David S. Johnston, MAI began his multifamily appraisal career in 1999 under the mentorship of respected multifamily appraiser Robert D. Wright, MAI. Prior to forming Johnston Multifamily Valuation, Dave was co-owner of a Mid-Atlantic multifamily appraisal firm for ten years (Multifamily Valuations, LLC) serving all areas of MD, DC, VA, PA, NJ and DE.
Proficient in appraising market rate multifamily properties of all types and sizes, Dave also benefits from extensive affordable housing valuation experience including HUD MAP, Section 8, LIHTC, and USDA.
HUD appraisal work has been a central component of Dave’s appraisal career with hundreds of assignments completed to the satisfaction of HUD appraisal requirements. These assignments include appraisals for Section 223f, Section 221d4, Section 231, Section 241 and Section 220 programs.
Dave has completed hundreds of HUD Rent Comparability Studies (RCS) over the course of his career. His understanding of HUD Section 8 Renewal Guide RCS requirements, his experience and his knowledge of local markets enable him to produce rent studies that reflect current market rent levels and satisfy HUD guidelines. Dave ’completes Rent Comparability Studies on a nationwide basis.
LIHTC developers rely on Dave for appraisals that comply with state Housing Finance Agency guidelines in PA, NJ, DE, DC, MD and VA. Dave also does regular appraisal work for submission to Fannie Mae and Freddie Mac market rate and affordable housing programs. Dave has established experience with the particularities of USDA valuation requirements through his valuation of multiple portfolios of USDA projects.
Dave also does appraisal review work including HUD MAP Quality Control reviews and RCS reviews as contracted by state HAP contract administrators.
