9. Comment on the appropriateness of the rent comparables, the reimbursement rate conclusions (if applicable), and the overall effective gross income. The last sentence should indicate if the reviewer finds this item acceptable. 10. Analyze any commercial lease(s), if appropriate, and the value attributed to that space by the appraiser. The last sentence should indicate if the reviewer finds this item acceptable. 11. Discuss whether any tax abatements were analyzed in a manner consistent with the HUD Handbook 4232.1, Section II, Production, Chapter 7. If not, explain the correct approach and the impact on the Net Operating Income. 12. Indicate if the expense comparables, expense percentage, expense per resident day and the overall expense forecast and net operating income are credible and reasonable. The last sentence should indicate if the reviewer finds this item acceptable. 13. Describe if the capitalization rate was based upon sales where the rates were correctly calculated, based upon adequate data, utilized the appropriate time frame, and whether the analysis resulted in a credible and reasonable conclusion by the income capitalization approach to value. Indicate if the reviewer finds the cap rate of X.X% acceptable. 14. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the sales comparables used in the sales comparison approach to value, and if the analysis resulted in a credible and reasonable conclusion. The last sentence should indicate if the reviewer finds this item acceptable. 15. Analyze the land lease, if applicable, and indicate if it meets the parameters set forth in the HUD Handbook 4232.1, Section II, Production, Chapter 7. 16. Comment on the appropriateness of the land comparables and the land value conclusion. If purchased within the last 3 years include date of purchase and purchase price. The last sentence should indicate if the reviewer finds this item acceptable. 17. Comment on the completeness, accuracy, adequacy, relevance and reasonableness of the cost approach. Discuss the concluded remaining economic life of the facility. Consider any obsolescence or depreciation detailed in the appraisal. The last sentence should indicate if the reviewer finds this item acceptable.
Review Appraiser’s Certification: I certify that, to the best of my knowledge and belief: The facts and data reported by the reviewer and used in the review process are true and correct. The analysis, opinions, and conclusions in this review report are limited only by the assumptions and limiting conditions stated in this review report and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in this review or from its use. My analysis, opinions, and conclusions were developed and this review report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice. I have (or have not) made a personal inspection of the subject property of the work under review. The following persons provided significant real, business, or personal property appraisal, appraisal review or consulting assistance to the person signing this certification: I have not (or have – indicate capacity) performed any service regarding the subject within the prior 3 years, as an appraiser or in any other capacity. HUD Review Appraiser’s Signature Date License Number/State: Even with competently prepared appraisals it is still possible that the reviewer will have concerns with the proposed loan. E mail the HUD underwriter to memorialize and communicate concerns regarding issues not related to the quality of the appraisal. `Internal only comments must be clearly noted as ‘Internal Comment Only.’