The Appraiser must identify if the Property is located within a Runway Clear Zone (also known as a Runway Protection Zone) at a civil airport or Clear Zone military airfield and consider the effect of the airport hazards on the marketability when valuing the subject Property.
For Properties located in an Accident Potential Zone 1 (APZ 1) at military airfields, the Appraiser must require compliance with the Department of Defense (DoD) Guidelines and a buyer’s acknowledgement. The Appraiser must condition the appraisal on the Borrower’s acknowledgment of the hazard. The Appraiser must identify if the Property is affected by noise and hazards of low flying aircraft because it is near an airport. The Appraiser must review airport contour maps and analyze accordingly.
The Appraiser must determine and report the marketability of the Property based on this analysis.
For additional information see Handbook 4000.1 II.D.3.c.iii(C) at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh