The Appraisal Subcommittee (ASC) recently shared its Notice of Funding Availability (NOFA)  identifying a partner to work closely with the ASC in the development and delivery of high-quality training and technical assistance to state appraiser and appraisal management company (AMC) regulatory programs, the ASC announced in a release. 

“Over the next three years the ASC will invest over $1M to improve state appraiser and AMC regulatory processes and advance the appraisal industry with high-quality, impact-oriented programming,” ASC Executive Director Jim Park said in the release.  “We are looking to create a pool of high-quality applicants for this competition.  Note also, we are encouraging applicants to find strategic partners for joint applications.”

The deadline for applications is Wednesday, Nov. 18, at 8 p.m. EST. 

Additionally, the ASC approved its FY21 budget Including $4.7 million in federal grants at a virtual public meeting on Sept. 9.

The FY21 budget includes:

• A projected revenue of $10.2 million.
• A figure of $8.9 million in expenses, including $4.7 million in federal grant funds.

“A 4-percent increase in operating expenses was also approved, including improvements to ASC website, assistance for states to implement the National Registry Unique Identification Number and new state compliance review software. ASC revenue solely comes from national registry fees paid annually by credentialed appraisers and registered AMCs,” the ASC said.

The ASC has seen a significant increase in actual and projected revenue due to the AMC National Registry which went on-line a little over 2 years ago.

“In 2020, the ASC committed nearly $14 million in federal grant funds to be disbursed over the next three years and we’re just getting started,” Park said in the release. “We are excited for the opportunity to put those funds to work for the states, The Appraisal Foundation, appraisers, AMCs and the valuation industry.”

Title XI requires the ASC to provide federal oversight of state appraiser and appraisal management company (AMC) regulatory programs, and a monitoring and review framework for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions, according to a release.

Title XI also requires the ASC to make grants to the state appraiser certifying and licensing agencies to support states’ efforts to comply with Title XI.

The cooperator will support states that want to access training and technical assistance opportunities offered through this NOFA, but that have not yet applied directly to the ASC for a State Support Grant. States will be allowed to seek reimbursement for training and other eligible activities from the ASC’s cooperator.

Funds will be added to this cooperative agreement over and above the initial $1,050 million allocated for the three years of the award to support states. The ASC has a total of $1,050 million for this program over a three-year grant period with $350,000 available for the first year. The ASC anticipates awarding one grant under this NOFA.