Source: United States Senator for New Jersey Bob Menendez
WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee, today highlighted the challenges individuals face when navigating the appraisal process at a hearing entitled “Strengthening Oversight and Equity in the Appraisal Process,” with witnesses from the U.S. Department of Housing and Urban Development (HUD) and the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
Sen. Menendez pointed out the systemic inequities affecting aspiring homeowners and how the lack of bias training for appraisers especially affects minority communities: “When a homeowner receives a discriminatory appraisal, they suffer a tangible financial injury. Consumers should not have to bear this cost, and in many circumstances, they’re unable to bear it,” said Sen. Menendez when questioning hearing witnesses during the hearing.
[WATCH FULL QUESTIONING HERE]
Sen. Menendez also emphasized the importance of supporting robust funding for HUD’s Housing Counseling program in the FY23 budget as this type of program provides counseling to consumers seeking, financing, maintaining, renting, or owning a home.
Lastly, Sen. Menendez highlighted the continued pain in minority communities generated by Trump’s tax scam. “As if appraisal bias that routinely costs Black and Latino homeowners tens of thousands of dollars wasn’t bad enough, these communities are also getting hit with inflated tax bills. Research indicates that Black-owned homes are consistently assessed at higher values relative to their sale price than white homes. Combined with the prior Administration’s changes to the state and local tax (SALT) deduction, minority families are being hit with higher tax bills on undervalued homes,” the Senator concluded.