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The Harris Company \ Real Estate Appraiser los angeles, Inspectors, Inspectors Los Angeles, California
The Harris Company,
Real Estate Appraiser / Consultant
5780 West Centinela Avenue, Building 1, Suite 408
Los Angeles, California 90045
310.337.1973  
harris_curtis@sbcglobal.net
PIRS/ HARRIS COMPANY AND THE SCIENCE OF REAL ESTATE - PARTNERS
ACCEPTANCE OF A SUMMARY 33433 REPORT AND
REUSE APPRAISAL AND APPROVAL OF A LEASE WITH
MESA SOFA PARTNERS, LLC FOR AGENCY-OWNED
SPACE IN THE FAIRMONT HOTEL ANNEX

Adaptive Reuse: A new function for an old building
“Form follows function” is the credo of utilitarian architecture, but what happens
when
functions change? The detritus of modern society is all around us, particularly in
rural
community centers. Abandoned manufacturing, institutional and educational
buildings
left behind by urban sprawl provide an invaluable opportunity to revitalize flagging
communities by creative reuse of pre-existing infrastructure.
High profile developments, such as the Tate Museum of Modern in Art in London,
England have highlighted the unique opportunity of adaptive reuse to bring
together the
concepts of community development, urban renewal and environmental
sustainability. At
the Tate Museum, architects redesigned the abandoned Bankside Power Plant
into a
stunning water-front museum. Originally opened in 1947 and closed in 1981, the
building
sat empty for twenty years until the former turbine hall became a dramatic 500-foot
entryway for the museum, complete with a new glass ceiling flooding light into the
former industrial space. The reuse of the building not only created a landmark, it
rejuvenated the otherwise barren stretch along the south bank of the Thames,
where it is
located.

Public Hearing and adoption of resolutions by the City Council and Agency Board:

(1)        Accepting the summary of costs and the findings of Summary Report and
the
reuse value and findings of the Reuse Appraisal pursuant to California Health
and Safety Code Section 33433, for the construction of a three-phase Class A
Office Development of three buildings with approximately 836,186 rentable square
feet (Project) located at the northwest corner of Almaden Boulevard and Woz Way;
and

(2)        Approving the Disposition and Development Agreement (DDA) with Boston
Properties Limited Partnership for the Project; and authorizing the Executive
Director to execute the DDA and related documents and to approve minor
changes in these documents.

Market value is considered the most probable sales price. The most probable
sales price is “that price at which a property would most probably sell if exposed
to the market for a reasonable time, under market conditions prevailing as of the
date of the appraisal.” CPED does not sell its properties for what would be
considered “Market Value,” we use instead what is considered “fair
reuse value.”
A reuse appraisal is defined as follows: “An appraisal under the provisions of the
National Housing Act of 1949, as amended, to estimate the resale value of either
vacant land or (in some instances) improved property in an urban renewal project
area, subject to the restrictions and controls set forth in the Urban Renewal Plan
for the project area. Among others, the Plan will specify land use, density or floor
area rations, coverage, and height. The appraisal is the basis on which disposal
prices are established for resale purposes.” Although not all of the properties
marketed and sold by CPED/MCDA are located within an Urban Renewal
Area/Redevelopment Project we impose restrictions related to sale of the
property to an owner occupant, time of performance, and public process which
can be considered a imposition or special condition (a condition which is not
normal in the market place) on the developer and therefore all properties are
marketed for their fair reuse value.

Adaptive Reuse: A new function for an old building
“Form follows function” is the credo of utilitarian architecture, but what happens
when
functions change? The detritus of modern society is all around us, particularly in
rural
community centers. Abandoned manufacturing, institutional and educational
buildings
left behind by urban sprawl provide an invaluable opportunity to revitalize flagging
communities by creative reuse of pre-existing infrastructure.
High profile developments, such as the Tate Museum of Modern in Art in London,
England have highlighted the unique opportunity of adaptive reuse to bring
together the
concepts of community development, urban renewal and environmental
sustainability. At
the Tate Museum, architects redesigned the abandoned Bankside Power Plant
into a
stunning water-front museum. Originally opened in 1947 and closed in 1981, the
building
sat empty for twenty years until the former turbine hall became a dramatic 500-foot
entryway for the museum, complete with a new glass ceiling flooding light into the
former industrial space. The reuse of the building not only created a landmark, it
rejuvenated the otherwise barren stretch along the south bank of the Thames,
where it is
located.

Regulatory Barriers Clearinghouse
Strategy-of-the-Month Club
June 2007
It's simple arithmetic that large lot sizes result in lower
densities, which in turn lead to increased housing costs and
decreased availability of affordable housing. In adopting
policies that promote higher densities, local jurisdictions can
help increase the supply of workforce housing, reduce regional
traffic congestion, and save on public service and infrastructure
costs. The city of Stamford, Connecticut is looking to a recently
approved high-density residential development to accomplish
just that.
Earlier this year, Stamford approved a proposal to convert a
1968 five-story office building into a 55-unit apartment
complex. The plan required a zone change from a minimum
floor area of 800 square feet per unit, to 600 square feet per
unit. Additionally, the developer requested a density bonus.
The Stamford Zoning Board, which currently does not require
the inclusion of affordable units in conversion projects,
approved their request, provided that the developer set aside
15 percent of the units for affordable housing. The apartments,
scheduled to be completed in the summer of 2008, will be
available to rent for $1,000 to $1,100 per month and range in
size from 413 to 570 square feet.
While a 55-unit complex may not solve all of a community's
housing problems, sometimes, a carefully considered project
that proves successful in practice can open the door to
additional development later on, and encourage local planning
and zoning officials to try approaches that diverge - perhaps
significantly - from "standard operating procedure." For
developers on Connecticut's Gold Coast, one open door may
let in a lot of fresh air.

Additional information on this project can be found
at
http://www.huduser.org/rbc/search/rbcdetails.asp?DocId=1546.



REAL ESTATE APPRAISAL

Nature of the Work (U.S. Department of Labor
Bureau of Labor Statistics)
Appraisers and assessors of real estate estimate the value of real property for a
variety of purposes, such as to assess property tax, to determine a sales price, or
to determine the amount of a mortgage that might be granted on a property. They
may be called on to determine the value of any type of real estate, ranging from
farmland to a major shopping center, although they often specialize in appraising
or assessing only a certain type of real estate such as residential buildings or
commercial properties. Assessors determine the value of all properties in a locality
for property tax purposes whereas appraisers appraise properties one at a time for
a variety of purposes, such as to determine what a good sale price would be for a
home or to settle an estate or aid in a divorce settlement.

Valuations of all types of real property are conducted using similar methods,
regardless of the type of property or who employs the appraiser or assessor.
Appraisers and assessors work in localities they are familiar with so they have a
knowledge of any environmental or other concerns that may affect the value of a
property. They note any unique characteristics of the property and of the
surrounding area, such as a specific architectural style of a building or a major
highway located next to the parcel. They also take into account additional aspects
of a property like the condition of the foundation and roof of a building or any
renovations that may have been done. Additionally, they may take pictures to
document a certain room or feature, in addition to taking pictures of the exterior of
the building. After visiting the property, the appraiser or assessor will determine
the fair value of the property by taking into consideration such things as
comparable home sales, lease records, location, previous appraisals, and income
potential. They will then put all of their research and observations together in a
detailed report, stating not only the value of the parcel but the precise reasoning
and methodology of how they arrived at the estimate.

Appraisers have independent clients and focus solely on valuing one property at a
time. They primarily work on a client-to-client basis, and make appraisals for a
variety of reasons. Real property appraisers often specialize by the type of real
estate they appraise, such as residential properties, golf courses, or strip malls. In
general, commercial appraisers have the ability to appraise any real property but
may generally only appraise property used for commercial purposes, such as
stores or hotels. Residential appraisers focus on appraising homes or other
residences and only value those that house 1 to 4 families. Other appraisers have
a general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for
valuing properties so a tax formula can be used to assess property taxes. Unlike
appraisers, assessors value entire neighborhoods using mass appraisal
techniques to value all the homes in a local neighborhood at one time. Although
they do not usually focus on a single property they may assess a single property if
the property owner challenges the assessment. They may use a computer-
programmed automated valuation model specifically developed for their assigned
jurisdictions. In most jurisdictions the entire community must be revalued annually
or every few years. Depending on the size of the jurisdiction and the number of
staff in an assessor’s office, an appraisal firm, often called a revaluation firm, may
do much of the work of valuing the properties in the jurisdiction. These results are
then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and
taxes that each property owner must pay. Assessors must be current on tax
assessment procedures and must be able to defend their property assessments,
either to the owner directly or at a public hearing, as accurate, since assessors are
also responsible for dealing with tax payers who want to contest their assigned
property taxes. Assessors also keep a database of every parcel in their jurisdiction
labeling the property owner, issued tax assessment, and size of the property, as
well as property maps of the jurisdiction that detail the property distribution of the
jurisdiction.

Appraisers and assessors write a detailed report of each appraisal. Writing these
reports has become faster and easier through the use of laptop computers,
allowing them to access data and write at least some of the report on-site. Another
computer technology which has impacted this occupation are electronic maps,
made by assessor’s offices, of a given jurisdiction and its respective property
distribution. Appraisers and assessors use these maps to obtain an accurate
perspective on the property and buildings surrounding a property. Digital cameras
are also commonly used to document the physical appearance of a building or
land at the time of appraisal, and the pictures are also used in the documentation
of the report.

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FannieMae's Property and Appraisal Guidelinesdetails their general
requirements for analyzing the property appraisal aspects of conventional
mortgages secured by one- to four-family properties. It also discusses special
considerations for certain types of housing-units in condominium, PUD, and
cooperative projects; manufactured (and other factory-built) homes; Community
Living group homes; mixed-use properties; properties affected by environmental
hazards; urban properties; affordable housing program properties; properties
located in special assessment or community facilities districts; properties subject to
leasehold interests (including those held by community land trusts); and energy-
efficient properties—that merit special consideration in the property and appraisal
review. Because the evaluation of a property is such a vital part of the risk
analysis, they expect a lender to place as much emphasis on underwriting the
property and reviewing the appraisal as it does on underwriting the borrower's
creditworthiness.

They require the appraiser to provide complete and accurate reports; to report
neighborhood and property conditions in factual and specific terms; to be impartial
and specific in describing favorable or unfavorable factors; and to avoid the use of
subjective, racial, or stereotypical terms, phrases, or comments in the appraisal
report. The opinion of market value must represent the appraiser's professional
conclusion, based on market data, logical analysis, and judgment. When the
information or methodology of an appraisal requires additional clarification or
justification, the lender's underwriter must obtain from the appraiser any
information that is necessary to make an informed decision concerning the
property.

We require that the appraiser and the lender follow appropriate practices in the
property valuation and underwriting processes. Their appraisal standards
specifically prohibit the development of a valuation conclusion that is based on
race, color, religion, sex, handicap, familial status, or national origin. The
effectiveness of our property underwriting guidelines is dependent on the ability of
a lender and its appraisers to avoid the use of potentially discriminatory practices
in the property appraisal and underwriting processes.

We hold the lender responsible for the accuracy of both the appraisal and its
assessment of the marketability of the property; therefore, it is important for a
lender's underwriters to understand their role in the appraisal process and their
relationship to the appraiser.

• The appraiser's role is to provide the lender with an accurate, and adequately
supported, opinion of value and an accurate description of the property.

• The underwriter's role is to review the appraisal report to assure that it is of
professional quality and is prepared in a way that is consistent with our appraisal
standards, to analyze the property based on the appraisal, and to judge the
property's acceptability as security for the mortgage requested in view of its value
and marketability.  

These requirements are intended to provide guidance to an underwriter and an
appraiser about the type of information that is needed to make a prudent
underwriting decision. They are also designed to provide our minimum acceptable
appraisal standards. We recognize that our guidelines may not address every
appraisal problem; therefore, we allow the appraiser discretion to properly develop
the value opinion. The appraiser must, however, provide sound reasoning in his or
her appraisal report for any decisions he or she makes that are not specifically
covered by our guidelines.

This Part XI consists of four Chapters:

• Chapter 1—Appraiser Qualifications—discusses the lender's responsibility for
selecting appraisers and for reviewing their appraisals both initially and on an on-
going basis, the use of supervisory or review appraisers, and our right not only to
refuse to accept appraisals prepared by specific appraisers, but also to refer
unacceptable appraisal reports to the appropriate state appraiser licensing or
regulatory boards for investigation and action.

• Chapter 2—Appraisal (or Property Inspection) Documentation—describes the
various appraisal (or property inspection) report forms that are to be used to
document an appraisal (or property inspection) and any required exhibits to them;
discusses requirements related to the age of an appraisal (or property inspection)
report; explains the types of appraisals needed for new, proposed, and existing
construction; and references the various certifications that an appraiser must
make.

• Chapter 3—Special Appraisal Considerations—discusses considerations that
should be given to properties with unusual features, points out the need for
properties to meet specific eligibility criteria in order for the mortgage to be
delivered to us, and explains the detrimental effect that certain environmental
conditions can have on a property's value.

• Chapter 4—Reviewing the Appraisal Report—discusses the requirements for
analyzing a property and its appraisal.

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Remodel Consultant


FDIC Law, Regulations, Related Acts  § 323.4  Minimum appraisal standards.
For
federally related transactions, all appraisals shall, at a minimum:
(a)  Conform to generally accepted appraisal standards as evidenced by the   
Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the
Appraisal Standards Board of the Appraisal Foundation, 1029 Vermont Ave., NW.,
Washington, DC 20005, unless principles of safe and sound banking require
compliance with stricter standards;
(b)  Be written and contain sufficient information and analysis to support the
institution's decision to engage in the transaction;
(c)  Analyze and report appropriate deductions and discounts for proposed
construction or renovation, partially leased buildings, non-market lease terms, and
tract developments with unsold units;
(d)  Be based upon the definition of market value as set forth in this part; and
(e)  Be performed by state licensed or certified appraisers in accordance with
requirements set forth in this part. [Codified to 12 C.F.R. § 323.4]


The Federal Credit Union Act (FCUA) is the source of authority for all federally
chartered credit unions and governs the coverage and terms of insured accounts
at all federally insured credit unions. The
FCUA also determines the structure and
duties of the National Credit Union Administration.

NCUA issues regulations to interpret and enforce the provisions of the FCUA. Visit
our Regulations section to find a PDF version of this publication.

NCUA issues guidance to assist credit unions with the interpretation of regulations,
raise awareness of emerging issues and communicate the agency's interpretation
of legal issues. Visit Legal Opinions, Letters to Credit Unions, Regulatory Alerts,
Accounting Bulletin and IRPS for more information.

Many consumer protection and financial protection laws are enforced by NCUA
and other federal agencies. Visit Laws and Enforcement Authorities for Credit
Unions to view a list of these laws.


For
probate appraisals the appraisal of property in the inventory shall be made by
the personal representative, probate
referee, or independent expert
as provided in the probate code  


Appraisals for the
Los Angeles Word Airport must comply with requirements
established by the City of Los Angeles, the Federal Aviation Administration Audit,
and The Uniform Relocation Assistance and Real Property Acquisition Policies Act
of 1970 (The Uniform Act), as amended (49 CFR Part 24) which is mandatory and
establishes the minimum Real Property Acquisition Policies for Appraisal,
Negotiation, and Property Possession Standards and Requirements.  The
appraisal is a formal written statement used to determine the fair market rent, and
value or just compensation for purchase of a specific property.  The Real Estate
Contracting Officer must determine the appropriate type of appraisal method to be
used: No appraisal for property value less than $2,500, A Value Finding (opinion
of value) for properties whose value is estimated to be $2,500 to $5,000, A Short
Form appraisal for non-complex properties regardless of the estimated purchase
price, and finally a Long Form is required for all eminent domain proceedings
regardless of the estimated cost.  For the purchase of real property the appraisal
should include a before and after valuation of the property to determine the value
of any severance damage.

According to the “
Appraisal Guide:” “Appraisal problems are often encountered
by States, local agencies, and appraisers because there is not a clear
understanding of the relationship between the
“Uniform Act” and the appraisal
function on Federal or federally-assisted projects.  This guide was developed to
assist those involved to avoid potential appraisal problems.”  The major topics
covered by the guide are: The “Uniform Act,” the “Appraisal Formats,” and an
“Appraisal Glossary.”

The purpose of the “Uniform Act” is to ensure that all property owners are treated
fairly and uniformly.  Appraisal requirements are: 1) Establish just Compensation  
2) Disregard Differentials in Value Due to the Public Improvement  3) Consider the
Possibility of Uneconomic Remnants  4) Separate Damages From Value of
Property Taken  5) Appraise All Buildings, Structures, and Improvements  6)
Consideration of Tenant Owned Buildings, Structures, and Improvements  7)
Appraise Equal Interest in All Buildings, Structures, and Improvements and 8)
Separate Tenant Interest in the Appraisal.


Appraisals for the
Los Angeles Unified School District must be prepared in
compliance with the
Office of Public School Construction (OPSC), site
acquisition guidelines.  The OPSC is primarily a funding agency of the State
Allocation Board who is responsible for the equitable allocation of tax dollars.  
Their basic appraisal criteria are:

(a) The land improvements and appurtenances, excluding fixtures, equipment and
personal property, were appraised in an as is condition.

(b) Consideration in the appraisal was made for net useable acreage and
severance damages.

(c) The district or its legal counsel has contracted for the appraisal service.

(d) The appraiser has certified to the district that the appraisal complies with the
Uniform Standards of Professional Appraisal Practice (
USPAP) as promulgated by
the Appraisal Standards Board of the Appraisal Foundation.

(e) The amount of a court award for a site acquired in condemnation may be used
in lieu of the appraised value determined in (a) through (d) above, when
specifically approved by the Board.

Preparation of appraisals for
subsidized housing in compliance with the Uniform
Standards of Professional Appraisal Practice (USPAP) requires knowledge and
experience that goes beyond typical residential competency.  Subsidized housing
may be defined as single- or multifamily residential real estate targeted for
ownership or occupancy by low- or moderate-income households as a result of
public programs and other financial tools that assist or subsidize the developer,
purchaser, or tenant in exchange for restrictions on use and occupancy.  The
United States Department of Housing and Urban Development (HUD) provides the
primary definition of income and asset eligibility standards for low- and moderate-
income households.  Other federal, state, and local agencies, like the
California
Tax Credit Allocation Committee and the Housing Authority of the City of Los
Angeles,
may define income eligibility standards for specific programs and
developments under their jurisdictions.  

Subsidies and incentives that encourage housing for low- and moderate-income
households may create intangible property rights in addition to real property rights
and also create restrictions that modify real property rights.  The appraiser should
demonstrate the ability to discern the differences between the real and intangible
property rights and value the various rights involved.  
Low-Income Housing Tax
Credits (
LIHTCs) are an example of an incentive that results in intangible property
rights that are not real property but might be included in the appraisal.  Project-
based rent subsidies are an example of a subsidy accompanied by restrictions that
modify real property rights.  Appraisers should be aware that tenant-based rent
subsidies do not automatically result in a property right to the owner or developer
of subsidized housing.

In appraisal of subsidized housing, the value definition selected or required by the
client and the reporting techniques should be discussed with the client prior to
acceptance of the assignment because the analyses may be based on general
market terms, subsidized housing submarket financing with unusual conditions or
incentives, both, or some other defined premise.  Appraisers should be aware that
appraisal of subsidized housing usually requires more than one value analysis
predicated on different scenarios.  In appraisal of subsidized housing, value
conclusions that include intangibles arising from the programs will also have to be
analyzed under a scenario without the intangibles in order to measure their
influence on value and report the results without misleading the intended user.

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What Is a
HUD Appraiser/Appraisal?  An appraiser is a professional person who
can tell you what your home is worth. The appraiser will come to your house and
list the number and size of the rooms and any extras, such as a fireplace, porch,
pool, or garage. The appraiser will compare your home and property to other
homes that have sold recently with similar features. The appraiser then estimates
that your home might sell for approximately the same amount of money as similar
homes. This is called an "appraisal."

An appraisal is an estimate of what amount of money your home may sell for. It is
very different from a home inspection which will warn you against anything in the
new home that should be fixed. A home inspection must be conducted by a
qualified home inspection.

The reason for a
Relocation Appraisal is to estimate the market value of a
transferee's home and to provide insight into the client's needs and objectives.
Other types of appraisals are done for the purpose of insurance, mortgage,
probate, or taxes. They all have something in common in that they follow an
appraisal process. However, each of these types of appraisal has a different set of
guidelines and procedures to follow; so does the relocation appraisal.

The relocation appraisal has a set of definitions and instructions to appraisers that
relate only to the relocation appraisal. These guidelines differ substantially from
the appraisal process for other types of appraisals. A thorough explanation of
these guidelines is included in the
Relocation Appraisal Guide published by the
Employee Relocation Council, Washington, D.C.

They direct the appraiser to forecast what the home will sell for in "as is condition"
within a reasonable marketing time. They can also direct the appraiser to estimate
the market value within a specified time frame. Confusion often exists as to the
interpretation of market value and reasonable marketing time. These guidelines
may be altered at the direction of the client who may have supplemental guidelines.

The relocation appraiser is often asked to take time during the inspection to
counsel the transferee on the appraisal process and accept information from the
transferee such as "brag sheets" listing improvements to the home since purchase
and a factual record of any recent sales and listings in the neighborhood which
can be verified by the appraiser. The inspection and counseling often require an
hour, during which the appraiser has the opportunity to communicate credibility
and professionalism.

The relocation appraisal does not require a cost approach; however, if the
appraiser is going to submit this report for experience credit it is suggested that a
cost approach be completed and kept in the appraiser's file for future review by an
Admissions Committee. (Note: the Employee Relocation Appraisal Report that was
revised in 1994 and is currently being used in the industry, has the correct
departures from the Uniform Standards of Professional Appraisal Practice)

Another way in which a relocation appraisal differs from a mortgage appraisal is
the appraisal review process. An appraiser who accepts a relocation appraisal
assignment must be prepared to take the time to write a competent report, discuss
the report with the client, and be responsive to the client's questions. Requests for
review of the factual data presented by the transferee or data reported in another
appraiser's report is part of the relocation appraisal process. The appraiser is not
being asked to change his value, but merely to review additional data to determine
if it could have an impact on his original value conclusion.

The appraiser must be educated in relocation appraising and willing to devote the
extra time required for answering client questions about his report. The appraiser
must be aware that two to five appraisal reports are being reviewed and
discrepancies often occur. The questions are asked for clarification, edification,
and corrections since the reports are further reviewed by corporate relocation
personnel and, ultimately, the transferee.

Reprinted with permission from
The Society of Real Estate Appraisers, Fall 1990 Journal
225 North Michigan Avenue, Suite 724
Chicago, Illinois 60601-7601

THE COST SEGREGATION AUDIT TECHNIQUES GUIDE
This ATG has been developed to assist Internal Revenue Service (Service)
examiners in the review and examination of cost segregation studies. The primary
goals are to provide examiners with an understanding of

why cost segregation studies are performed for federal income tax purposes;
how cost segregation studies are prepared; and,
what to look for in the review and examination of these studies.
The ATG was developed by a cross-functional team of Service engineers and
agents and is not intended as an official IRS pronouncement. Accordingly, it may
not be cited as authority.

BACKGROUND
In order to calculate depreciation for Federal income tax purposes, taxpayers must
use the correct method and proper recovery period for each asset or property
owned. Property, whether acquired or constructed, often consists of numerous
asset types with different recovery periods. Thus, property must be separated into
individual components or asset groups having the same recovery periods and
placed-in-service dates in order to properly compute depreciation.

When the actual cost of each individual component is available, this is a rather
simple procedure. However, when only lump-sum costs are available, cost
estimating techniques may be required to "segregate" or "allocate" costs to
individual components of property (e.g., land, land improvements, buildings,
equipment, furniture and fixtures, etc.). This type of analysis is generally called a
"cost segregation study," "cost segregation analysis," or "cost allocation study."

In recent years, increasing numbers of taxpayers have submitted either original tax
returns or claims for refund with depreciation deductions based on cost
segregation studies. The underlying incentive for preparing these studies for
federal income tax purposes is the significant tax benefits derived from utilizing
shorter recovery periods and accelerated depreciation methods for computing
depreciation deductions. The issues for Service examiners are the rationale used
to segregate property into its various components, and the methods used to
allocate the total project costs among these components.

The most common situation is the allocation or reallocation of building costs to
tangible personal property. A building, termed "section (§) 1250 property", is
generally 39-year property eligible for straight-line depreciation. Equipment,
furniture and fixtures, termed "section (§) 1245 property", are tangible personal
property. Tangible personal property has a short recovery period (e.g., 5 or 7
years) and is also eligible for accelerated depreciation (e.g., double declining
balance). Thus, a faster depreciation write-off (and tax benefit) can be obtained by
allocating property costs to § 1245 property, or by reallocating § 1250 property
costs to § 1245 property.

A simple example illustrates the tax benefits of a cost segregation study. In
general, a turnkey construction project includes elements of tangible personal
property (e.g., phone system, computer system, process piping, storage tanks). It
is relatively easy to identify these items as § 1245 property and allocate a portion
of the total project costs to them. However, a cost segregation study may also
report certain building occupancy items, such as carpeting, wall coverings,
partitions, millwork, lighting fixtures, suspended ceilings, doors, as § 1245
property. These items may or may not constitute qualifying § 1245 property
depending on particular facts and circumstances, such as the location of the
assets and the specific activities for which the project was designed.

In addition to identifying specific project components that qualify as § 1245
property, cost segregation studies may treat portions of building components as §
1245 property. For example, a study may conclude that 15 percent of a building’s
electrical system directly supports § 1245 property, such as specialized kitchen
equipment. Based on that conclusion, the study will then treat 15 percent of the
electrical system as § 1245 property. The allocation of building components to §
1245 property is often a contentious issue.

Property allocations and reallocations are typically based on criteria established
under the Investment Tax Credit (ITC). A plethora of legislative acts, court
decisions and Service rulings have produced complex and often conflicting
guidance with respect to property qualifying for ITC, resulting in no bright-line tests
for distinguishing § 1245 property from § 1250 property. Related issues, such as
the capitalization of interest and production costs under IRC § 263A and changes
in accounting method, add to the complexity of this issue.

In a recent landmark decision, the Tax Court ruled that, to the extent tangible
personal property is included in an acquisition or in overall costs, it should be
treated as such for depreciation purposes. The court also decided that the rules
for determining whether property qualifies as tangible personal property for
purposes of ITC (under pre-1981 tax law) are also applicable to determining
depreciation under current law. [See Hospital Corporation of America, 109 T.C. 21
(1997)] The Service acquiesced to the use of ITC rules for distinguishing § 1245
property from § 1250 property.

Based on these developments, the use of cost segregation studies will likely
continue to increase. Unfortunately, there are no standards regarding the
preparation of these studies. Accordingly, studies vary widely in terms of the
methodology, documentation, depth, format, and expertise of the study’s preparer.
This lack of consistency, coupled with the complexity of the law in this area, often
results in an examination that is controversial and burdensome for all parties.

Examiners reviewing cost segregation studies must determine the proper
classification and correct costs of property. In some cases (e.g., small projects)
examiners may be able to evaluate a study without assistance. However, other
studies may require specialists with expertise, industry experience and specialized
training (e.g., Engineers, Computer Audit Specialists and/or Technical Advisors).
Examiners should perform a risk analysis as early as possible to determine the
depth of an exam and the need for assistance.

SUMMARY AND CONCLUSIONS
Depreciation issues involving cost segregation studies cross all LMSB industry
lines and impact SB/SE taxpayers as well. The lack of consistency in cost
segregation studies and the absence of bright-line tests for distinguishing property
contribute to the difficulties of this issue. The purpose of this ATG is to provide the
foundation to a better understanding of cost segregation studies and to provide
the examination steps that will facilitate the audit process and minimize burden on
taxpayers, practitioners and Service examiners alike.


EXPERT WITNESS
Over the years we have worked on numerous projects which were tied to a judicial
mandate.  They include dissolution of marriage proceedings, property tax disputes,
inheritance tax liability disputes, probates, and acquisitions by eminent domain.  To
our credit all, but one, was settled prior to trial with one requiring a deposition
hearing.  

Our one court appearance was in the Superior Court, State of California-Compton
Judicial District, July 1999.  We provided plaintiff expert witness testimony in an
inverse condemnation case.


APPRAISAL REVIEW
Federal and State Laws, and Contractual Agreements precludes the
communication of our work product to unauthorized parties.  In lieu of an actual
Review Report I feel it is worth stating that an appraisal review is not an easy
assignment.  It is exceedingly important for a “Reviewer” to have a broad base of
experience and education, dependance on affiliation with a particular
trade/professional association for review or other assignments is unwise.  

We have designed a process to establish an amicable, communicative relationship
between us and the appraiser under review.  We stick to the facts and support
every observed deficiency with a Citation and Supporting Documentation,
WE DO
NOT PROVIDE UNSUBSTANTIATED OPINIONS OR INTERPRETATIONS (USPAP,
Standards Rule 3-1.f & g, 1347, 1348 and 1351: ... and develop the reasons
for any disagreement)
.  For example, an appraiser who has used an incorrect
legal description would be notified of this fact, given the appropriate Citation from
USPAP or the applicable regulation then provided the correct description
contained in the vesting document or similar available document.  It goes without
saying that “time is of the essence.”  We have found that this process  works
extremely well in the expeditious completion of our Review Assignments; typically
within one week.

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REAL PROPERTY INSPECTIONS
A recent addition to our Appraisal Practice is incorporation of the American
Society for Testing Materials (ASTM) E-2018 Commercial Inspection Protocol
into each and every Multi Family Residential, Commercial, and Industrial Appraisal
Report, upon request.  The purpose of this protocol is to define a good commercial
and customary practice in the United States of America for conducting a baseline

Property Condition Assessment (PCA)
of the improvements located on a parcel
of residential, commercial, or industrial real estate.  The process is performed by a
walk-through survey/inspection, and conducting research, as outlined within the
ASTM E-2018 guide.  The goal is to identify and communicate physical
deficiencies to a user.  Physical deficiencies are the presence of conspicuous
defects or material deferred maintenance on a subject property’s material systems,
components, or equipment as observed during the field observer’s walk-through
survey/inspection.  This standard specifically excludes deficiencies that may be
remedied with routine maintenance, miscellaneous minor repairs, normal operating
maintenance, and de minims conditions that generally do not represent material
physical deficiencies of the property.   (
Sample RFP)

The scope of the standard includes a document review, independent research,
and personal interviews which augment the walk-through survey/inspection.  The
work product resulting from completing a PCA in accordance with the
ASTM E-
2018 standard
is a Property Condition Report (PCR).  The PCR incorporates
the information obtained during the Walk-Through Survey, the Document Review
and Interviews, and includes opinions of probable costs for suggested remedies of
the physical deficiencies identified.  The objective of the walk through inspection is
to visually observe the subject property so as to obtain information on material
systems and components for the purposes of providing a brief description,
identifying physical deficiencies to the extent that they are observable, and obtain
information needed to address issues in the PCR.  The purpose of the document
review and interviews is to assist with the consultant’s understanding of the subject
property and identification of physical deficiencies.  Our goal, once again, is to be
the leader in our industry by continuously improving our work product.

Instructions For Preparing
The Multifamily Property Inspection & Evaluation
Report (Form 4255
) This Form 4255 should be completed by the servicer. It
should be submitted to Fannie Mae within 30 days of completion of each
annual physical inspection and at such other times as Fannie Mae requires.
General Instructions Before visiting the site, obtain and review:

• a current Certification to Project Rent Roll (Form 4243)
• a copy of the previous Multifamily Property Inspection and Evaluation Report
While at the site:
• inspect all vacant units
• inspect the lesser of 20 occupied units or 5 percent of the occupied units, if
possible
• inspect units of each unit type
• see enough of the project to assess how the Property is being maintained
• take 5-10 representative color photographs of the buildings, units, and features
inspected
• take photographs of extraordinary items requiring repair, maintenance, or
replacement
• interview the property manager and other on-site staff to follow-up on
maintenance items noted on the last Multifamily

Property Inspection and Evaluation Report and to get feedback on the Property’s
condition and performance After conducting each annual inspection and
completing Form 4255, submit the original of the form along with a copy of the
Certification to Project Rent Roll (Form 4243), and a representative set of
photographs to Multifamily Operations - Asset Management at the following
address:
Fannie Mae
Multifamily Operations - Asset Management
Drawer #AM
3900 Wisconsin Avenue, NW
Washington, DC 20016

Inspection Resource Center
Periodic physical property inspections are a critical component of oversight and
maintenance of commercial and multifamily properties.  
Mortgage Bankers
Association
(MBA) has worked with industry leaders to help increase the level of
communication, standardization of reporting and the quality of the review for
property inspections.  

In 2005, Mortgage Bankers Association (MBA) adopted new inspector
qualifications best practices, which require adequate training and experience for all
those professionals inspecting properties financed by Fannie Mae and Freddie
Mac.  

MBA will continue to work with the members on property inspections in 2006.


Detrimental conditions cause over $50 billion in damages annually, and this figure
is consistently rising.  Some cite the fact that much of today’s developments are in
areas that were once considered too risky because of soil conditions, access,
proximity to airports, jails or prisons, or for other reasons.  
The Real Estate
Disclosure Report was developed as a comprehensive process to report on the
myriad of issues that may be important to the property owner, lender, or other
client, so that the user of the disclosed data has a clear picture of the property’s
condition and environs.  We are one of a very few companies, nation wide,
certified by the Appraisal Institute to prepare Real Estate Disclosure Reports
(RED
Reports).

The RED Report does not put a dollar figure on any conditions.  A proper
disclosure report simply informs the user of the report that certain conditions are
known or believed to exist, but is not a guarantee or substitute for a cost study.  
The conditions may have no impact on value whatsoever.  Items of disclosure
include: General Conditions, Transactional Conditions, Market Conditions, Distress
or Tragic Conditions (Crime, Deaths, etc.), Imposed Conditions (Zoning, CC&R’s,
etc.), Building Conditions, Soils Conditions, Environmental Conditions, Natural
Conditions (Earthquake, Endangered Species, etc.), and Hazardous Conditions.  

INITIAL INSPECTIONS 1950.5 (f)(1)-Within a reasonable time after notification of
either party's intention to terminate the tenancy, or before the end of the lease
term, the landlord shall notify the tenant in writing of his or her option to request an
initial inspection and of his or her right to be present at the inspection.  

In 1999 we were Certified as
Contract Physical Inspectors, for the “NIC” and
“BIC” Contracts, by the
Real Estate Assessment Center (REAC), a newly formed
agency of HUD.  REAC is responsible for obtaining physical inspection and
financial information for HUD-insured and assisted housing.  The purpose of the
Inspection Program is to inspect properties with HUD-held mortgages, properties
for which HUD acts as the Section 8 contract administrator, and properties owned
by Public Housing Agencies.  HUD published a final rule that established uniform
physical condition standards for public housing and housing that was insured
and/or assisted under certain HUD properties.  These standards are intended to
ensure that this housing is decent, safe, sanitary, and in good repair.


REHAB CONSULTATIONS
The Federal Housing Administration (FHA), which is part of the Department of
Housing and Urban Development (HUD), administers various single family
mortgage insurance programs. These programs operate through FHA-approved
lending institutions which submit applications to have the property appraised and
have the buyer's credit approved. These lenders fund the mortgage loans which
the Department insures. HUD does not make direct loans to help people buy
homes.

The
Section 203(k) program is the Department's primary program for the
rehabilitation and repair of single family properties. As such, it is an important tool
for community and neighborhood revitalization and for expanding homeownership
opportunities. Since these are the primary goals of HUD, the Department believes
that Section 203(k) is an important program and we intend to continue to strongly
support the program and the lenders that participate in it.

Many lenders have successfully used the Section 203(k) program in partnership
with state and local housing agencies and nonprofit organizations to rehabilitate
properties. These lenders, along with state and local government agencies, have
found ways to combine Section 203(k) with other financial resources, such as
HUD's HOME, HOPE, and Community Development Block Grant Programs, to
assist borrowers. Several state housing finance agencies have designed
programs, specifically for use with Section 203(k) and some lenders have also
used the expertise of local housing agencies and nonprofit organizations to help
manage the rehabilitation processing.

The Department also believes that the Section 203(k) program is an excellent
means for lenders to demonstrate their commitment to lending in lower income
communities and to help meet their responsibilities under the Community
Reinvestment Act (CRA). HUD is committed to increasing homeownership
opportunities for families in these communities and Section 203(k) is an excellent
product for use with CRA-type lending programs.

If you have questions about the 203(k) program or are interested in getting a 203
(k) insured mortgage loan, we suggest that you get in touch with an FHA-approved
lender in your area or the Homeownership Center in your area.


Housing rehabilitation is an important component of any strategy aimed at meeting
the nation's affordable housing needs. Keeping a home in good working order or
bringing one back from a state of disrepair promotes both sustainability and
affordability with every stroke of the hammer and every plumb line snap.
Pursuing
a high quality rehab or renovation can also result in homes that are
better able to withstand storms and other natural disasters.


DISCOUNT REAL ESTATE BROKER
Full Service - Discounted Fees
(Maximum broker commission 4%)

Six-Percent Real Estate Broker Business Model
Services: Broker Only
Agents: Four (4)
Commissions Paid by Seller: Four (4)
Royalties to Franchiser: Varies
Savings: None

Our Discount, Real Estate Broker Business Model
Services: Broker, Appraiser, Loan Broker, Attorney Referral
Agents: One (1)
Commissions Paid By Seller: One (1)
Royalties to Franchiser: None (0)
Savings: Minimum Two-Percent (2%)



REAL ESTATE CONSULTATIONS
Consulting is a unique real estate specialty.   It is not considered a specific
discipline with a defined body of knowledge, such as brokerage, manager, or
appraisal.   Rather, real estate consulting is a process—one that requires
technical competency, thoughtful analysis, and critical inquiry, all of which are
directed toward achieving the best results for a client or employer.   At a minimum
your consultant should have a Real Estate Brokers Licence, a General Appraisal
Licence and basic understanding of Architectural Systems, Construction Methods
and Inspection Techniques.

A Real Estate Consultant serves as the link between defining the problem and
devising a solution, or measurable economic value.  Essential to the consulting
process is the trust and confidence that prevails in the client or employer
relationship. No matter the property type, real estate decision makers call upon the
Consultants in-depth knowledge for a breadth of services including:

  • Feasibility Studies
  • Financial Analysis
  • Valuation and Appraisal
  • Acquisitions and Dispositions Consulting  
  • Real Estate Brokerage
  • Development Planning  
  • Asset Management and Capital Budgeting  
  • Site Location, Relocation, Lease/Purchase Evaluation
  • Corporate Real Estate Strategy
  • Commercial Mortgage-Backed Securities (CMBS)
  • Expert Witness Testimony and Litigation Support/Appraisal Review  
  • Investment Analysis
  • Supply/Demand Analysis
  • Highest and Best Use/Reuse Studies
  • Acquisition Due Diligence
  • Property Management and Performance Evaluation
  • Eminent Domain Appraiser/Broker  
  • Land Use Planning
  • Non-Profit Consulting   
  • Mortgage Lending
  • Pension Fund Consulting
  • Public/Private Partnerships
  • Workouts
  • Environmental Consulting
  • Facilities Planning
  • Capital Formation and Syndication
  • Exchanges
  • REITs   
  • Investment Advisory
  • Commercial Property Inspectors, Commercial Real Estate Inspectors,
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Communicate, in a timely
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