As part — HUD Multifamily Accelerated Processing (MAP)

`☐`I have `☐`I have not	inspected the Project (consists of site, neighborhood, and improvements if applicable).
`☐`I have `☐`I have not	inspected a sampling of the comparables (consists of random sampling of rent, expense, land sale, and improved sale comparables).
`☐`I have `☐`I have not	conducted any additional research (consists of iREMS, OPPIS, REIS, other HUD available data, external websites, market professionals).

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Appendix 7 Valuation Processing A.7.2 HUD Review of Appraisal and Market Study

Go to Table of Contents A.7.2 HUD Review of Appraisal and Market Study ☐ I have other: N/A ☐ I have not

The topics reviewed are identified in the left-most column and the remaining columns summarize the conclusion(s) of the review completed. A narrative follows which covers the critical pieces and will assist in the mortgage insurance decision making process:

Review Topic	Acceptable	Not Acceptable	Mitigation Recommended	Mitigation Required	Not Applicable
Market Study and/or Appraisal
`☐`Improvements	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Rent Structure	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Location	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Waivers	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Housing Market Area (“HMA”)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Economics and Demographics	`☐`	`☐`	`☐`	`☐`	`☐`
`☐` Competition/Comparables	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Pipeline	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Target Market	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Demand (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Absorption	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Initial OperatingDeficit	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`EMAD’s Review	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Other – [Modify OR delete this text]	`☐`	`☐`	`☐`	`☐`	`☐`
Appraisal
`☐`Sales Comparison Approach	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Land Comparison Approach	`☐`	`☐`	`☐`	`☐`	`☐`

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Appendix 7 Valuation Processing A.7.2 HUD Review of Appraisal and Market Study

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Review Topic	Acceptable	Not Acceptable	Mitigation Recommended	Mitigation Required	Not Applicable
`☐`Remaining Economic Life	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Cost Approach	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Income Approach	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Rents (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Other Income	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Vacancy (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Expenses (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`NOI	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Capitalization Rate	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Value	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Reconciliation of Value	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Debt Service Analysis	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Rents (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Other Income	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Vacancy (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Expenses (including any commercial)	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`NOI	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Tax Abatement	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Ground Lease	`☐`	`☐`	`☐`	`☐`	`☐`
`☐`Other – Modify OR Delete Text	`☐`	`☐`	`☐`	`☐`	`☐`
Underwriting
`☐`Underwriting	`☐`	`☐`	`☐`	`☐`	`☐`

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Appendix 7 Valuation Processing A.7.2 HUD Review of Appraisal and Market Study