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Breaking Barriers in the Appraisal Industry
Article
The Appraisal Foundation will establish a $1.22 million scholarship fund to help aspiring appraisers navigate a new, more inclusive path for fulfilling experience requirements. This move aims to increase diversity in the appraisal field, which has historically lacked representation from Black people and other minorities.
Background
The issue of diversity in the appraisal industry has been raised by the Department of Housing and Urban Development (HUD). According to the Bureau of Labor Statistics, in 2022, fewer than 1% of property appraisers and assessors were Black, while 94.7% were white. This lack of diversity led HUD to initiate a complaint against the Appraisal Foundation, which resulted in the "Practical Applications of Real Estate Appraisal Program" (PAREA).
Agreement
The Appraisal Foundation and HUD have reached a historic agreement that sets aside $1.22 million to support aspiring appraisers. This scholarship fund will help individuals from diverse backgrounds complete their experience requirements. The agreement also requires the Appraisal Foundation to establish an alternative pathway for fulfilling experience requirements, which will increase diversity in the industry.
About PAREA
PAREA is an online program that provides simulations of real-world appraisal scenarios. It’s designed to provide trainees with hands-on experience and teaching them how to apply theoretical concepts to real-world situations. The program is created by the Appraisal Institute, a professional organization that aims to promote diversity and inclusion in the appraisal industry.
Key Players
The agreement was reached between HUD Secretary Adrianne Todman and Appraisal Foundation President Kelly Davids. Todman emphasized that the historic agreement will help build a diverse class of appraisers based on their skills and knowledge, rather than their connections. Davis praised HUD’s recognition of their organization’s proactive efforts to increase diversity in the industry.
Pathway to Success Initiative
The Appraisal Foundation will continue its Pathway to Success initiative, which aims to support new entrants in the industry. The scholarship program is an extension of this initiative, providing financial aid to aspiring appraisers who complete their experience requirements through PAREA.
Conclusion
The agreement between HUD and the Appraisal Foundation marks a significant step forward in increasing diversity in the appraisal industry. With the establishment of the scholarship fund and the Alternative Pathway for fulfilling experience requirements, we can expect to see more representation from Black people and other minorities in this historically white-dominated field.
FAQs
- What is the purpose of the PAREA program?
PAREA is an online program designed to provide aspiring appraisers with hands-on experience and teaching them how to apply theoretical concepts to real-world scenarios. - How will the scholarship fund impact the appraisal industry?
The scholarship fund will increase diversity in the appraisal industry by providing financial aid to aspiring appraisers from diverse backgrounds. - What is the Pathway to Success initiative?
The Pathway to Success initiative is an extension of the Appraisal Foundation’s efforts to support new entrants in the appraisal industry. The scholarship program is an integral part of this initiative. - Is the agreement enforceable?
Although HUD did not issue any findings and did not determine that the Appraisal Foundation violated the Fair Housing Act, the agreement is enforceable and intended to resolve the issues raised in the 2021 complaint.
Author: www.inman.com
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