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Section 515

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Gobears81

Senior Member
Joined
Nov 7, 2013
Professional Status
Certified General Appraiser
State
Illinois
I am doing an appraisal on a Section 515 apartment property. I've never done this type of work before (which the client is aware of), although I have performed appraisals on Section 8 and Section 42. My initial impression is that there seem to be quite a few similarities between these and Section 42, although I haven't yet read through the extended-use agreement (or done much work at all on the appraisal). Does anyone have experience with valuing these types of properties? Not looking for a primer on valuing them, just asking for any thoughts on items to keep my eye out for that wouldn't run parallel to valuations of Section 42 properties

Thanks
 
Last edited:

Stephen J. Vertin MAI

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
I thought I had done everyone of these type projects but I cannot find a 515, I have also done a lot of Tax Credit section 42 program for 55 years and older. If you need an example (since you say they are similar) I could give you one, it may help. The guy I wrote the last one for was fairly anal and it goes into great detail concerning the project and how it works. Sorry I just cant find any 515.
 

Gobears81

Senior Member
Joined
Nov 7, 2013
Professional Status
Certified General Appraiser
State
Illinois
I thought I had done everyone of these type projects but I cannot find a 515, I have also done a lot of Tax Credit section 42 program for 55 years and older. If you need an example (since you say they are similar) I could give you one, it may help. The guy I wrote the last one for was fairly anal and it goes into great detail concerning the project and how it works. Sorry I just cant find any 515.
Thanks Stephen, I appreciate the offer. I have gotten quite comfortable with doing Section 42 appraisals at this point. The language of the extended-use agreements and the manager's discussion of income restrictions at 50% or 60% of AMI is all something that I (and you) have seen on prior LIHTC appraisals. Looks like I'll just have to research the program the old-fashioned way :)
 

Stephen J. Vertin MAI

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Illinois
Great....now I know where to go when called to do a section 515 project :)
 
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