The Nevada Affordable Housing Assistance Corporation, or NAHAC, has approximately $22 million to give away in just over two years, according to CEO Verise Campbell.
She said applications need to be filled out by the end of 2020 for struggling homeowners to receive that money to help pay their mortgages.
NAHAC has several programs including:
- Principal reduction
- Second mortgage reduction
- Unemployment issues
The down payment assistance program was so popular, NAHAC isn’t accepting any more applications for it. Campbell said she and her team are reviewing 1,900 files already in the works.
Campbell took over as CEO more than two years ago and inherited several problems.
In 2016, an inspector general report criticized NAHAC for wasting more than $8 million on luxuries like employee parties, gift cards and a Mercedes Benz car allowance for the former CEO.
Campbell testified to a congressional oversight committee last May that treasury audits later determined NAHAC misused $136,000 instead, and those unallowable expenses were paid back.
Earlier this year, NAHAC lost nearly $7 million because the money was not used in time. Those dollars, which could have helped Nevada homeowners, went back to the federal government.
“That timetable just couldn’t be met,” Campbell told the I-Team. “Our economy improved so significantly.”
Moving forward, Campbell points to audit after audit. She said one was taking place during the I-Team’s visit.
Her team is also bracing for an uptick during the holiday season because of the soar in calls last December.
“Normally in December, people are thinking about Christmas and taking care of their families. Last December was actually a record month for us as in previous years where we expended over a million dollars to homeowners in need,” Campbell said.
For more information, visit www.nahac.org.