FCT Appraisal Requirements

1. Appraisals of a project site are to be secured by either Florida Communities Trust or the grant recipient and must reflect the value of the project site only.
2. Appraisal reports must be completed by appraisers on the approved list of the Department of Environmental Protection, Division of State Lands, Bureau of Appraisal.
3. If a property's value is less than $1,000,000, one appraisal is required. When the value is equal to or above $1,000,000, two appraisals are required. For multiple-owner projects, this threshold applies to each ownership, not the entire project.
4. Appraisals must conform to the Uniform Standards of Professional Appraisal Practice as defined in Chapter 475, Part II, Florida Statutes.
5. All appraisals must be reviewed by Florida Communities Trust. There may be some instances when a third-party appraisal review is required. The grant recipient will be notified should an additional review be required. See below for the list of contracted appraisers providing appraisal review services for Florida Communities Trust.
6. All appraisals, contracts and negotiations must remain confidential until a contract is executed by the owner(s) and recipient and conditionally accepted by Florida Communities Trust. At the time a project is selected for funding and the recipient enters into a grant contract with Florida Communities Trust, any person who will have access to the appraisals or contracts must sign the confidentiality agreement that will be sent to the recipient by Florida Communities Trust.

Appraisal Related Documents and Links