Florida is seeking a best practice recommendation regarding the conversion of a PHA property to a RAD contract and whether or not you do RAD conversions regularly. When a PHA is converting a property that is 100% ACC to 100% RAD (CHAP), what valuation method do you use to determine the “as is” appraised value? Within our housing credit policy, Florida only recognizes the lesser of the purchase price or the “as is” appraised value. Florida believes the appropriate “as is” appraisal method is to either value the property subject to the ACC restriction or a NPV of the RAD (CHAP) restriction. In the situation of a property that is restricted to 100% ACC or RAD units, the “as is” value is minimal. The developer has proposed we use a market rate, unrestricted value.