Earlier this year, the Appraisal Institute released an updated form intended to help analyze values of green and energy-efficient home features. The new form specifically provides an opportunity for a property to be identified as certified to the ICC 700 National Green Building Standard (NGBS), as well as LEED.
The Institute originally issued its Residential Green and Energy Efficient Addendum in September 2011, as an optional addendum to Fannie Mae Form 1004, the most widely used form for mortgage lending purposes. Form 1004 devotes limited attention to energy-efficient features, so green data usually doesn't appear in the appraisal report, or it is included in a lengthy narrative that often is ignored. The updated five-page green addendum, which reflects input from both NAHB and USGBC, now allows appraisers to identify and describe a home's green features, from solar panels to energy-saving appliances.
For more information on how to use the addendum for the benefit of Home Innovation NGBS Green Certified projects, contact us.
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