The Department of Housing and Urban Development yesterday eliminated several of the core policies adopted by the Property Appraisal and Valuation Equity task force, an interagency group of 13 federal agencies formed during the Biden administration to address alleged discrimination in the appraisal process.
In a statement, HUD’s leadership accused the task force of creating “unnecessary regulatory hurdles” to pursue a “woke” agenda. “By tearing down these onerous hurdles, we’re freeing professionals from a tangle of red tape that drove up costs, inhibited access to homeownership and discouraged market participation,” HUD Secretary Scott Turner said.
The rescinded policies include:
- ML 2024-16, Extension to the Effective Date of Appraisal Review and Reconsideration of Value Updates
- ML 2024-07, Appraisal Review and Reconsideration of Value
- ML 2021-27, Appraisal Fair Housing Compliance and Updated General Appraiser Requirements
Current laws, including the Fair Housing Act and Equal Credit Opportunity Act, prohibit discrimination in all housing-related transactions and will continue to be enforced, according to HUD.
As part of this move, HUD also disbanded the PAVE task force, which was a Biden-era initiative aimed at addressing discrimination in real estate appraisals through a whole of federal government approach. HUD said the decision to eliminate “the core policies of the PAVE Task Force” was due in response to President Trump’s executive orders, including Ending Radical and Wasteful Government DEI Programs and Preferencing and Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis.
