92264 Multifamily Summary Appraisal Report

OMB Approval No. 2502-0029
(exp. 10/31/2012)

U.S. Department of Housing and Urban Development
Office of Housing
Federal Housing Commissioner

Multifamily Summary
Appraisal Report

This form is in compliance with the requirements of the Uniform Standards of Professional Appraisal Practice for written reports, except where the Jurisdictional
Exception is invoked to allow for minor deviations, as noted throughout.
Additional technical direction is contained in the HUD Handbooks referenced in the lower right corner.
SAMA
Fee Simple

Application Processing Stage
Property Rights Appraised

Feasibility (Rehab)
Leasehold

Firm

Project Name

Project Number

Purpose. This appraisal evaluates the subject property as security for a long-term insured mortgage. Included in the appraisal (consultation for Section 221)
are the analyses of market need, location, earning capacity, expenses, taxes, and warranted cost of the property.
Scope. The Appraiser has developed, and hereunder reports, conclusions with respect to: feasibility; suitability of improvements; extent, quality, and duration
of earning capacity; the value of real estate proposed or existing as security for a long-term mortgage; and several other factors which have a bearing on the
economic soundness of the subject property.
A. Location and Description of Property
1. Street Nos.

2. Street

4a. Census Tract No.

4b. Placement Code

7. Type of Project

Elevator(s)_____
Detached
10.

Highrise
Walkup
Semi-Detached

11. Number of Units

Proposed
Existing

Revenue

3. Municipality

2 - 5 sty. Elev. 8. No. Stories
Row House
Town House

12. No. of
Bldgs.

Non-Rev.

4c. Legal Description (Optional)

5. County

9a. Foundation

Slab on Grade
Partial Basement

6. State and Zip Code

9b. Basement Floor

Full Basement
Crawl Space

Structural Slab
Slab on Grade

13a. List Accessory Bldgs. and Area

13b. List Recreation Facilities and Area

13c. Neighborhood Description

Location
Built Up
Growth Rate
Property Values
Demand/Supply
Rent Controls

Urban
Over 75%
Rapid
Increasing
Shortage
Yes

Fully Developed

Suburban
25 % to 75%
Steady
Stable
In Balance
No

Rural
Under 25%
Slow
Declining
Oversupply
Likely

Present Land Use _____ % 1 Family _____ % 2 to 4 Family
_____ % Multifamily _____ % Condo/Coop
_____ % Commer. _____ % Industrial
_____ % Vacant
Change In Use
Not Likely
Likely
Taking Place
From __________
to ______________
Predominant
Occupancy
Owner
Tenant ____ % Vacant

Description of Neighborhood. (Note: Race and racial composition of the neighborhood are not appraisal factors.) Describeboundaries
the
of the neighborhood and those factors,
favorable or unfavorable, that affect marketability, including neighborhood stability, appeal, property conditions, vacancies,rent control, etc.

Site Information
14. Dimensions

15a. Zoning (If recently changed, submit evidence)

ft. by
15b. Zoning Compliance

ft. or

sq. ft.

Legal

15c. Highest and Best Use as Improved

Illegal
Present use

Legal nonconforming (Grandfathered use)
Proposed use

No zoning

Other use (explain)

15d. Intended M/F Use (summarize: e.g., Market Rent: Hi - Med. - Lo-End; Rent Subsidized; Rent Restricted with or without Subs
idy; Applicable Percentages)

Building Information
16a. Yr. Built 16b.
Manufactured Housing
Modules
Previous editions are obsolete

Conventionally Built 17a. Structural System 17b. Floor System
Components
Page 1 of 8

17c. Exterior Finish 18. Heating-A/C System

form HUD-92264 (8/95)
ref Handbook 4465.1

B. Additional Information Concerning Land or Property
19. Date Acquired

20. Purchase Price

21. Additional Costs
Paid or Accrued

$

22. If Leasehold,
Annual Ground Rent

$

23a. Total Cost

$

$

Water
Sewers

Public

Community

Distance from Site

____________
____________

26. Unusual Site Features

Cuts
Fills
High Water Table

$

Yes

24a. Relationship (Business, Personal, or Other) 24b. Has the Subject Property been sold in the past 3 years?
Between Seller and Buyer

25. Utilities

23b. Outstanding
Balance

Rock Formations
Retaining Walls

No

If "Yes," explain:

Erosion
Poor Drainage
Off Site Improvements

None

Other (Specify)
C. Estimate of Income (Attach forms HUD-92273, 92264-T, as applicable)
27. No. of Each
Family Type Unit

Rentable Living Area
(Sq. Ft.)

Unit Rent
per Mo. ($)

Composition of Units

Total Monthly Rent
For Unit Type ($)

(a)

0.00

(b)

0.00

(c)

0.00

(d)

0.00

(e)

0.00

(f)

0.00

(g)

0.00

(h)

0.00

(i)

0.00

28. Total Estimated Rentals for All Family Units
29. Number of Parking Spaces

Attended

______

Self Park

______

Total Spaces

0
______

$

0.00

Offstreet Parking and Other Non-Commercial Ancillary Income (Not Included in Unit Rent)

Covered Spaces_________________@ $ _______________

0.00
per month = $ ____________________
0.00
per month = $ ____________________

Laundry ______________ Sq. Ft. or Living Units @ ________

0.00
per month = $ ____________________

Other _____________________________________________

per month = $ ____________________

Other _____________________________________________

per month = $ ____________________

Open Spaces ___________________@ $ _______________

$

0.00

Total Monthly
$
Commercial Income

0.00

Total Monthly Ancillary Income
30. Commercial Income (Attach Documentation)

0.00
Area-Ground Level _______________ sq. ft. @ $ _____________ per sq. ft./m onth = $ ______________
=
0.00
Other Levels ____________________ sq. ft. @ $ _____________ per sq. ft./m onth = $ ______________

31. Total Estimated Monthly Gross Income at 100 Percent Occupancy

$

0.00

32. Total Annual Rent (Item 31 x 12 months)

$

0.00

33. Gross Floor Area

Sq. Ft.

34. Net Rentable Residential Area

Sq. Ft.

35. Net Rentable Commercial Area

Sq. Ft.

36. Non-Revenue Producing Space
Type of Employee

No. Rms.

Composition of Unit

Location of Unit in Project

36a. Personal Benefit Expense (PBE) (May produce additional revenue and expenses to be considered above and below.)

Tenant Employee-Paid Utilities

Type(s) _________________________________________________________ Monthly Cost $ ______________

Landlord Employer-Paid Utilities

Type(s) _________________________________________________________ Monthly Cost $ ______________

Previous editions are obsolete

Page 2 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

D. Amenities and Services Included in Rent (Check and circle appropriate items; fill-In number where Indicated)
37a. Unit Amenities
37b. Project Amenities
Ranges (Gas or Elec.)
Disposal/Compactor
Guest room(s) No._______
Community room(s) No.______
Refrig. (Gas or Elec.)
Air Conditioning (central or window)
Sauna/Steam room(s) No._____
Swimming Pool(s) No._______
Micro Wave
Dishwasher
Exercise room(s) No._______
Racquetballcourt(s) No.______
Carpet
Window treatment (blinds, drapes, shades)
Tennis Court(s) No._______
Picnic/Play area(s) No._______
Balcony/Patio
Fireplace(s) No.________
Laundry Facilities (coin)
Laundry hookups (in units)
Project Security System(s) (Describe)
Upper level vaulted ceiling/Skylight(s) No.____
Jacuzzies/Community Whirlpool(s) No._______
Wash/Dryer (in units)
Security System(s) (Describe)
Other(specify)
Other(Specify)

37c. Unit Rating
Good
Condition of Improvement
Room Sizes and Layout
Adequacy of Closets and Storage
Kitchen Equip., Cabinets, Workspace
Plumbing - Adequacy and Condition
Electrical - Adequacy and Condition
Soundproofing - Adequacy and Condition
Insulation - Adequacy and Condition
Overall Livability
Appeal and Marketability
38. Services
Gas:
Heat
Elec:
Heat
Other:
Heat

Aver.

Fair

Poor

37d. Project Rating
Location
General Appearance
Amenities & Rec.Facilities
Density (units per acre)
Unit Mix
Quality of Construction (matl. & finish)
Condition of Exterior
Condition of Interior
Appeal to Market
Soundproofing - Vertical
Soundproofing - Horizontal

Good

Aver.

Fair

Poor

39. Special Assessments
Hot Water
Hot Water
Hot Water

Cooking
Cooking
Water

Air Conditioning
Air Conditioning
Other (specify)

Lights/etc.

a.

Prepayable

Non-Prepayable

b. Principal Balance $ _____________
c. Annual Payment $ _____________
d. Remaining Term

_____________ Years

E. Estimate of Annual Expense
Administrative
1. Advertising
2. Management
3. Other
4. Total Administrative

$ ____________
$ ____________
$ ____________

0.00
$ _____________

Operating
5. Elevator Main. Exp.
$ ____________
6. Fuel (Heating and Domestic Hot Water) $ ___________
7. Lighting & Misc. Power
$ ____________
8. Water
$ ____________
9. Gas
$ ____________
10. Garbage & Trash Removal
$ ____________
11. Payroll
$ ____________
12. Other
$ ____________
0.00
13. Total Operating
$ _____________

Previous editions are obsolete

Maintenance
14. Decorating
15. Repairs
16. Exterminating
17. Insurance
18. Ground Expense
19. Other
20. Total Maintenance

$
$
$
$
$
$

____________
____________
____________
____________
____________
____________

0.00
$ ____________

21. Replacement Reserve (0.006 x total structures Line G41)
or (0.004 x MTG. for Rehab)
$ ____________
22. Total Operating Expense

0.00
$ ____________

Taxes
23. Real Estate: Est. Assessed Value $ ___________
at $ _____________ per $1000
$ _____________
24. Personal Prop. Est. Assessed Value $ __________
at $ _____________ per $1000
$ ____________
25. Empl. Payroll Tax
$ ____________
26. Other
$ ____________
27. Other
$ ____________
0.00
28. Total Taxes
$ ____________
0.00
29. Total Expense (Attach form HUD-92274, as necessary) $ ____________

Page 3 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

F. Income Computations
30a. Estimated Residential Project Income (Line C28 x 12) $ _____________
b. Estimated Ancillary Project Income (Line C29 x 12) $ _____________
c. Residential and Ancillary Occupancy Percentage *
____________ %
d. Effective Gross Residential and Ancillary Income
(Line 30c. x (Line 30a. plus Line 30b.)

0.00
$ _____________

e. Total Residential and Ancillary Project Expenses
(Line E29)

$ _____________

31. Net Residential and Ancillary Income to Project
(Line 30d. minus Line 30e.)

0.00
$ _____________

32a. Estimated Commercial Income (Line C30 x 12)

$ _____________

b. Commercial Occupancy * (80% Maximum)
(See Instructi ons)

____________ %

c. Effective Gross Commercial Income
(Line 32a. x Line 32b.)

0.00
$ _____________

d. Total Commercial Project Expenses
(From Attached Analysis)

$ _____________

33. Net Commercial Income to Project
(Line 32c. minus Line 32d.)

0.00
$ _____________
0.00
$ _____________

0.00

34. Total Project Net Income (Line 31 plus Line 33)
35a. Residential and Ancillary Project Expense Ratio
(Line E29 divided by Line 30d.)

____________ %

35b. Commercial Expense Ratio
(Line 32d. divided by 32c.)

____________ %

* Vacancy and collection loss rates and corresponding residential and commercial
occupancy percentages are analyzed through market data, but subject by Jurisdictional
Exception to overall HUD underwriting mandates.

G. Estimated Replacement Cost
36a. Unusual Land Improvements
b. Other Land Im provements
c. Total Land Improvements

$ __________
$ __________
0.00
$ _____________

Structures
37. Main Buildings
38. Accessory Buildings
39. Garages
40. All Other Buildings
41. Total Structures
42. General Requirements

$
$
$
$

__________
__________
__________
__________
0.00
$ _____________
$ _____________

Fees
43. Builder's Gen. Overhead at ___ % $ __________
44. Builder's Profit
at ____ % $ __________
45. Arch. Fee-Design
at ____ % $ __________
46. Arch. Fee-Supvr.
at ____ % $ __________
47. Bond Premium
$ __________
48. Other Fees
$ __________
0.00
49. Total Fees
$ _____________
50. Total All Improvements
0.00
(Lines 36c. plus 41 plus 42 plus 49)
$ _____________
51. Cost Per Gross Sq. Ft.
$ _____________
52. Estimated Construction Time (Months)
_____________

Carrying Charges & Financing
53. Interest: _________ Mos. at _______ %
on $ _______________
$ __________
54. Taxes
$ __________
55. Insurance
$ __________
56. FHA Mtg. Ins. Prem.
(
%) $ __________
57. FHA Exam. Fee
(
% ) $ __________
58.
59.
60.
61.
62.
63.

FHA Inspec. Fee
Financing Fee
AMPO (N. P. only)
FNMA/GNMA Fee
Title & Recording
Total Carrying Charges

(
(
(
(

%)
%)
%)
%)

$ __________
$ __________
$ __________
$ __________
$ __________
0.00
& Financing
$ _____________

Legal, Organization & Audit Fee
64.Legal
$ __________
65.Organization
$ __________
66.Cost Certification Audit Fee
$ __________
0.00
67.Total Legal, Organization & Audit Fees (64 + 65 + 66) $ ____________
68.Builder and Sponsor Profit & Risk
$ ____________
69.Consultant Fee (N. P. only)
$ ____________
70.Supplemental Management Fund
$ ____________
71.Contingency Reserve (Sec. 202 or Rehab only)
$ ____________
72.Total Est. Development Cost (Excl. of Land or
0.00
Off-site Cost) (50 plus 63 plus 67 thru 71)
$ ____________
73a.
Warranted
Price
of
Land
J-14(3)(New
Constr)
Note 1: Jurisdictional Exception: In HUD programs, land, and/or existing
improvements are not valued for their "highest and best use," but instead, for _________ sq. ft. @ $ ________ sq. ft. 0.00
__________ $ * see note 1
their intended multifamily use (See Section J analysis below.)(Exception:
73b.
As
Is
Property
Value
(Rehab
only)
__________ $ * see note 2
Title II or VI Preservation). Offsite improvements are assumed completed in
73c.
Off-Site
(if
needed,
Rehab
onl
y)
$
___________
* see note 1
new construction land valuations (See Line M17 for estimated cost.) Unusual
costs of site preparation are deducted from the "Value of the Site Fully
74.Total Estimated Replacement Cost of Project
Improved" to determine "Warranted Price of Land Fully Improved."
0.00
(72 plus 73a or 73b and 73c)
$ _____________
H. Remarks
(Note 2: For Rehab only: Estimated Value of land without Improvements $ ___________________________
Estimated Value of land and improvements "As Is" by Residual Method, i.e., After Rehabilitation Correlated Value minus line G 7 2 Cost of Rehabilitation
Improvements equals $________________ ; line G 73b is the lesser of this residual amount, and the amount estimated by Supplemental form HUD-92264 "As Is".)

I.

Estimate of Operating Deficit
Periods

Gross Income

1. 1st
$
(
) Mos
2. 2nd
$
(
) Mos

Occup. %

Effec. Gross

Expenses

Debt Serv. Reqmt.

Deficit

$

0.00 $

$

0.00 $

$

0.00

%

$

0.00 $

$

0.00 $

$

0.00

$

0.00

3. Total Operating Deficit
Previous editions are obsolete

Net Income

%

Page 4 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

J.
1.
2.
3.
4.
5.

Project Site Analysis and Appraisal (See Chapter 2, Handbook 4465.1)
Yes
Yes
Yes
Yes
Yes

Is Location and Neighborhood acceptable?
Is Site adequate in Size for proposed Project?
Is Site Zoning permissive for intended use?
Are Utilities available now to serve the Site?
Is there a Market at this location for the Facility at the proposed Rents?

No
No
No
No
No

6.

Site acceptable for type of Project proposed under Section _______________. (If checked, acceptance subject to qualifications listed at bottom of page 6.)

7.

Site not acceptable (see reasons listed at bottom of page 6.)
Date of Inspection _______________ Note: The Effective Date of all land valuations is the date of inspection.
Location of Project

Size of Subject Site

8. Value Fully Improved

Sq. Ft.
Comparable Sales
Address No. 1

Comparable Sales
Address No. 2

Comparable Sales
Address No. 3

Comparable Sales
Address No. 4

Comparable Sales
Address No. 5

Date of Sale
Sales Price
Size per Sq. Ft.
Price per Sq. Ft.

Adjustments (%)
Time
Location
Zoning
Plottage
Demolition
Pilling, Etc.
0ther
Total Adjustment Factor
Adjusted Sq. Ft. Price
Indicated Value by
Comparison
9. Value of Site Fully Improved $
10.

Value "As Is" No. 1

Value "As Is" No. 2

Value "As Is" No. 3

Date of Sale
Sales Price
Ft. / Acres
Price per Sq. Ft.

Adjustments (%)
Time
Location
Zoning
Plottage
Demolition
Pilling, Etc.
0ther
Total Adjustment Factor
Adjusted Sq. Ft. Price
Indicated Value by
Comparison
11. Value of Site "As Is" by Comparison $

Previous editions are obsolete

Page 5 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

12.Acquisition Cost (Last Arms-Length Transaction)
Buyer

Address

Seller

Address

Date

Price
$

Source

13.Other Costs
(1)

Legal Fees and Zoning Costs

$

(2)

Recording and Title Fees

$

(3)

Interest on Investment

$

(4)

Other

$

(5)

Acquisition Cost (From 12 above)

$

(6)

Total Cost to Sponsor

$

0.00

14.Value of Land and Cost Certification
(1)

Fair Market Value of land fully improved (from 9 above)

(2)

Deduct unusual items from Section G, item 36a

$
$

(3)

Warranted price of land fully improved (Replacement Cost items excluded) (enter G-73)

$

For Cost Certification Purposes
(3a) Deduct cost of demol. $ ___________________ and required off-sites $ __________________
to be paid by Mtgor. or by special assessments

$

(4)

Estimate of “As Is” by subtraction from improved value

$

(5)

Estimate of “As Is” by direct comparison with similar unimproved sites (from 11 above)

$

(6)

“As Is” based on acquisition cost to sponsor (from 13 above)

$

(7)

Commissioner's estimated value of land “As Is” (the lesser of [4] or [5] above)*
$
* Where land is purchased from LPA or other Governmental authority for specific reuse, use the lesser of 4, 5, or 6.

0.00

K. Income Approach to Value
(1)

Estimated Remaining Economic Life

Years

(2)

Capitalization Rate Determined By (See Chapter 7, Handbook 4465.1)
Overall Rate From Comparable Projects
Rate From Band of Investment
Cash Flow to Equity

(3)

Rate Selected

(4)

Net Income (Line F 34)

$

%

(5)

Capitalized Value (Line 4 divided by Line 3)

$

(6)

Value of Leased Fee (See Chapter 3, Handbook 4465.1) Ground Rent $ __________________
divided by Cap. Rate _______ % equals Value of Leased Fee

$

Remarks: (See item 6 and 7 on page 5)

Previous editions are obsolete

Page 6 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

L. Comparison Approach to Value
7. The undersigned has recited three sales of properties most similar and proximate to the subject property and has described
and analyzed these in this
analysis. If there is a significant variation between the subject and comparable properties, the analysis includes a dollar ad
justment reflecting the market
reaction to those items or an explanation supported by the market data. If a significant item in the comparable property is superior to, or more favorable
than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject property. If agnificant
si
item in the comparable
property is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indic
ated value of the subject property.
*[(1) equals the Sales Price divided by Gross Annual Rent]
Item
Subject
Comparable
Comparable
Comparable
Property
Sale No.1
Sale No. 2
Sale No. 3
Address

Proximity to subject
Sales price
Sales price per GBA
Gross annual rent
Gross rent multiplier (1)*
Sales price per unit
Sales price per room
Data source
Adjustments
Sales or financing
concessions

$
$
$

$
$

Unf.

$
$

$
$

$
$

$
$

$
$

$
$

Description

Date of sale/time
Location
Site/view
Design and appeal
Quality of construction
Year built
Condition
Gross Building Area

Furn. $

Description

Sq. ft.

Unf.

+ (-) $ Adjust.

Furn. $

Description

Sq. ft.

No.
Room count No. No.
Room count No.
of
of
Units Tot. Br. Ba. Vac.Units Tot. Br. Ba. Vac.

Unf.

+ (-) $ Adjust.

Description

Sq. ft.
No.
Room count No.
of
Units Tot. Br. Ba. Vac.

Furn. $

+ (-) $ Adjust.

Sq. ft.
No.
Room count No.
of
Units Tot. Br. Ba. Vac.

Unit Breakdown

Basement description
Functional utility
Heating/cooling
Parking on/off site
Project amenities and fee
(if applicable)
Other
Net Adjustment (Total)

+

-

$

+

Adjusted sales price of comparables
$
8. Indicated Value by Sales Comparison Approach $

$

-

$

+

-

$

$

Reconciliation
Capitalization $ ___________________
Summation $ ___________________
Comparison $ __________________
9. The market value (or replacement cost) of the property, as of the effective date of the appraisal, is $ ___________________ ______ ** see note below
** Note: For Section 221 mortgage insurance application processing, acceptable risk analysis produces a supportable replacement cost
estimate, and the estimate reflected here is
the replacement cost new/summation approach result. In effect, such "appraisals" are in fact USPAP "consultations" concerning
economically supportable cost limits. For Section 207
and 223 processing, all three approaches to value are included in the appraisal, but the subject property is appraised for its
intended multifamily use, not necessarily its "highest and
best use." The definition provided in USPAP for "market value" is generally observed, but see Handbook 4465.1, paragraph 8-4,for qualifications.
Effective Dates: For new construction or substantial rehabilitation proposals, the effective date of the improvements componen
t cost estimation is the Line G53 month estimate added
to the report and certification date below. The land component is valued as of the inspection date. For Section 223, thective
effe date of the appraisal is the same as the reporting date,
but assumes (hypothetically) the completion of all required repairs/work write-up items.
Comments on: (continue on separate page if necessary)
1. Sales comparison (including reconciliation of all indicators of value as to consistency and relative strength and evaluation
of the typical investors'/purchasers' motivation in that market).
2. Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales
bject
of su
and comparables within three years of the date of appraisal.

Previous editions are obsolete

Page 7 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1

M. To Be Completed by Construction Cost Analyst
Cost Not Attributable to Dwelling Use
10. Parking
11. Garage
12. Commercial
13. Special Ext. Land Improvements
14. Other
15. Total

$ ____________________
$ ____________________
$ ____________________
$ ____________________
$ ____________________
0.00
$ ____________________
___________________ %

Total Est. Cost of Off-Site Requirements
16. Off-Site
________________________________
________________________________
________________________________
________________________________
________________________________
17. Total Off-Site Costs

Est. Cost
$ ___________________
$ ___________________
$ ___________________
$ ___________________
$ ___________________
0.00
$ ___________________

N. Signatures and Appraiser Certification
Architectural Processor

Date

Architectural Reviewer

Date

Cost Processor

Date

Cost Reviewer

Date

I certify that to the best of my knowledge and belief:
o the statements of fact contained in this report are true and correct.
o the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are
my
personal, unbiased professional analyses, opinions, and conclusions.
o I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest
or bias with respect
to the parties involved.
o my compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client,
the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.
o my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Stand ards
of Professional Appraisal Practice; HUD Handbook 4465.1, The Valuation Analysis Handbook for Project Mortgage Insurance ; HUD
Handbook 4480.1, Multifamily Underwriting Forms Catalog ; and other applicable HUD handbooks and Notices.
o I have made a personal inspection of the property that is the subject of this report.
o no one provided significant professional assistance to the appraisers signing this report, except for the Architectural and gineering,
En
and
Cost Estimation professionals signing above. These professionals' estimations of the subject property's dimensions and "hard"
replacement costs have been relied upon by the Appraiser and Review Appraiser.
Warning: HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C. 1001, 10
10, 1012; 31 U.S.C. 3729, 3802)
Appraiser

Date

Review Appraiser

Date

State Certification Number

State

State Certification Number

State

The Review Appraiser certifies that he/she
Chief, Housing Programs Branch
Field Office Manager/Deputy

Did

Did not inspect the subject property
Date

Director, Housing Development

Date

Date

O. Remarks and Conclusions (continue on separate page if necessary. Appraisal reports must be kept for a minimum of five years.)

Public Reporting Burden for this collection of information is estimated to average 114 hours per response, including the time f or reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of info
rmation. This agency may
not conduct or sponsor, and a person is not required to respond to, a collection of information unless that collecton displaysa valid OMB control number.
This information is being collected under Public Law 101-625 which requires the Department of to implement a system for mortgag
e insurance for
mortgages insured under Sections 207,221,223,232, or 241 of the National Housing Act. The information will be used by HUD to pprove
a
rents, property
appraisals, and mortgage amounts, and to execute a firm commitment. Confidentiality to respondents is ensured if it would result in competitive harm
in accord with the Freedom of Information Act (FOIA) provisions or if it could impact on the ability of the Department’s mission to provide housing units
under the various Sections of the Housing legislation.
Previous editions are obsolete

Page 8 of 8

form HUD-92264 (8/95)
ref Handbook 4465.1