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NJ AR40
Resolution
Status
1/9/2024
Primary Sponsor
Verlina Reynolds-Jackson
Click for details
AI Summary
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Recognizes HUD Secretary Marcia L. Fudge for her leadership in combating racial bias in home valuations through the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) initiative
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Cites a 2022 Brookings Institution study finding homes in predominantly Black neighborhoods are undervalued by 21-23%, resulting in an estimated $162 billion total valuation loss across 113 metro areas
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Acknowledges HUD's creation of a process allowing people seeking FHA financing to request appraisal reviews if they believe results were skewed by racial bias
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Directs copies of the resolution to be sent to the President, Vice President, and HUD Secretary
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Commends efforts by HUD, Department of Justice, and Consumer Financial Protection Bureau to identify discrimination and provide resources to affected homeowners
Legislative Description
Recognizes United States Department of Housing and Urban Development Secretary Marcia L. Fudge for leadership in ending bias in home valuation through Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) initiative.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/9/2024