N.Y. Comp. Codes R. & Regs. tit. 9 § 431.6

Current through Register Vol. 46, No. 45, November 2, 2024

Section 431.6 - Appraisals

Appraisals shall be prepared according to the following requirements:

(a) Appraisals shall be prepared by a qualified appraiser in accordance with the guidelines of the office.

(b) Appraisers shall either be licensed or certified by the State of New York or appear on the New York State Department of Transportation's list of qualified appraisers.

(c) Appraisals must be conducted no more than 12 months prior to the acquisition of the property by the project sponsor.

(d) If the property is valued at $300,000 or more, two appraisals must be obtained.

(e) If the property is valued at less than $300,000, one appraisal is required.

(f) If the property is valued at less than $25,000, a shortform appraisal may be used at the discretion of the office.

(g) The office may change appraisal requirements to conform to any guidelines which may be issued by the State Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 431.6