Today, U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge and Domestic Policy Advisor Susan Rice convened a meeting of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). The Task Force, which was created by President Biden in June, consists of senior leaders from the Cabinet and independent agencies within the federal government and is tasked with addressing the persistent misvaluation and undervaluation of properties owned by families and communities of color.
Since the first meeting of the Task Force in August, members of the Task Force have received input from a diverse set of stakeholders, including the housing industry, civil rights organizations, advocacy groups, academic institutions, and philanthropic organizations. That feedback informed today’s discussion on updating appraisal standards and guidance, synchronizing regulatory action, and sharing data between agencies to support policy development, monitoring and enforcement of fair housing laws, among others. Members considered both near- and long-term opportunities for government agencies to ensure the methods used in property valuation are fair and do not discriminate against communities of color.
The Task Force will deliver a final action report to the President in early 2022 that (1) describes the extent, causes, and consequences of misvaluation and undervaluation of properties, and (2) proposes a set of policy recommendations and consumer-facing actions that participants can take to advance racial equity in the appraisal process.
The Task Force membership includes the following officials:
- Secretary of Housing and Urban Development (co-chair)
- Domestic Policy Advisor (co-chair)
- Attorney General of the United States
- Secretary of Agriculture
- Secretary of Labor
- Secretary of Veterans Affairs
- Comptroller of the Currency (OCC)
- Chairman of the Board of Governors of the Federal Reserve
- Chairman of the Federal Trade Commission (FTC)
- Chairman of the Federal Deposit Insurance Corporation (FDIC)
- Chairman of the National Credit Union Administration and the Federal Financial Institutions Examination Council
- Director of the Consumer Financial Protection Bureau (CFPB)
- Director of the Federal Housing Finance Agency (FHFA)
- Director of the National Economic Council
- Executive Director of the Appraisal Subcommittee (ASC)