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Rent-Restricted Housing Projects Valuation Committee

General Information
  • Formal Name:
    Rent-Restricted Housing Projects Valuation Committee
  • Contact Person:
    Pat Albro, Chairperson, 308-535-8053, pat.albro@nebraska.gov
  • Purpose:
    The Rent Restricted Housing Projects Valuation Committees (Committee) primary duty is to determine the appropriate capitalization rate(s) to be used by county assessors when applying the net operating income valuation methodology to rent-restricted housing projects.
  • How Many Affectable:
    265 rent-restricting housing projects were reported to the Nebraska Department of Revenue in 2015.
  • How Many Served:
    All 93 county assessors.
  • Year Created:
    2015.
  • Year Active:
    2015.
  • Sunset Date:
    Not Applicable.
Authorization
  • Authorization Citation:
    Neb. Rev. Stat. 77-1333.
  • Parent Agency:
    Nebraska Department of Revenue.
Memberships and Meetings
  • Number Of Members:
    Four.
  • Who Appoints:
    Tax Commissioner and Property Tax Administrator.
  • Legislative Approval:
    None.
  • Qualifications Of Members:
    Neb. Rev. Stat. 77-1333(4) sets out the qualifications for each member as follows: (a) A representative of county assessors appointed by the Tax Commissioner who is skilled in the valuation of property and holds a certificate issued under section 77-422;(b) A representative of the low-income housing industry appointed by the Tax Commissioner, based on a recommendation made by the Nebraska Commission on Housing and Homelessness;(c) The Property Tax Administrator or a designee of the Property Tax Administrator who holds a certificate issued under section 77-422 who serves as the chairperson of the committee; and(d) An appraiser from the private sector appointed by the Tax Commissioner, who holds either a valid credential as a certified general real property appraiser under the Real Property Appraiser Act, or an MAI designation from the Appraisal Institute.
  • Per Diem:
    None.
  • Expense Reimbursement:
    None.
  • Term Length:
    No limit.
  • Terms Rotate or Expire At Once:
Meetings Required In:
  • Required FY 13-14:
    None.
  • Held FY 13-14:
    blank
  • Required FY 14-15:
    None.
  • Held FY 14-15:
    blank
  • Required FY 15-16:
    One, required to meet annually in November.
  • Held FY 15-16:
    Eight.
Operations
  • Support Staff:
    None.
  • Shared or Separate:
    Not Applicable.
  • FY 13-14 Budget:
    Not Applicable.
  • FY 14-15 Budget:
    Not Applicable.
  • FY 15-16 Budget:
    Not Applicable.
  • Other Funding Sources:
    None.
  • Spending Authority:
    None.
Accomplishments
  • Since July 1, 2012:
    LB 356 took effect August 28, 2015, creating a narrow window in which the Committee had to work within to accomplish statutory obligations. The committee was formed, an income and expense report was adopted, and project information was received, structured, and analyzed. A report was issued on December 1, 2015, in accordance with Neb. Rev. Stat. 77-1333(7) describing the analysis and determination of the capitalization rate to be used against the income stream derived for each project by every county assessor. On December 10, 2015, members of the Committee gave a presentation to county board members on LB 356, Section 42--Housing during the Nebraska County Officials Meeting held in Kearney. The presentation covered the origination of the bill, when it was signed into law, the analysis and the development of the capitalization rate. The application of the income stream to arrive at value was also discussed.The first meeting of 2016 was held on January 14. At this meeting, the Committee discussed the modification of the income and expense report, requiring the attachment of the projects last audit and requiring that all reports be filed electronically to allow more time for organization and analysis of data.During the next meeting on February 11, a draft reporting form was developed and made available to county assessors and the rent-restricted project owners for input and comment. The Nebraska Investment Finance Authority (NIFA) held a conference in LaVista, Nebraska on March 11, 2016. The Committees presentation at the conference was well received. The Committee received praise for taking the initiative to educate those not only involved in the industry but county officials as well.The next meeting of the committee is scheduled for June 29. Further work will be done on the reporting form to move forward on its adoption.