CHICAGO (June 1, 2011) – Kenneth N. Alford, MAI, and David C. Wellsandt of Omaha, Neb., are the winners of the 2010 Swango Award for their article, “Appraising Low-Income Housing Tax Credit Real Estate,” published in the Fall 2010 issue of The Appraisal Journal.
The Appraisal Journal’s Editorial Board presents the Swango Award to the best article published during the previous year on residential, general or technology-related topics, or for original research of benefit to real estate analysts and valuers. The Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers.
The article must be written by an appraisal practitioner. Articles are judged based on practicality and usefulness in addressing issues faced by appraisers in their day-to-day practice, logical analysis, perceptive reasoning and clarity of presentation. The award includes a $1,000 honorarium.
In their article, Alford and Wellsandt discuss the process of appraising properties in the Low-Income Housing Tax Credit (LIHTC) program. They argue that appraisers need to fully understand the property rights being appraised, the restrictions of the LIHTC program and the potential benefits of the tax credits. While the article’s primary focus is LIHTC properties in Nebraska, it is intended to assist appraisers in appraising LIHTC properties nationwide.
Alford is a certified general real property appraiser with the firm Alford & Associates, LLC, in Omaha. He is an associate instructor of the Appraisal Institute, and is a board member and officer of its Nebraska Chapter. He holds a bachelor’s degree in economics from Wheaton College and received his MAI designation from the Appraisal Institute.
Wellsandt is a certified general property appraiser with the appraisal firm of Mitchell & Associates, Inc. in Omaha. He is a former board member of the Nebraska Chapter of the Appraisal Institute and a member of the Omaha Board of Realtors. He holds a bachelor’s degree in business administration with an emphasis in finance from University of Nebraska–Lincoln.