CHA-CHING

Biden Admin Announces Plan to Fight Racial Bias in Home Appraisals

The plan is meant to increase oversight and hold organizations accountable during the appraisal process.

The Biden-Harris administration released a new plan Wednesday aimed at ending racial bias in home valuations. The Interagency Task Force on Property Appraisal and Valuation Equity—or PAVE Action Plan—was created to “advance equity in the home appraisal process,” according to a White House press release. Racial discrimination in housing appraisals has undervalued homes in Black and Hispanic areas, perpetuating the racial wealth gap. The Biden administration’s plan is meant to increase oversight and hold organizations accountable during the appraisal process, “which has long operated in a relatively closed and self-regulated framework,” the administration’s plan reads. If a homeowner feels as if their property has been undervalued, the PAVE Action Plan provides guidelines on how they can contest the appraisal.