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Biden Announces New Task Force to Review Impact of Appraisals on Minority Homeowners and Homebuyers

Jun 03, 2021

On June 1st, the Biden administration announced a plan to address the racial wealth gap through a series of measures that will reinvest in minority communities and combat inequality in the housing market. As part of the announcement, President Biden revealed Housing and Urban Development (HUD) Secretary Marcia Fudge will lead an interagency task force to address inequity in home appraisals. This initiative will seek to carry out potential enforcement under Fair Housing laws, regulatory action, and the development of standards and guidance in partnership with industry and state and local governments.

Additionally, HUD is expected to publish two Fair Housing Act rules that are designed to strengthen protections and enforcement of the Fair Housing Act.

To read the White House press release, click here.