Affordable Multifamily

BBG has deep experience in the affordable apartment analysis segment.

Our specialized expertise includes workforce or broadly affordable housing, HAP subsidy contracts, inclusionary zoning programs, low income housing tax credit allocations, bond-financed communities, and USDA subsidy contracts.

Affordable Housing Financing/Encumbrance Types

  • LIHTC Encumbered
  • HAP Contract Subsidized
  • Bond Financed Housing
  • USDA Contract Subsidized
  • Workforce Housing
  • Inclusionary Zoning
  • Broadly Affordable


  • Developers
  • GSE (Freddie/Fannie) lenders
  • HUD lenders
  • Banks
  • Syndicators
  • Private Lenders
  • Tax Credit Allocation Committee


  • Market and Feasibility Studies
  • Appraisals
  • Rent Comparability Studies
  • HAP Mark Up to Market
  • Portfolio Valuation
  • Partnership Valuation
  • Litigation Support

 Critical Valuation Issues

  • Layering of subsidies and income restrictions
  • Utility Allowance reimbursement/treatment
  • Regulatory requirements for various programs
  • Feasibility of new development or renovation programs
  • Partnership valuations for LP and GP positions in ownership
  • Tax exemption valuation impacts
  • Rental assistance demonstration program
  • Ground lease analysis
  • Qualified contract valuations

Mary Ann Barnett, MAI

Senior Managing Director
Affordable Multifamily Practice Leader

Mary Ann is the Senior Managing Director of the Dallas office and an expert in affordable and commercial product lines. She is a Partner at BBG and has extensive experience in commercial real estate valuation. She has significant expertise with multi-family valuation, feasibility, and market studies of conventional and affordable properties. She also has extensive experience in the valuation of condominiums, single-family subdivisions, and hotels. Mary Ann manages BBG’s multi-family, HUD oriented, and affordable housing work. She has particular expertise in LIHTC and HUD MAP financed multi-family housing.

Affordable Multifamily Statistics




Clients Served


Annual Projects 

Bundled Services

One-stop shop for valuation + assessment services.

Our Services

Valuation Services

  1. Appraisals - Single Asset and Portfolios
  2. Appraisal Management
  3. Appraisal Review
  4. Arbitration & Consulting
  5. Estate Planning
  6. Evaluation
  7. Feasibility Studies
  8. Highest and Best Use Studies
  9. Insurance Valuation
  10. Investment Analysis
  11. Lease and Cost Analysis
  12. Litigation Support
  13. Tax Appeals
  14. Valuation for Financial Reporting

Assessment Services

  1. Environmental Due Diligence
    • Phase I/II ESA
    • TSA, RSA, and other Streamlined Services
  2. Property Condition Assessment Reports
    • Debt/Equity
  3. Construction Risk Management
  4. Energy Efficiency Services
  5. HUD
  6. Indoor Air Quality
    • IAQ/Radon
    • ACM/LBP
  7. Seismic Services
  8. Survey Services
  9. Zoning Services

Advisory Services

  1. ASC 805 Business Combinations
  2. ASC 840 Leases
  3. Purchase Price Allocations
  4. Portfolio Valuations for Reporting Net Asset Values (NAV)
  5. Public and Non-Traded REIT Valuations
  6. Valuations for Litigation and Litigation Support
  7. Sale-Leaseback Valuation Analysis
  8. Valuations for Bankruptcy/Fresh Start Accounting
  9. Cost Segregation Analysis

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Industry News

Oct 26 2023

New Legislation Seeks to Bolster Florida’s Affordable Housing Opportunities 

Florida’s real estate industry and many of its residents are pinning their hopes on recently enacted legislation designed to make more housing affordable in the...
Mar 11 2022

Build-for-Rent Filling the Single-Family Home Gap

Owning a single-family home remains an elusive American Dream for a growing number of prospective buyers in today’s housing bull market. The reason is simple:...
Aug 31 2021

Strong Housing Demand Spurs Growth in U.S. Multifamily Market

Shrinking housing inventory, low interest rates, higher building costs driving compression in cap rates for this property sector   Surging rental rates, dwindling...
Aug 26 2021

Population Shift, Pandemic Driving Changes in U.S. Housing Market

Sunbelt states leading U.S. population growth areas A shift in U.S. population demographics and the COVID-19 pandemic’s lingering impact are signaling key changes in...
Jun 16 2021

Infrastructure Plan Seeks to Aid Efforts to Expand Affordable Housing

The proposed national infrastructure plan may give more hope to Americans who have been denied access to affordable housing due to limited supply. In April, President...
Apr 26 2021

Converting Hotels into Multifamily Properties Can Improve Housing Affordability

By Mary Ann Barnett, MAI and John H. Wright Jr., MAI An alternate use for hotels that were negatively impacted by the COVID-19 pandemic is transformation into...
Dec 14 2020

CDC’s Eviction Moratorium Harms Housing Providers While Kicking the Can Down the Road

A national residential eviction moratorium in effect through the end of the year is harming the multifamily sector while failing to provide adequate protections to...
Houston, Texas, USA Downtown Skyline at Dusk
Jun 18 2020

Houston Developments Move Forward Despite Economic Downturn

While the coronavirus is impacting virtually every U.S. city’s economy, Houston is grappling with a potential double-dose—an oil bust amid a pandemic. In the face of...
Jan 31 2020

Rent Control: Demand is Spreading, But What About Policy?

Will rent control spread from large coastal cities? Is it coming to a market near you? Both  possibilities are reasonable, as political and legal momentum for rent...
Feb 20 2019

Feel the Brotherly Love: Folks Flock to Philadelphia, Home of BBG’s Newest Office

When BBG announced in January the opening of its Philadelphia office—and the appointment of Jim Klementisz, MAI, SRA, as Director—BBG Senior Managing Director Kenneth...