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Continuing Education Course for Real Estate Appraisers on Valuing CLT Properties

June 10, 2021 @ 1:00 pm 4:30 pm


Approved 3.0 credit, live and live-stream course, on how to value community land trust properties in accordance with GSE Guidelines. Available in person or via Zoom.

Who Should Attend: All Montana residential real estate appraisers and reviewers, specifically including those who are currently working in the secondary market lending space: developing appraisal reports for loans that are ultimately purchased by Freddie Mac, Fannie Mae or others.

Course Description: This 3.0 credit hour, live and live-stream course, developed by Trust Montana, a non-profit organization operating as a CLT in the state of Montana, presents general information on the CLT model as one solution to providing affordable housing in perpetuity, and the recognized method for appraising these properties so they are affordable for low- to moderate-income homebuyers and qualify to be purchased on the secondary market. Attendees will learn how a community land trust operates, the legality of the model, about the CLTs operating in Montana, the way the model ensures housing remains affordable in perpetuity, the lender’s role with the appraiser, and the method for valuing CLT properties to meet the requirements of CLTs and lenders.The course will conclude with a detailed example demonstrating the valuation of a Leasehold Interest and the proper completion of the appraisal report, specifically in accordance with Fannie Mae requirements.

Learning Objectives:

  • Describe the division of property ownership under the CLT model.
  • Understand the legality of the CLT model and the division of property interests.
  • Explain how the CLT model ensures affordability in perpetuity.
  • Learn about the CLTs in Montana, where they operate, how they started, and their goals.
  • Understand why the valuations of CLT properties are essential to the functioning and duration of the model.
  • Gain perspective on the lender’s role in the CLT model.
  • Understand and explain the need to use comparable sales with fee simple ownership in the sales comparison approach for CLT properties (as opposed to using other CLT home sales as comparables).
  • Learn the process for developing and supporting the valuation adjustment for the leasehold interest in a CLT property.
  • Become familiar with the appraisal report requirements of Fannie Mae when valuing CLT properties, including the need for and contents of an addendum.

Prerequisites: None.

Audit the Course: If you are not a real estate appraiser and are not seeking CE credit but interested in this course, please email lori@trustmontana.org to get information for auditing the course via Zoom.

Course Instructors:

  • Lori Freeman, General Counsel, Trust Montana, Inc.
  • Darwin Ernst, SRA & AI-RRS, Certified Residential Real Estate Appraiser & Agent, Eickert Realty, LLC
  • Matthew Gehr, Real Estate Lender, First Security Bank

Alexander Blewett III School of Law

32 Campus Drive
Missoula, Montana 59812 United States
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