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Affordable Housing: HUD Form - 92273 S8

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Jen McGee

HUD Form 92273 S8 is the Section 8 version of the Rental Housing Market Analysis form. It is used in assignments involving Section 8 Housing Assistance Payment (HAP) contracts, where the appraiser must support contract rents against market evidence for each assisted unit type.

The HUD 92273 S8 module in the Valcre Workbook generates one dedicated worksheet per unit type (up to five worksheets in total) rather than placing multiple forms on a single sheet. This structure keeps each unit type’s analysis self-contained and makes the completed forms easier to review and export.

Use this guide if your FHA assignment involves Section 8 contract rents. If your assignment uses standard (non-Section 8) market rents, refer to the HUD 92273 Standard guide instead.

How does this differ from HUD 92273 Standard? The Standard module creates 3 worksheets (one per valuation scenario) with up to 5 forms each. The S8 module creates up to 5 worksheets, one per unit type, each containing a single complete form. The S8 form also includes a Concluded Market Rent field and FHA Project Number field not found in the Standard form.

Table of Contents

  1. Loading the HUD92273 S8 Module
  2. Completing Each S8 Form
  3. Troubleshooting

 

Prerequisites

Requirement Details
Subscription Professional or Enterprise Subscription 
+ Affordable Housing Add-on
Workbook Version 1.6.3.1 or higher
Add-in Version 2.0.12.0 or higher
UNITMIX Sheet Must be fully completed before loading
SURVEY1 Sheet Import comps here
SURVEY2 Sheet Import additional comps here if applicable for many subject unit groups or complex scenarios. 

Loading the HUD92273 S8 Module

Step 1: In the Valcre Ribbon, select Load Module → HUD-92273-S8:
Worksheet Intended Use Notes
HUD92273_S8P1 Unit Type 1 Complete first
HUD92273_S8P2 Unit Type 2 Complete if applicable
HUD92273_S8P3 Unit Type 3 Complete if applicable
HUD92273_S8P4 Unit Type 4 Complete if applicable
HUD92273_S8P5 Unit Type 5 Complete if applicable

Completing Each S8 Form

Follow these steps for each HUD92273_S8 worksheet you need to complete. Start with HUD92273_S8P1 and work through subsequent worksheets for each additional unit type.

Step 1: Select the Survey Module and Unit Types

At the top of the worksheet, you will see two sets of controls: one to select which Survey module to pull comp data from, and one to select the unit type for your Subject and each comparable.

1a. Select the Survey module: choose SURVEY1 or SURVEY2 depending on which set of comparables is appropriate for this unit type.

1b. Select the Subject unit type using the Subject dropdown.

1c. Select the unit type for each Comp using the Comp dropdowns across the top of the worksheet.

SURVEY1 vs. SURVEY2: which do I choose?  

  • Use SURVEY1 for your comps. A majority of the time, this will be the only place you need to load in comps.  
  • Use SURVEY2 if you have a complex scenario such as the subject property has multiple different unit types and you need to use multiple different comparable surveys to account for all those unit types.  
  • The choice should be consistent with the valuation scenario you are supporting. If your assignment has only one set of comps, they are most likely in SURVEY1.
Once selections are made, the form will populate with Subject and comparable data for the selected unit type.

Step 2: Complete the Header Fields

At the top of the form body, confirm and complete the following header fields:

  • Unit Type: select the unit type being presented in this form (should match your Step 1 dropdown selection)
  • FHA Project Number: enter the subject property’s FHA project number manually. This does not auto-populate.

 
What is the FHA Project Number? The FHA Project Number is assigned by HUD and identifies the subject property in their system. It is typically found in the engagement letter, the HUD MAP lender’s project file, or on prior HUD correspondence for the property. Contact your client or the lender if you do not have it.

Step 3: Review auto-populated fields and complete fields Requiring manual entry

3a. After selecting the Survey module and unit types, review the fields that have populated from your SURVEY data. 

  • If any data looks incorrect, return to the relevant SURVEY sheet to correct the source data, then re-select the unit type dropdowns to refresh the form.

3b. Complete fields Requiring manual entry or drop-down selections

Step 5: Review the Adjustments Recap and Adjusted Rents

Scroll down to the Adjustments Recap section. This section summarizes all adjustments entered for each comparable and calculates the adjusted rent.

  • Review each line item in the recap to confirm the adjustments reflect your analysis
  • Confirm that adjusted rents are calculating correctly
  • If an adjustment appears incorrect, return to the adjustment row above and correct the entry

Step 6: Enter the Estimated Market Rent

Below the Adjustments Recap, enter your Estimated Market Rent for the subject unit type in the designated field.

 
How should Estimated Market Rent be determined? The Estimated Market Rent is the appraiser’s concluded market rent for the subject unit type, supported by the comparable analysis above. It should reflect a supportable point within the range of adjusted comparable rents. 

Step 7: Add Signature and Date

At the bottom of the form, add your appraiser signature and the report date.

7a. Navigate to the HOME sheet in your Workbook.

7b. Copy your saved appraiser signature from the HOME sheet.

7c. Return to the S8 worksheet and paste the signature into the signature field at the bottom of the form.

7d. Enter the report date in the date field adjacent to the signature.
Snag_60ad7b3.png Pro Tip: Your signature is stored on the HOME sheet for easy reuse. Always copy from there rather than retyping to ensure consistency across all forms in the Workbook.

Step 8: Move to the Next Unit Type Worksheet

Once a worksheet is complete, navigate to the next S8 worksheet (HUD92273_S8P2, P3, etc.) and repeat Steps 1 through 7 for each additional unit type.

Each worksheet operates independently. Selections on one worksheet do not carry over to others, so you will make fresh Survey module and unit type selections on each worksheet

Troubleshooting

If you encounter an issue not listed below, contact Valcre Product Support.

Issue Resolution
Unit type dropdowns are empty Confirm the UNITMIX and SURVEY1/2 sheets are fully completed and saved before loading the module.
Comp data is not populating Confirm comps are imported to the correct SURVEY sheet and that SURVEY1 or SURVEY2 is selected at the top of the worksheet.
FHA Project Number field is blank This field does not auto-populate. Enter the FHA Project Number manually. Obtain it from your engagement letter or the lender’s project file.
The HUD-92273-S8 option is missing from Load Module Confirm your Add-in and Workbook versions are at the minimum requirement listed in the prerequisites and that you have purchased the Affordable Housing add-on. Contact your administrator if the option remains missing.
I only need forms for two unit types, not five Complete only the worksheets you need (P1 and P2 in this case) and remove the unused worksheet links from your Valcre Report.
Adjusted rents look incorrect Return to the adjustment rows for the affected comp and confirm each adjustment was entered as a dollar value (positive for inferior comp, negative for superior comp).

Additional Questions?  Valcre Support is ready to help with all your Valcre product questions! You can connect to us via phone, email, or chat! 

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