On June 1, 2021, an interagency initiative was launched to combat bias in home appraisals. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) has been directed to evaluate the causes, extent, and consequences of appraisal bias and establish a transformative set of recommendations to root out racial and ethnic bias in home valuations. The Task Force believes that if the Federal Government advances equity in the appraisal process, it can also make substantial progress toward closing the racial homeownership and wealth gap.
Director Rohit Chopra issued a statement on March 23, 2022, regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE). For more information on Directory Chopra’s statement and the action plan of PAVE, please follow the link below: