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CPAN Program

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Dave Disselhorst

Thread Starter
Freshman Member
Joined
Apr 21, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Just curious if anyone out there has been doing alot of CPAN program appraisals. I just got my first one and am curious if you are using other CPAN closed comps or are you using comps outside the program? My understanding is that the resale on these CPAN homes is tied to the original fair market value appraisal and market appreciation. If thats the case, then using other CPAN closed sales might not be applicable as the developer has reduced the price of home for affordability. Any suggestions?

I hope I worded that correctly!
 

JonGalt

Junior Member
Joined
Aug 4, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
Hi Dave. Although I've listend to CSPAN on more than 1 occasion, I must humbly admit I have know idea what a CPAN is. Could you explain it for me, thanks.
 

Brian Weaver

Senior Member
Joined
Apr 16, 2005
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Illinois
It stands for Chicago Partnership for Affordable Neighborhoods. But I never worked a transaction involving CPAN.
 

KinIL

Sophomore Member
Joined
Nov 30, 2005
Professional Status
General Public
State
Illinois
Hi Dave. Although I've listend to CSPAN on more than 1 occasion, I must humbly admit I have know idea what a CPAN is. Could you explain it for me, thanks.

HA! Exactly what I was thinking.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
http://egov.cityofchicago.org/city/...ortal/portalContentItemAction.do&context=dept


Affordable Condos - CPAN

Chicago Partnership for Affordable Neighborhoods (CPAN)
CPAN is a partnership between the City of Chicago and developers to ensure opportunities for affordable condominiums in market rate developments, particularly in appreciating neighborhoods, through two steps: developer write-down and purchase price assistance to homebuyers.
Eligible homebuyers are first-time buyers (have not owned a home within the last three years) with incomes up to 100% of median (see table for maximum household incomes by family size). Purchase price assistance may be available for households with incomes up to 80% of median, who demonstrate a gap between the amount of the first mortgage they can secure, and the affordable sales price.
 
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Dave Disselhorst

Thread Starter
Freshman Member
Joined
Apr 21, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Cpan

Mike I believe you hit on the solution to my question when you said market rate developments. I have read the requirements for CPAN and how resale is calculated and I have decided to use market comps outside of program for valuation purposes. I will put program comps as additional comps, explain in the analysis of PA the fact the contract states the CPAN requirements and expain in addendums why I am including the program comps as additional comparable sales. I have have seen some other posts in the forum regarding affordable housing and most seem to point in this direction. Any other suggestions I would be willing to listen.
 
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