PAVE Plan Released; AI President Testifies Before House Committee

March has been an active month relative to housing equity and diversity issues, with the March 23 release of the Property Appraisal and Valuation Equity (PAVE) Task Force action plan and the Senate and House holding immediate oversight hearings on the matter. The Appraisal Institute sent a letter to President Joe Biden in response to the action plan, and AI President Jody Bishop, MAI, SRA, AI-GRS, testified before the House Committee on Financial Services on March 29.

The House oversight hearing included a discussion draft bill that would make significant changes to the appraisal regulatory structure. During his testimony, Bishop expressed concern about some provisions in the discussion draft but noted that AI continues to support previously introduced legislation that would authorize the establishment of a Portal for Appraisal Licensing (HR 5756), which was also discussed during the hearing.

Looking ahead, the Appraisal Institute anticipates an active regulatory environment as agencies work to implement recommendations from the PAVE action plan, including providing guidance on the reconsideration of value processes and procedures and establishing quality control standards for automated valuation models.

Some movement may be possible on these issues during this session of Congress, so AI professionals are encouraged to remain active and involved.