In the first part of 2021, President Joe Biden signed theAmerican Rescue Plan Act of 2021into law. This law created aHomeowner Assistance Fund, a federal program,to provide $10 billion to the states to help households that are behind on their mortgages and other housing-related expenses due to COVID-19.
Eligible homeowners in Nevada affected by COVID-19 can apply for some of the $120 million the state received. Specifically, homeowners can apply to receive financial assistance to save their homes from foreclosure through the state's:
Unemployment Mortgage Assistance (UMA) program or
Mortgage Reinstatement Assistance Program (MRAP).
How Nevada's Homeowner Assistance Fund Programs Work
The Nevada Affordable Housing Assistance Corporation (NAHAC) administers the state's UMA and MRAP programs.
Unemployment Mortgage Assistance (UMA) Program
The UMA program provides temporary financial assistance to eligible Nevada homeowners who want to keep their homes but have suffered a loss of income due to unemployment or underemployment.
To qualify, you must:
have experienced an involuntary job loss because of COVID-19 and
be receiving or recently received Nevada Unemployment Insurance Benefits (UIB) or Nevada Pandemic Unemployment Assistance (PUA).
The program provides up to $3,000 per month for up to 12 months ($54,000 total) to pay your mortgage plus non-escrowed taxes and HOA fees, if applicable.
Mortgage Reinstatement Assistance Program (MRAP)
MRAP provides funds to help income-qualified homeowners reinstate a first mortgage loan, including paying for taxes and HOA fees, if applicable. To be eligible, you must have experienced an eligible financial hardship that occurred on or after January 21, 2020, due to COVID-19. Qualifying homeowners can get up to $35,000 per household.
Other Eligibility Requirements for UMA and MRAP
Generally, to qualify for financial assistance through Nevada's Homeowner Assistance Fund programs:
you must have experienced a financial hardship because of COVID-19, like unemployment, underemployment, a reduction in income, or a significant increase in expenses due to coronavirus
you have to own and occupy the home you're trying to save
you must be a full-time resident of Nevada
your home must be located in the state of Nevada
you must not be in the process or have filed for bankruptcy (that is, you can't be in active bankruptcy), and
Complete an online application and provide some documentation, like a government-issued ID (such as a driver's license), a mortgage statement, an HOA statement, a property tax statement, a hardship affidavit, unemployment verification, and perhaps some other documents.
Sign and submit your application.
You'll then get updates about your application on an account dashboard.
How Long Will Nevada's Homeowner Assistance Fund Programs Last?
The funds allocated to Nevada must be used by September 30, 2025. But the available programs might end sooner if funding runs out.
To learn more, visit the Nevada Homeowner Assistance Fund's FAQ website.
optional online assistance from HUD-certified nonprofit housing counselors.
And, if you're unable to get mortgage relief through the Homeowner Assistance Fund or the UMA or MRAP, Nevada also offers mediation to most homeowners in foreclosure. Home Means Nevada handles some aspects of the state's foreclosure mediation program.
If you have questions about the foreclosure process in Nevada, want to learn about potential defenses to a foreclosure, or need someone to represent your interests during foreclosure mediation, consider talking to a foreclosure lawyer.