7.7.12.4 Cell Tower Income

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021) · 2026 edition · updated 2026-10-05 · United States

A. This is a form of commercial income. Its inclusion in the estimate of value is discouraged unless there is an established long-term lease with a reliable lessee. If cell tower income is to be recognized for either underwriting or valuation purposes, the MAP Appraiser and MAP Underwriter should address the risk associated with present and future competition as well as technological changes, and a higher capitalization rate may be used if income is recognized for valuation purposes.

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▸Contents — HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

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