Division of Housing and Community Development
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Florida Communities Trust
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Appraisal Requirements
Who may provide appraisals for F.C.T. projects? F.C.T. will only accept appraisal reports completed by appraisers on the F.C.T. approved appraiser list. F.C.T. has adopted for use the approved appraiser list (opens new window) from the Department of Environmental Protection, Division of State Lands, Bureau of Appraisal. Please contact Caroline Sutton at (850) 922-1707 or Caroline.Sutton@dca.state.fl.us for a list of approved appraisers for your area.
May appraisals completed for property owners/sellers be submitted? No. The appraisals must be completed for the Recipient of the grant.
How many appraisals are required for a property? If a parcel or ownership is valued at or above $500,000, two appraisals are required. If the value is below $500,000, only one appraisal is required. For multiple owner projects, this threshold applies to each ownership, not to the project as a whole.
Are the appraisals confidential? Yes. All appraisals, contracts and negotiations are to remain confidential until a contract is executed by the owner(s) and Recipient and conditionally accepted by F.C.T.. At the time a project is selected for funding and the Recipient enters into a Grant Contract with F.C.T., any person that will have access to the appraisals or contracts must sign the Confidentiality Agreement that will be sent to the Recipient by F.C.T.. This does not apply to Pre-Acquired or Reimbursed projects.
Must appraisals be completed according to certain instructions? Appraisals sent to F.C.T. for review must conform to the Uniform Standards of Professional Appraisal Practice (U.S.P.A.P.), as defined in Chapter 475, Part II, Florida Statutes, as well as F.C.T. appraisal instructions and procedures. F.C.T. instructions and procedures may be downloaded from this site. The reports must be self-contained appraisal reports as described under Standards Rule 2-2(a) of the U.S.P.A.P.
What if appraisals reflect more area than included in a grant project? The appraisals must be revised to reflect the value of the F.C.T. project site only.