The income approach is the most reliable for the valuation of Section 515 subsidized housing. The appraiser should consider the value of the interest credit, or subsidy, in the appraisal.
Jordan, George E.
"Valuing subsidized rural housing for assessment purposes,"
Assessment Journal: Vol. 9:
2, Article 2.
Available at: https://researchexchange.iaao.org/assessment_journal/vol9/iss2/2