99- 346 C.M.R. ch. 34, § 7
The Current Appraised Value of the Low-income Rental Housing Project is based on the value of the property based on its continued use as a Low-income Rental Housing Project as determined by an appraiser for Maine Housing and an appraiser for the owner. Both appraisers must be independent appraisers who are Certified General Real Property Appraisers licensed by the Maine Board of Real Estate Appraisers and have at least five (5) years of experience valuing income and rent restricted multifamily properties. Each party will pay for the cost of the appraiser selected by the party. If the difference between the two appraisals is within 10% of the lower of the two appraisals, the Current Appraised Value will be the average of the two appraisals. If the difference between the two appraisals is greater than 10% of the lower of the two appraisals, then the two appraisers will jointly select a third appraiser. If the two appraisers are unable jointly to select a third appraiser, either Maine Housing or the owner may, upon written notice to the other, request that the appointment be made by the American Arbitration Association or its designee. Maine Housing and the owner will share equally the cost of the third appraiser. The third appraiser will do its appraisal without reviewing the other appraisals. If the third appraisal is less than either of the first two appraisals, then the Current Appraised Value will be the average of the two lowest appraisals. If the third appraisal is greater than the first two appraisals, then the Current Appraised Value will be the average of the two highest appraisals. If the third appraisal falls between the previous two appraisals, the Current Appraised Value will be the value established by the third appraisal.
99- 346 C.M.R. ch. 34, § 7