Multifamily for Tomorrow

Coffee with Appraisers and Market Analysts

Photographed from Left to Right: Jason Hare, construction analyst; Mark Marino, appraiser; Mark Reese, appraiser; and Jeff Cathis, appraiser.

In keeping with the Initiative "Multifamily For Tomorrow" to better serve HUD customers and stakeholders operate more efficiently and consistently, and improve risk management, the Jacksonville appraisers recently held a half-day "Coffee with Third Party Appraisers and Market Analysts". Session included topics such as Primary Market Area Delineation, Income and Market Rent of the Subject, Market Analysis and Residual Demand and Competitive Position Analysis "Best Practices".

The day started with a meet and greet over coffee. This was a great opportunity for the technical team to reach out to the surrounding community and meet the third parties participating in HUD's programs; also to hold discuss on mutual appraisal and market concerns.

The half-day gathering also included a discussion on HUD's Green Initiative in regard to the Mortgage Insurance Program (MIP). Other hot topics: Properties that install energy efficient systems; the type of systems appraisers and construction analysts would likely see to meet the standard to include higher initial costs that could skew cost per square foot; and how the program encourages owners to adopt the higher efficiency standards. The HUD team is planning similar sessions with approved underwriters and cost analysts later in the year.

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