The Housing and Urban Development office has announced that an interagency task force aimed at combating inequity in appraisals will be co-chaired by former United Nations ambassador Susan Rice.
According to HousingWire, the Property Appraisal and Valuation Equity task force will deliver a report to President Biden within six months to describe the “extent, causes, and consequences of undervaluing of properties,” a HUD official told HousingWire. The effort will culminate in a actions for consumers and industry stakeholders, as well as policies for agencies.
As has been widely covered as of late, home appraisals have become noted as a significant driver of the widening valuation gap between homes in minority neighborhoods compared to those in white neighborhoods.
Earlier this year, Biden called on HUD Secretary Marcia Fudge to lead a “first-of-its-kind interagency effort” to “seek to utilize, quickly, the many levers at the federal government’s disposal, including potential enforcement under fair housing laws, regulatory action, and development of standards and guidance” to combat any appraisal bias in the homebuying process.
Rice currently chairs Biden’s Domestic Policy Council, and leads the administration’s effort to advance racial justice and equity.