"), and as further amended by that certain Ninth Amendment to 

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

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 and the Eighth 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 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; 

Tenth Amendment to HPA — Nevada 

Doc#:USl:8158253v2 
WHEREAS, HFA, Eligible Entity and Treasury wish to enter into this Tenth 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 Tenth Amendment; and all references in the 

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

Amendment. All references herein to the "HPA" shall mean the Current HPA, as further 

amended by this Tenth 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 Tenth 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 Tenth 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 Tenth 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 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 Tenth Amendment and any other closing documentation delivered to 

- 2 -

Doc#:USl:8158253v2 
Treasury in connection with this Tenth 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 

Tenth Amendment and any other closing documentation delivered to Treasury in 

connection with this Tenth Amendment, and to perform its obligations hereunder and 

thereunder. 

3. Miscellaneous 

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

[SIGNATURE PAGE FOLLOWS; REMAINDER OF PAGE 

INTENTIONALLY LEFT BLANK] 

- 3 -

Doc# US1 8158253v2 
In Witness Whereof, HFA, Eligible Entity and Treasury by their duly authorized officials 

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

Instrument and HFA Participation Agreement as of the Amendment Date. 

HFA: 

NEVADA HOUSING DIVISION 

TREASURY: 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: I si Charles L. Horsey 

Name: Charles L. Horsey 

Title: Administrator 

By: 

Name: Timothy G. Massad 

Title: Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY. 

NEVADA AFFORDABLE HOUSING 

ASSISTANCE CORPORATION 

By: I si Charles L. Horsey 

Name: Charles L. Horsey 

Title: President 

[Signature Page to Tenth Amendment to HPA — Nevada] 
In Witness Whereof, HFA, Eligible Entity and Treasury by their duly authorized officials 

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

Instrument and HFA Participation Agreement as of the Amendment Date. 

HFA: 

NEVADA HOUSING DIVISION 

By: 

Name: 

Title: 

TREASURY: 

UNITED STATES DEPARTMENT OF THE 

TREASURY 

By: 

Name: Timothy G. Massad 

Title: Assistant Secretary for 

Financial Stability 

ELIGIBLE ENTITY: 

NEVADA AFFORDABLE HOUSING 

ASSISTANCE CORPORATION 

By: 

Name: 

Title: 

[Signature Page to Tenth Amendment to HPA — Nevada] 
EXHIBITS AND SCHEDULES 

Schedule A Basic Information 

Schedule B Service Schedules 

Schedule C Permitted Expenses 

Doc#:USl:8158253v2 
SCHEDULE A 

BASIC INFORMATION 

Eligible Entity Information: 

Name of the Eligible Entity: 

Corporate or other organizational form: 

Jurisdiction of organization: 

Notice Information: 

Nevada Affordable Housing Assistance 

Corporation 

Non-profit corporation 

Nevada 

HFA Information: 

Name of HFA: 

Organizational form: 

Date of Application: 

Date of Action Plan: 

Notice Information: 

Nevada Housing Division1 

A Division of the Nevada Department of 

Business and Industry of the State of 

Nevada 

April 16, 2010 

September 1,2010 

Program Participation Cap: 

Portion of Program Participation Cap 

Representing Original HHF Funds: 

Portion of Program Participation Cap 

Representing Unemployment HHF Funds: 

$194,026,240.00 

$102,800,000.00 

$ 34,056,581.00 

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#:USl:8158253v2 
Permitted Expenses: 

Closing Date: 

First Amendment Date: 

Second Amendment Date: 

Third Amendment Date: 

Fourth Amendment Date: 

Fifth Amendment Date: 

Sixth Amendment Date: 

Seventh Amendment Date: 

Eighth Amendment Date: 

Ninth Amendment Date: 

Tenth Amendment Date: 

Eligible Entity Depository Account Information: 

$ 24,978,556.00 

June 23, 2010 

September 23, 2010 

September 29, 2010 

December 16, 2010 

April 5, 2011 

May 25, 2011 

October 28, 2011 

Decembers, 2011 

February 28, 2012 

June 28, 2012 

September 28, 2012 

See account information set forth in the 

Depository Account Control Agreement 

between Treasury and Eligible Entity 

regarding the HHF Program. 

Doc#:USl:8158253v2 
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-l, Service 

Schedule B-2, et. seq.), which collectively comprise Schedule B to the HPA. 

Doc# US1 8158253v2 
SERVICE SCHEDULE B-l 

The Nevada Affordable Housing Assistance Corporation 

PRINCIPAL REDUCTION PROGRAM 

Summary Guidelines 

1. Program Overview 

2. Program Goals 

3. Target Population / 

Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

5. Borrower Eligibility 

Criteria 

To ensure that approximately 2,354 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 up-front 

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. 

The primary goal is to reduce first mortgage principal balances. 

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. 

$117,690,813 

• Legal US 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's Hardest Hit Fund. If borrowers 

meet Nevada Hardest Hit Fund eligibility criteria, then servicer eligibility 

Doc# US1 8158253v2 
6. Property / Loan 

Eligibility Criteria 

7. Program Exclusions 

8. Structure of 

Assistance 

9. Per Household 

Assistance 

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. 

• Home is currently owner-occupied. 

• 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% 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 nonHARP transactions 

• Assistance is contingent upon successful achievement of 

modification or HARP. 

• None. 

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-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. 

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 poisson distribution) amount. 

Doc# US1 8158253v2 
10. Duration of 

Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program 

Interactions with 

Other HFA 

Programs 

14. Program 

Interactions with 

HAMP 

15. Program Leverage 

with Other Financial 

Resources 

16. Qualify as an 

Unemployment 

Program 

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

servicer elects the three-payment mode. 

Approximately 2,354 households could be assisted under this program. 

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. 

The Principal Reduction Program is aimed at both the 

underemployed and the fully employed income qualified/limited home 

owners, 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. 

Participating servicers will screen their databases for HAMP eligible 

borrowers on a regular basis and make referrals as appropriate. 

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. 

• Yes 0 No 

Doc# US1 8158253v2 
SERVICE SCHEDULE B-2 

The Nevada Affordable Housing Assistance Corporation 

SECOND MORTGAGE REDUCTION PLAN 

Summary Guidelines 

1. Program Overview 

2. Program Goals 

3. Target Population / 

Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

5. Borrower Eligibility 

Criteria 

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. 

The expected outcome of this program is to assist approximately 500 

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. 

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. 

$ 8,000,000 

• Legal US 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 web site 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 8158253v2 
6. Property / Loan 

Eligibility Criteria 

7. Program Exclusions 

8. Structure of 

Assistance 

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. 

• Home is currently owner occupied. 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. 

• If a program contribution of > $16,500 is needed by the servicer 

then the borrower would be ineligible. 

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 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 

Doc# US1 8158253v2 
9. Per Household 

Assistance 

10. Duration of 

Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program 

Interactions with 

Other HFA 

Programs 

14. Program 

Interactions with 

HAMP 

15. Program Leverage 

with Other Financial 

Resources 

16. Qualify as an 

Unemployment 

Program 

result of participation in the Second Mortgage Reduction Plan program 

may be extinguished. 

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. 

One-time payment. 

It is estimated that approximately 500 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. 

The Second Mortgage Reduction Plan program began on March 1, 2010 

and could last up to 36 months. 

None. 

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. 

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. 

• Yes 0 No 

Doc#:USl:8158253v2 
SERVICE SCHEDULE B-3 

The Nevada Affordable Housing Assistance Corporation 

SHORT-SALE ACCELERATION PROGRAM 

Summary Guidelines 

1. Program Overview 

2. Program Goals 

3. Target Population / 

Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

5. Borrower Eligibility 

Criteria 

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. 

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

approximately 200 families facing imminent foreclosure threat will 

have the burden of their home mortgage eliminated. 

Those Nevadans that are facing imminent threat of foreclosure. 

$950,000 

• Legal US 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. 

Doc# US1 8158253v2 
6. Property / Loan 

Eligibility Criteria 

7. Program Exclusions 

8. Structure of 

Assistance 

9. Per Household 

Assistance 

10. Duration of 

Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program 

Interactions with 

Other HFA 

Programs 

14. Program 

Interactions with 

HAMP 

15. Program Leverage 

with Other Financial 

Resources 

16. Qualify as an 

Unemployment 

Program 

• Home is currently owner-occupied. 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. 

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

Mortgage Reduction Plan program. 

• None. 

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. 

The maximum is 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. 

Assistance will be a one-time set of payments. 

The Business Plan calls for this program element to assist up to 200 

families complete their home abandonment/ownership through a short 

sale and matriculate to a rental property somewhere else in Nevada. 

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

could last up to 34 months. 

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

None 

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. 

• Yes 0 No 

Doc# US1 8158253v2 
Doc# US1 8158253v2 
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 help 

keep first mortgages current for approximately 4,545 families who 

have an unemployed or underemployed wage earner. The program 

will assist those qualified families by making up to the lesser of: 

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

insurance (when impounded) excluding home owner association fees 

or (b) total payment due for those four components, to the family's 

monthly first mortgage payment only. Further, the borrower will be 

responsible for contributing a minimum of $75 per month toward 

completing the full payment due. MAP payments may be extended for 

qualified families for up to nine (9) months. The MAP payments are 

aimed at providing a financial bridge to unemployed or 

underemployed persons. For the purpose of this program, unemployed 

will be defined as an individual that is not currently working. 

Underemployed will be defined as any individual that is in in default 

or in a situation of imminent threat of going into default on their 

mortgage due to a change in economic status or a material reduction in 

measureable income, all subject to satisfaction of all other borrower 

eligibility criteria. 

Borrowers will submit their partial payment to the NAHAC where it 

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

the loan servicer for the loan. Borrowers can apply either through 

participating lenders/servicers who have received special training or 

directly through the NAHAC offices after first completing an 

appropriate screening tool and being given an appointment with the 

NAHAC loan underwriter. MAP 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 their enrollment in MAP assistance 

will have their lien extinguished. 

A final component of the MAP program will be a reinstatement 

component which will provide up to $12,500 per qualified borrower 

who can verify that they have overcome a previous financial hardship 

and their mortgage payment is sustainable - less than 43% of their 

household income. Under this final phase of the MAP, borrowers who 

can demonstrate that they can sustain their mortgage on an ongoing 

basis, but have an arrearage or accrued penalties will be eligible to a 

Doc#:USl:8158253v2 
2. Program Goals 

3. Target Population / 

Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

5. Borrower Eligibility 

Criteria 

reinstatement benefit. 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. 

The MAP program's goal is to increase the probability that a borrower 

and/or recipient's family has a stronger chance of sustaining 

homeownership with the assistance from the HHF program. The 

enhanced home ownership through re-employment and job 

maintenance should decrease both the numbers and probability of 

foreclosures. 

The reinstatement benefit for MAP recipients that can demonstrate the 

sustainability of their mortgage is intended to prevent future 

foreclosures by helping borrowers regain current status. Sustainability 

for purposes of reinstatement means lending ratios equal or better than 

those of the Principal Reduction Program. 

The State of Nevada is currently enduring the United States' highest 

unemployment rate in its workforce. However, the highest levels of 

unemployed persons in Nevada are primarily centered in the two urban 

areas (Clark County/Las Vegas area and Reno/Sparks MSA) versus the 

rural agricultural and mining areas. With the assistance of the Nevada 

Department of Employment, Training and Rehabilitation's (DETR) 

published data, MAP funds will be allocated on a pro-rata basis to 

jurisdictions based on a ratio of actual number of unemployed to total 

State-wide unemployed as a general allocation matter. However, a 

semiannual assessment will be undertaken to ensure allocations of 

remaining funds are representative of changes to the unemployed and 

underemployed populations in all jurisdictions. 

$40,906,871.00 

To ensure both consistencies with previously approved Participation 

Agreement programs and to lessen the burdens of administering the 

MAP program, adherence to the same underwriting qualification 

standards will be generally utilized. Thus, borrower eligibility criteria 

will consist of: 

• Legal US resident. 

• Borrower must be in default or facing imminent default. 

• Borrower must be experiencing financial hardship due specifically 

Doc# US1 8158253v2 
6. Property / Loan 

Eligibility Criteria 

7. Program Exclusions 

8. Structure of 

Assistance 

9. Per Household 

Assistance 

to unemployed or underemployed status. 

• 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 with existing mortgage by demonstrating a 

housing ratio of less than 43% of their household income but still 

have little or no ability to independently extinguish past missed 

payments, penalties or fees. 

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

borrower's visit to the web site and use of the 'screening tool'), 

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

applicants meet screening criteria, application packages will be 

assembled by the NAHAC underwriters who will do the full 

verifications/confirmation, enter the applicant'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. 

• Home is currently owner-occupied. 

• Mortgage balance cannot exceed the current GSE loan limit. 

• None. 

This program is administered through direct payment to the Servicer. 

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

forgivable lien recorded against the property, which will be forgiven 

over a period of time not to exceed 3 years. The loans will only be 

repayable if the borrower sells the property before the 3 year time 

period expires and there is sufficient equity to pay the loan. All funds 

returned to NAHAC may be recycled until December 31, 2017; 

thereafter they must be returned to Treasury. The MAP assistance will 

be structured as an 'earned forgiveness' loan that is forgiven 33% each 

year. 

MAP recipients who qualify for reinstatement will have their up to 

$12,500 payments made on a 'one-time basis' directly to the mortgage 

servicer. 

The planned MAP program level of assistance should average 

approximately $l,000/month per recipient for up to nine (9) months or 

an expected average total mortgage payment assistance of $9,000. 

Reinstatement candidates will be limited to a 'one-time' amount that is 

the lesser of up to $12,500 or 100%) of the delinquent payments fees or 

penalties accrued leading up to their MAP program original eligibility. 

Doc#:USl:8158253v2 
10. Duration of 

Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program Interactions 

with Other HFA 

Programs 

14. Program Interactions 

with HAMP 

15. Program Leverage 

with Other Financial 

Resources 

16. Qualify as an 

Unemployment 

Program 

The MAP assistance will last up to 9 months. 

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

potential recipients should be approximately 4,545. 

This program began on March 1, 2010 and could last through 

December 31, 2017. 

The MAP program could have some forms of interaction with the 

other HHF programs. Specifically, if a MAP program recipient does 

achieve re-employment status and would possibly be a candidate for a 

HHF Principal Reduction Program, then NAHAC will advise the 

borrower of such. However, if the recipient drops out of the MAP 

program due to failing to remit their portion of the monthly mortgage 

payment, and it appears evident that the borrower may lose their home 

due to lack of means to sustain the mortgage, then the borrower will be 

advised about the HHF short-sale program. 

HHF Funds (MAP) would be utilized prior to HAMP or after a HAMP 

trial period has been successfully completed by the homeowner. 

NAHAC will work with loan servicers for each qualified recipient to 

ensure that the funds from the MAP program payments are utilized 

strictly for the borrower's 'current first mortgage loan payments, 

excluding homeowner association dues and fees and not to 'make up' 

any past due penalties or payments. NAHAC accounting staff will 

communicate with the servicer to ensure that the MAP payments are 

credited only toward current amounts of principal, interest, property 

taxes and property insurance due by the borrower on their first 

mortgage. If this means that the borrower and servicer have to execute 

some form of forbearance or forgiveness on past due amounts, 

NAHAC will be prepared to assist the borrower with the servicer on 

this. It is hoped that the servicers will cooperate on these matters. But 

until NAHAC actually begins distributing Servicer Participation 

Agreements for the MAP program, actual servicer participation cannot 

be accurately determined. 

0 Yes • No 

Doc# US1 8158253v2 
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 

167 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 (when impounded) toward the monthly first 

mortgage payment 

(b) Total first mortgage payment due for the four 

aforementioned components 

Further, the borrower will be responsible for contributing a 

minimum of $75 per month toward completing the full payment 

due. MAP A payments may be extended for qualified families for 

up to nine (9) months. 

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 and being given an appointment with the NAHAC loan 

underwriter. MAPA payments will invoke a non-recourse lien 

Doc#:USI:8158253v2 
2. Program Goals 

3. Target Population / 

Areas 

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

5. Borrower Eligibility 

Criteria 

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. 

A final component of MAPA will be a reinstatement component 

which will provide up to $12,500 per qualified borrower who 

participated in MAPA and has subsequently enrolled in a 

homeownership sustainment program or can demonstrate that 

their economic situation has improved in such a way that the 

mortgage payment is now sustainable - less than 43% of their 

household income. Under this final phase of MAPA, those 

borrowers who can demonstrate that they can sustain 

homeownership through their verifiable enrollment in a 

homeownership sustainment program, are entitled to a 

reinstatement benefit which will cover un-extinguished 

arrearage/penalties and missed payments. 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. 

The MAPA program's goal is to increase the probability that a 

recipient sustaining homeownership with assistance from the 

HHF program. Enhanced homeownership through MAPA, 

subsequent homeownership sustainment programs and 

reinstatement should decrease both the numbers and probability 

of foreclosures. 

The reinstatement benefit for qualified MAPA recipients is 

intended to prevent future foreclosures by helping borrowers 

regain current status. Sustainability for purposes of reinstatement 

means lending ratios equal or better than those of the Principal 

Reduction Program. 

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. 

$1,500,000 

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. 

Doc#:USl:8158253v2 
6. Property / Loan 

Eligibility Criteria 

7. Program Exclusions 

8. Structure of 

Assistance 

Thus, borrower eligibility criteria will consist of: 

• Legal US 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. 

• 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 web site 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. 

• Home is currently owner occupied. 

• Mortgage balance cannot exceed the current GSE loan 

limit. 

• 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 

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. 

Doc#:USl:8158253v2 
9. Per Household 

Assistance 

10. Duration of 

Assistance 

11. Estimated Number of 

Participating 

Households 

12. Program Inception / 

Duration 

13. Program 

Interactions with 

Other HFA 

Programs 

This program is administered through direct payment to the 

Servicer. Payments will be structured as a non-interest bearing, 

forgivable lien recorded against the property. The lien will be 

automatically forgiven over the 36 month timeframe following 

closing. Forgiveness will occur in equal installments of 33.33%) 

annually. 

The lien will only be repayable if the borrower sells the property 

inside of the thirty-six (36) month timeframe and IF there is 

sufficient equity to pay the remaining unforgiven balance. 

All funds returned to NAHAC may be recycled until December 

31, 2017; thereafter they 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. 

Planned MAPA assistance (not including reinstatement) should 

average approximately $l,000/month per recipient for up to nine 

(9) months or an expected average total mortgage payment 

assistance of $9,000. 

Reinstatement is limited to a 'one-time' amount that is the lesser 

of up to $12,500 or 100% of the delinquent payments fees or 

accrued penalties. 

MAPA will last up to 9 months. 

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 167 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 in this category 

- for a total of 100 households. 

This program began in February 2012 and could last through 

December 31, 2012. 

MAPA recipients could have some interaction with other HHF 

programs. MAPA recipients that have a second mortgage could 

possibly become candidates for the Second Mortgage Reduction 

Doc#:USl:8158253v2 
14. Program 

Interactions with 

HAMP 

15. Program Leverage 

with Other Financial 

Resources 

16. Qualify as an 

Unemployment 

Program 

Plan program. 

If a MAPA recipient is unable to remit their portion of the 

monthly mortgage payment due to lack of means to sustain the 

mortgage, then they could pursue the HHF short-sale program. 

MAPA recipients that achieve re-employment status or have an 

improvement in their economic situation could also benefit from 

HAMP. 

MAPA funds would be used 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. 

NAHAC will work with loan servicers for each qualified 

recipient to ensure that funds from MAPA payments are utilized 

strictly for the borrower's first mortgage loan payments to include 

principal, interest, taxes and insurance (excluding homeowner 

association dues). Funds will not be applied toward past due 

penalties except in those instances where the borrower qualifies 

for reinstatement. 

• Yes 0 No 

Doc#: US 1:8158253v2 
SCHEDULE C 

PERMITTED EXPENSES 

*' » f

 x

 f, * 

One-time / Start-Up Expenses: 

Initial Personnel 

Building, Equipment, Technology 

Professional Services 

Supplies / Miscellaneous 

Marketing /Communications 

Travel 

Website development /Translation 

Contingency 

Subtotal 

• ST 

$377,800.00 

$666,198.00 

$260,240.00 

$115,600.00 

$109,250.00 

$1,200.00 

$15,700.00 

$1,170,000.00 

$2,715,988.00 

•' V ~ ** ~ -rcO. ,<>•**--*• '* < '* * -

4l 

Operating 1 Administrative 

Expenses: 

Salaries 

Professional Services (Legal, 

Compliance, Audit, Monitoring) 

Travel 

Buildings, Leases & Equipment 

Information Technology & 

Communications 

Office Supplies/Postage and 

Delivery/Subscriptions 

Risk Management/ Insurance 

Training 

Marketing/PR 

Miscellaneous 

Subtotal 

$4,342,251.00 

$2,506,051.00 

$35,500 00 

$239,120.00 

$1,708,974.00 

$525,715.00 

$304,646 00 

$14,511.00 

$553,350.00 

$0.00 

$10,230,118.00 

, , J , rf € '*if?-^ , f^-^P %" *%f 

Transaction Related Expenses: 

Recording Fees 

Wire Transfer Fees 

Counseling Expenses 

File Intake 

Decision Costs 

Successful File 

Key Business Partners On-Going 

$1,083,881 00 

$32,200.00 

$10,639,169.00 

$277,200.00 

$0.00 

$0.00 

Doc# US1 8158253v2 
Subtotal $12,032,450.00 

IP - «*- "" V ii ^ )j 1^.-* tr-

 J 

Grand Total 

% of Total Award 

Award Amount 

$24,978,556.00 

12.87% 

$194,026,240.00 

Doc# US1 8158253v2 
Doc# US1 8158253v2