Appraisal Institute Participates in OCC Project REACh on Key Housing Issues

The Appraisal Institute on Dec. 13 announced that its leadership and some staff are participating in workstreams related to housing equity issues that are being facilitated by the Office of the Comptroller of the Currency’s Project REACh, or Roundtable for Economic Access and Change.

Project REACh has three active workstreams looking into reconsideration of value policies and procedures, appraiser diversity and the “appraisal gap” and creative financing issues. The workstreams may result in the production of articles and best practices documents to be utilized by financial institutions regulated by the OCC.

Specifically, the workstream for reconsideration of value is developing a set of best practices for bank policies and procedures regarding consumer notification and communication with appraisers. The appraiser diversity workstream is evaluating ways in which banks and financial institutions can support the Appraiser Diversity Initiative and other diversity efforts. The appraisal gap workstream is compiling case studies on how financial institutions might address situations where the cost of renovation or new construction exceeds market value.

The workstreams have been meeting throughout 2023 and likely will continue into 2024.