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.
Impact
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.
Summary
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.
Contention
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.
Same As
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.
A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 36 a section numbered 36-140.02, relating to Department of Housing and Community Development; Task Force on Property Appraisal and Valuation Equity.
To Urge The United States Department Of Housing And Urban Development And The United States Interagency Council On Homelessness To Take Certain Actions.
To Urge The United States Department Of Housing And Urban Development And The United States Interagency Council On Homelessness To Take Certain Actions.
Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.
Authorizes State Agriculture Development Committee to maintain and use its own list of property appraisers, or to employ dedicated pool of property appraisers, or both, to facilitate valuation of land for farmland preservation purposes.
Requiring the director of property valuation to conduct a review or audit of the appraisal and apportionment of the valuation of the property of any public utility whose total appraised value of property of such public utility in this state decreased more than 5%.
Reforms the organizational structure for the Department of Transportation and Development including its duties, powers, and responsibilities of officers and employees (EN INCREASE SD EX See Note)
A bill for an act providing for certain business entities acting under the jurisdiction of the secretary of state by providing for the removal of information from a filing based on a sworn affidavit and administrative dissolution based on the response to interrogatories.(See HF 2678.)