The Property and Capital Valuation Plan (PAVE) outlines how the administration will strengthen oversight and take responsibility for ubiquitous issues, including updating the management structure of the appraisal industryand improving the way federal law enforcement detects and handles allegations of racist discrimination in housing valuations.
“Because their homes are undervalued – because understand that there are real consequences – blacks and Hispanics often have to pay more for their mortgages, get less when they sell a home, and have less access to equity credit lines,” Vice President said. the president Kamala Harris the statement said.
More than once Black homeowners saw them The valuation of housing doubles after a white friend intercedes for them or after removing your own family photos, black art, and other identifying items from home.
PAVE’s plan, Vice President Harris says, “describes the full range of actions our administration will take to advance capital in the valuation process». This includes diversifying the workforce in valuation, Harris added.
“Less than 5% of housing appraisers in America are people of color. Lack of diversity can cause both conscious and unconscious biases that make housing valuations less accurate and less fair. ”