### Question
What does net appreciated value mean?


### Answer
**Net appreciated value** has the following meaning in *12 U.S.C. § 1715z*:

> the amount by which the sales price of the property (less the mortgagor's selling costs) exceeds the actual project cost after completion, as approved by the Secretary

#### Citation:
  - *12 U.S.C. § 1715z*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS > SUBCHAPTER II-MORTGAGE INSURANCE**

