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Appraising Moderate Income Housing Unit (MIHU) Program

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CraigAVC

Freshman Member
Joined
Sep 13, 2016
Professional Status
Banking/Mortgage Industry
State
Florida
The MIHU Program is an inclusionary zoning program that requires developers of new housing in specific zoning districts to sell or rent a portion (generally 10-15%) of the dwelling units to households of moderate income. MIHUs are sold or rented at affordable prices and rents set by County Housing.

Anyone ever appraised something like this before?
 
The MIHU Program is an inclusionary zoning program that requires developers of new housing in specific zoning districts to sell or rent a portion (generally 10-15%) of the dwelling units to households of moderate income. MIHUs are sold or rented at affordable prices and rents set by County Housing.

Anyone ever appraised something like this before?

Does the buyer or tenant have to qualify or register with the county in order to buy or rent one of those properties?

There are low income programs that require only those people, income approved by the county be the buyers or renters. That is by definition a "closed market" and "comps" are only what the county has approved for the program.

You need much more information from the county concerning its rules and controls of what can be built, what can be rented, who can potentially buy or rent and what the builders and owners must comply with. Can the units be sold or rented to just anyone, and the county is acting as a price controller? Or can the properties be sold and rented only to middle incomers that the county has approved of, and if so, is the county awarding grants or special financing to these approved buyer and renters.

There is much more information you need to research about the program before anyone can help you with an answer.

.
 
Keep in mind also that sales of living units to these economically targeted groups may come with deed restrictions, early resale prohibitions or penalties, etc that could seriously affect resale and marketability. Your comps would have to reflect the same property rights and ownership conditions as the subject.
 
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