Recognizes United States Department of Housing and Urban Development Secretary Marcia L. Fudge for leadership in ending bias in home valuation through Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) initiative.
The PAVE initiative is a critical step toward rectifying historical injustices in home appraisals. A study cited in the resolution found that homes in predominantly black neighborhoods are undervalued by approximately 21 to 23 percent compared to those in non-black neighborhoods. This significant valuation disparity amounts to an estimated loss of $162 billion for homeowners, which adversely affects wealth accumulation, particularly within marginalized communities. The resolution urges the elimination of bias in the appraisal process to ensure fair treatment for all homeowners, regardless of their race or background.
Assembly Resolution No. 184 recognizes the leadership of Marcia L. Fudge, the Secretary of the United States Department of Housing and Urban Development (HUD), for her role in addressing bias in home valuation through the PAVE initiative. This resolution applauds her efforts to end discriminatory practices in property appraisal, specifically highlighting the valuation issues faced by predominantly black neighborhoods. It underscores HUD's commitment to creating a fairer housing landscape in America and emphasizes the need for equal access to homeownership opportunities.
While the resolution is largely supportive of the PAVE initiative, it also points to wider systemic issues in housing finance that necessitate ongoing oversight and reform. The resolution encourages all entities involved in FHA mortgage programs to actively mitigate any discriminatory factors that may influence appraisals, thereby addressing longstanding inequalities. It suggests that systemic change can only be achieved through collaborative efforts among federal, state, and local agencies dedicated to ending discrimination and promoting equitable housing practices.