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Real Estate Valuation Fairness: Task Force and Diversity Grants

This Act establishes an Interagency Task Force to analyze federal collateral underwriting standards and study racial disparities in real estate valuations and pricing. The Task Force is charged with harmonizing valuation standards and identifying the causes of such disparities. Furthermore, the law authorizes a grant program to fund scholarships and training, aiming to promote diversity and inclusion within the appraisal profession.
Key points
Establishment of a Task Force to study racial disparities in the valuation and price of residential real estate used as collateral.
Requirement for federal agencies to harmonize real estate valuation standards, including guidance on automated valuation models.
Authorization of a grant program of $50 million annually (fiscal years 2022-2026) to promote diversity in the appraisal profession.
Creation of definitions and flexible guidelines for appraisals in limited or inactive housing markets.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_2553
Sponsor: Rep. Cleaver, Emanuel [D-MO-5]
Process start date: 2021-04-15
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OFFICIAL LEGAL TITLE

Real Estate Valuation Fairness and Improvement Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2553.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-15.

What are the main provisions?

Key points include:

  • Establishment of a Task Force to study racial disparities in the valuation and price of residential real estate used as collateral.
  • Requirement for federal agencies to harmonize real estate valuation standards, including guidance on automated valuation models.
  • Authorization of a grant program of $50 million annually (fiscal years 2022-2026) to promote diversity in the appraisal profession.
  • Creation of definitions and flexible guidelines for appraisals in limited or inactive housing markets.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cleaver, Emanuel [D-MO-5].

What is the latest detailed status?

The latest detailed status is: Ordered to be Reported (Amended) by Voice Vote.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Real Estate Economy Courts and Law