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Informal Solicitation for Multifamily Appraiser List

As part of its underwriting activities for affordable housing developments, Minnesota Housing’s Multifamily Division requires appraisals to assess “as-is value” and “as completed value” to ensure loans are structured within its underwriting parameters. Applications are now being accepted for appraisers who have demonstrated their expertise in appraising affordable housing properties. Appraisers interested in conducting this work for the Minnesota Housing Finance Agency should read, complete, and submit the paperwork by January 27, 2012.
 
Please read the Informal Solicitation for Multifamily Appraiser List prior to completing the application. Applications will be accepted now thru
January 27, 2012. Late responses will not be considered. 
 
Requirements
  • Be a Certified General Appraiser, licensed and in good standing in the State of Minnesota.
  • Be currently active and regularly engaged in performing appraisals of multifamily, affordable housing.
  • Have conducted no less than ten affordable multifamily housing appraisals within the past five years or have been engaged for this specialized appraisal work by a National or Regional, federally regulated financial institution within the past 24 months.
  • Meet all the requirements of the Competency Provision in the Uniform Standards of Professional Appraisal Practice (USPAP). (Additional or updated information on USPAP can be obtained at www.appraisalfoundation.org.)
  • Not be debarred or suspended from doing business with the Federal Government (www.epls.gov).
  • Have knowledge of multiple forms of rental assistance (Rural Development, Section 8, both project based and vouchers, etc).
  • Be familiar with and able to complete an accurate Estimate of Market Rent by Comparison (HUD 92273) for each unit type and an Operating Expense Analysis (HUD 92274) for each building.
  • Have knowledge of special real estate tax treatment of affordable housing properties.
  • Be able to assess the cost to convert an affordable housing property to a market rate property (rent loss projections, image transformation, etc.) and to include this "cost" in determining a hypothetical valuation “as if” the property were converted to a market rate rental property.
 
Response Content
 

Informal Solicitation for Multifamily Appraiser List Contact Information
Questions concerning this Informal Solicitation should be directed to Mary Ruch at 651-296-9826 or mary.ruch@state.mn.us.
 
All responses must be in writing and delivered to:
Mary Ruch, Credit Risk Officer
Minnesota Housing Finance Agency
400 Sibley Street, Suite 300
Saint Paul, MN 55101-1998
 
All responses must be received not later than 5:00 p.m., Central Time.
January 27, 2012, 3rd Floor, 400 Sibley Street, St. Paul, MN.
Late responses will not be considered.
 
FAQ
Q:     When is the application deadline?
A:     All responses must be received at the Minnesota Housing
        Finance Agency by January 27, 2012, 3rd Floor, 400 Sibley Street
        St. Paul, MN by 5:00 p.m.
 
Q:     Who can I call with questions regarding the Informal Solicitation for
         Multifamily Appraiser List?
A:     Mary Ruch can answer all questions regarding the Informal Solicitation
         for Multifamily Appraiser List. Mary can be reached at 651-296-9826 or
         by email at mary.ruch@state.mn.us.
 
Q:     If I a hard copy sample of appraisals do I still need to email an electronic
         version?
A:     Yes, Minnesota Housing Multifamily Division requires a hard copy and an
         electronic version of the sample appraisals. Electronic versions of the
         samples can be emailed to Mhfa.App@state.mn.us.