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Voice of opposition: real estate groups want revisions to HUD's section 8 guide book.

The Appraisal Institute is part of a coalition of real estate associations that sent a letter May 14 to the U.S. Department of Housing and Urban Development expressing opposition to a proposed Section 8 Renewal Policy Guide Book.

The guide book would use raw census data as a comparison of proposed renewal rents established by an owner-contracted rent comparability study in order to determine whether a second HUD-contracted RCS is warranted.

In opposing HUD's proposal, the coalition said that median gross rents do not reflect market conditions and affirmed that median gross rents are based on outdated information and not adjusted for inflation. The coalition letter also cited multiple methodology concerns relating to the staleness of census data.

In addition to Al, the coalition includes the Council for Affordable and Rural Housing, the Institute of Real Estate Management, LeadingAge, the Mortgage Bankers Association, the National Affordable Housing Management Association, the National Apartment Association, the National Association of Home Builders, the National Association of Housing Cooperatives, the National Leased Housing Association and the National Multifamily Housing Council.

View the letter at

www.appraisalinstitute.org/assets/1/29/Final_Version.pdf.

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Publication:Valuation Magazine
Date:Jun 22, 2014
Words:190
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