On June 1, 2023, the Biden-Harris Administration’s PAVE Task Force announced a new set of actions to address appraisal bias in the housing market. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) was created in June 2021 by President Biden, with the aim of rooting out bias in the home appraisal process.
In March 2022, the Task Force developed and released the PAVE Action Plan seeking to advance equity and eliminate racial and ethnic bias in home valuations. The PAVE Task Force recently announced a set of meaningful actions to deliver on the PAVE Action Plan and ensure that every American who buys a home has the same opportunities to build generational wealth through homeownership. According to HUD, the actions will do the following:
Prevent algorithmic bias in home valuation;
Empower consumers to take action against appraisal bias;
Break down barriers to entry into the appraisal profession; and
Increase transparency and leverage federal data to inform policy, aid enforcement, and facilitate research on appraisal bias.
Read the HUD’s announcement here.
The complete fact sheet of the actions can be found here.
