Chapter
1
Appraisal & Property Requirements
Page 1-18a
1.
Airport Noise:
Properties are not to be rejected solely because of airport influences
(noise) if there is evidence of acceptance in the market and if
use of the dwellings is expected to continue. Special consideration
should be given to determine if there is indication that adverse
changes in market attitude are taking place in the area.
2.
Hazards: Runway
Clear Zones (aka Runway Protection Zones) at Civil Airports or Clear
Zones or Accident Potential Zone I at Military Airfields.
- Special
notification is required for all cases involving FHA insurance
for the purchase of an existing property in a Runway Clear Zone
or Clear Zone. The buyer must be notified that the property is
in a Runway Clear Zone or Clear Zone, what the implications of
such a location are, and that there is a possibility that the
airport operator may at a later date, acquire the property. The
buyer must sign a statement acknowledging receipt of this information.
(24
CFR 51.303(a)(3)). This notification must be provided to the
prospective purchaser at the time the loan application is initiated.
- Properties
located in Accident Potential Zone I at military airfields may
be eligible. Buyers of such properties are to be provided with
the same notification as those purchasing an existing property
in a Runway Clear Zone; see above.
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