DETERMINATION OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTIES.

SEC. 505. DETERMINATION OF FAIR MARKET VALUE OF RESIDENTIAL PROPERTIES. Section 47504 (as amended by this Act) is further amended by adding at the end the following: “(f) Determination of Fair Market Value of Residential Properties. In approving a project to acquire residential real property using financial assistance made available under this section or chapter 471, the Secretary shall ensure that the appraisal of the property to be acquired disregards any decrease or increase in the fair market value of the real property caused by the project for which the property is to be acquired, or by the likelihood that the property would be acquired for the project, other than that due to physical deterioration within the reasonable control of the owner.” .