I am unaware of any appraisal standards which would preclude CA appraisers from using the “low-income” comp as a sold comparable to appraise the exact same market rate unit in the same complex. Of course, the listings of the low income units would state that they can only be sold to income-qualified buyers.
Will the low-income owners in the complex have to re-sell in the future at 20% less than “the current market” (whatever that turns out to be)? If so, how is their resale listing price determined? And who determines it? Are they allowed to make a profit upon sale?
I am not an appraiser (any Piggs??) but have taken the CA RE Appraisal course.
