Special Attention Bulletin

• Effective immediately, expands the provisions associated with canceling a project prior to four years from the approval date if the project fails to make reasonable progress towards draw down of the subsidy and completion of units.

• Effective in 2008 Round A, amend the appraisal requirements under the “Use of Donated or Conveyed Government - Owned or Other Property,” scoring category to: 1) accept appraisals from state and local agencies (in addition to federal agencies) and from appraisers with a Member, Appraisal Institute (MAI) designation; and, 2) establish that an appraisal must specify an “as of” valuation date that is within six months of the fully executed acquisition agreement and must have been ordered for the purpose of providing financing to the buyer of the property.
  
  
• Effective in 2008 Round A, eliminates a factor in the algorithm used to calculate targeting scores for owner-occupied projects.

• Effective immediately, amend the text under Monitoring Prior to Project Completion – Semiannual Survey so it is consistent with the revised guidelines for the Time Limits on Use of Subsidy policy referenced above.