While commemorating the 100th anniversary of the Tulsa Race Massacre, President Joe Biden announced federal efforts to narrow the wealth gap between people of color and white Americans.
According to MarketWatch, the White House announced it will launch a first-of-its-kind interagency effort to address, among many things, inequality in home appraisals. Biden is also proposing a new Neighborhood Homes Tax Credit to attract investment in developing or rehabilitating homes for low- and moderate-income buyers.
Late Tuesday, the National Association of Realtors applauded the administration’s proposals.
“We commend the Biden Administration for its commitment to closing the gap, specifically by focusing on the intergenerational wealth building opportunities offered by property and home ownership,” NAR President Charlie Oppler said via a statement.
“NAR is particularly encouraged by the administration’s most recent efforts to address inequities in the home appraisal process,” Oppler continued, “and we support a thorough review of the current appraisal system alongside both public and private stakeholders.”
Additionally, the administration plans to grow federal contracting with small, disadvantaged businesses. The effort is proposed to translate to an extra $100 billion over five years.