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Section 514 Appraisal

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Lucien Hamernik

Thread Starter
Sophomore Member
Mar 26, 2002
Professional Status
Certified General Appraiser
Has anyone appraised a USDA Rural Development Labor Housing (Section 514) project lately? I did several years ago but cannot remember the procedure. It seems that the supplemental requirements were that market value was to have been determined by the cost approach only. I cannot recall whether the present value of the subsidy income stream was considered for collateral value. The interest rate is 1% and the term is 33 years.
I haven't had any luck finding the regs. on the internet and the reviewer for this area is in the hospital.
I know I can eventually find the regs. or call another reviewer but perhaps someone here has had some recent experience.
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