Topic:
The Value after Rehabilitation Appraisal Act
(Ford, D-Chicago) provides that an appraisal may take value after rehabilitation into account for any program administered by this State that requires an appraisal to be performed on real estate (unless prohibited by federal law or regulation). An appraisal that takes value after rehabilitation into account must be accepted to the same extent that other appraisal methods for real estate sales and refinances are accepted. House Bill 367 has just been introduced.