April 14, 1997

Mr. David S. Bunton
Executive Vice President
The Appraisal Foundation
1029 Vermont Avenue, NW, Suite 900
Washington, DC 20005-3517

Dear Mr. Bunton:

Enclosed is one executed copy of Contract/Purchase Order #T53600363. I apologize for the delay in providing this document. As I told you when we discussed this issue, the transition from having HUD handle this item has us in a learning process.

I believe that you will find the enclosed contract to be very similar to the Grant documents you have received from HUD during the past several years. The primary change is the cover document: GSA Form 300 - Order for Supplies and Services versus HUD-1044 - Assistance Award/Amendment. Various references within the details have been changed to reflect the transition from HUD to the ASC. Your Statement of Work has been attached as Attachment A.

If you have any questions, please let us know.


Ben Henson
Executive Director