HHF Nevada Date: January 31, 2018

B-1-1

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 Allocation 

(Excluding 

Administrative 

Expenses)

$ 95,447,398

5. Borrower Eligibility 

Criteria

General Eligibility:

• Legal U.S. resident or lawful permanent U.S. resident and 
B-1-2

Nevada resident.

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

per-household income not to exceed 150% of the family 

State Median Income (SMI).

• 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 

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

• Borrowers whose primary income is from a fixed 

income source (as defined in program guidelines) must 
B-1-3

have gross household income equal to or less than 60% 

of SMI.

• 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 perhousehold 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.

• 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 
B-1-4

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 less than 25% of the 

borrower’s gross monthly household income, excluding 

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

benefits), or 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.

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. 
B-1-5

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 2,328 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 Allocation 

(Excluding 

Administrative 

Expenses)

$16,495,339

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 150% of the family State 

Median Income (SMI).

• 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 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 

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. 

• Second mortgage must be delinquent or the borrower must have 

a negative equity position in which the CLTV is 115% or more.

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 
B-2-3

bearing forbearance balance) of the first-lien mortgage cannot 

exceed the current GSE loan limit.

• 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 of sale 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 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. 

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 
B-2-4

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.

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 1,195 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 burdens 

that they cannot sustain—even with a material loan principal 

reduction.

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

approximately 100 families facing imminent foreclosure threat will 

have the burden of their home mortgage eliminated.

3. Target Population / 

Areas 

Those Nevadans that are facing imminent threat of foreclosure.

4. Program Allocation 

(Excluding 

Administrative 

Expenses) 

$289,179

5. Borrower Eligibility 

Criteria

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

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

pursuing a short-sale.

• Borrower must provide verification of short-sale approval or 

deed in lieu of foreclosure agreement.

• Borrower will be required to sign a financial hardship affidavit 

attesting to their inability to make mortgage payments.

• Borrower must be in default or facing imminent default.

• Borrower must be experiencing financial hardship due to 

circumstances beyond the 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
B-3-2

property.

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

Mortgage Reduction Plan program.

7. Program Exclusions None.

8. Structure of 

Assistance

This program is direct assistance through direct payment to vendors 

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

The payments will not be structured as a loan.

9. Per Household 

Assistance

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

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

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

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

closing – specifically HOA liens and utility liens.

10. Duration of 

Assistance 

Assistance will be a one-time set of payments.

11. Estimated Number 

of Participating 

Households

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

families complete their home abandonment/ownership through a 

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

Nevada.

12. Program Inception / 

Duration

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

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-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 

until such time that the borrower retains employment sufficient to 

meet the demands of satisfying their regular mortgage payment

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.

The MAP will minimize past due payments, and provide a borrower 

with additional time to find alternate employment and replace 

income needed to make their mortgage payment.

MAP is designed to assist borrowers who are currently receiving 

Nevada Department of Employment, Training, and Rehabilitation 

(DETR) unemployment benefits, and includes borrowers whose 

unemployment benefits lapsed or expired within 90 days of the 

request for MAP assistance. 

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 Allocation 

(Excluding 

Administrative 

$43,043,410
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 150% of the 

family State Median Income (SMI).

• 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, and includes borrowers whose 

unemployment benefits lapsed or expired within 90 days of 

the request for MAP assistance.

• 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.

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.

• 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.
B-4-3

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 (5) 

five 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 (average funding of $13,674), 

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 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 

Approximately 5,245. This figure is based on loans with unpaid 

principal balances ranging from $100,000 to $300,000 with an 
B-4-4

Households 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 
B-5-2

and being given an appointment with the NAHAC loan underwriter. 

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

earned forgiveness embedded in the Note. Borrowers who are able 

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

following closing will have their lien extinguished.

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

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

eligible for additional reinstatement assistance (Reinstatement). In 

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

required to enroll in a homeownership sustainment program. 

Reinstatement assists qualified borrowers by providing up to 

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

Reinstatement is only applicable when the entire amount of 

arrearages can be eliminated.

1. 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.

2. 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.

3. Program Allocation 

(Excluding 

Administrative 

Expenses)

$1,613,451

4. 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. 
B-5-3

Reinstatement candidates must demonstrate sustainability of current 

payments. By definition that would mean that their mortgage 

payment is less than 43% of their household income. The borrower 

must also demonstrate they still have little or no ability to extinguish 

past missed payments, penalties or fees. Reinstatement will only be 

allocated in those instances where the entire past due balance and/or 

accrued penalties can be eliminated such that the borrower is in 

good standing post assistance.

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

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

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

borrowers meet screening criteria, application packages will be 

assembled by the NAHAC underwriters who will do the full 

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

NAHAC database and accounts payable systems and begin the 

relationship with the borrower’s participating banks/lenders/ 

servicers to ensure aid is acceptable to them.

1. 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.

2. 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.

3. Structure of 

Assistance

Borrower must proactively pursue homeownership sustainment 

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

on MAPA or borrower will be disenrolled from program.

This program is administered through direct payments to the 

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

forgivable loan secured by a lien recorded against the subject 

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

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

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

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

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

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

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

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

until December 31, 2017; thereafter any remaining funds must be 
B-5-4

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.

4. Per Household 

Assistance

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

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

mortgage payment assistance of $9,000.

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

The combined maximum amount of MAPA assistance available to a 

qualified borrower is $21,500.

5. Duration of 

Assistance

MAPA will last up to nine (9) months.

6. Estimated Number of 

Participating 

Households

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

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

mortgage payment expenditures – for a total of approximately 176 

households.

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

eligible borrower with a portion of MAPA eligible borrowers also 

qualifying and receiving Reinstatement benefits. The remaining 

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

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

7. Program Inception / 

Duration

This program began February 2012 and terminated on October 1, 

2012.

8. 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.

9. 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 be made instead of capitalized and no additional late charges 

accrued.

10. Program Leverage NAHAC will work directly with a loan servicer in conjunction with 
B-5-5

with Other Financial 

Resources

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 

Allocation 

(Excluding 

Administrative 

Expenses)

$ 14,111,197

5. Borrower 

Eligibility 

Criteria

• Borrower qualifies as low-to-moderate income based on perhousehold income not to exceed 150% of the family State Median 

Income (SMI).

• 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 
B-8-2

mortgage loan, per NAHAC approved investor 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 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 is not 

greater than $ 417,000

• 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 first-
B-8-3

lien total monthly first lien mortgage payment PITI and any 

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 exceeds the 

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 (average funding of $ 14,770) 

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 on a one-time only basis, per household.

11. Estimated 

Number of 

Participating 

Households

Approximately 973. 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.

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. 
B-8-4

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.
HHF Nevada Date: January 31, 2018

C-1

SCHEDULE C

PERMITTED EXPENSES

Nevada

One-Time / Start-Up Expenses:

Initial Personnel $361,409

Building, Equipment, Technology $114,868

Professional Services $302,034

Supplies / Miscellaneous $11,836

Marketing / Communications $23,333

Travel $7,404

Website Development /Translation $14,400

Contingency $0

Subtotal $835,284

Operating / Administrative Expenses:

Salaries $13,067,190

Professional Services (Legal, Compliance, Audit, $2,114,657

Travel $251,148

Buildings, Leases & Equipment $1,330,119

Information Technology & Communications $2,788,718

Office Supplies / Postage and Delivery / Subscriptions $345,380

Risk Management/ Insurance $339,358

Training $40,150

Marketing/PR $531,805

Miscellaneous $20,000

Subtotal $20,828,525

Transaction Related Expenses:

Recording Fees $453,806

Wire Transfer Fees $267,275

Counseling Expenses

File Intake $2,230,804

Decision Costs $67,661

Successful File $50,500

Key Business Partners On-Going $513,821

Subtotal $3,583,867

Grand Total $25,247,676

% of Total Award 12.87%

Award Amount $196,247,650