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ARTICLE · 01 APRIL 2022

PAVE Task Force Issues Action Plan To Address Appraisal Bias

Alston & Bird
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A&B Abstract: As part of the Biden Administration's stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force...

United StatesFinance and Banking
Melissa Sanchez Malpass
Melissa Sanchez Malpass

A&B Abstract: As part of the Biden Administration's stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal of "addressing the persistent misvaluation and undervaluation of properties experienced by families and communities of color." On March 23, 2022, the PAVE Task Force released its  Action Plan, which contains 21 specific actions to be taken by the 13 member agencies and offices of the Task Force and, in certain cases, Government-Sponsored Enterprises (GSEs), as well as general recommendations for the appraisal industry.

Components of the PAVE Action Plan: The Action Plan delineates 21 specific actions for the appraisal industry, with the goal of:

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