LIEB BLOG

How current events impact business & real estate

Showing posts with label #FairHousingEducation. Show all posts
Showing posts with label #FairHousingEducation. Show all posts

Tuesday, June 01, 2021

Increased Fair Housing Enforcement is Coming Per President

According to today's White House Press Release, "President Biden issued a memorandum directing the U.S. Department of Housing and Urban Development (HUD) to address discrimination in our housing market." 

In doing so, the President has charged the Secretary of HUD to lead an "interagency initiative to address inequity in home appraisals" while citing to a study that found "homes in majority-Black neighborhoods are often valued at tens of thousands of dollars less than comparable homes in similar—but majority-White—communities."

Next week, HUD is publishing a new disparate impact discrimination rule in the federal register to address neutral housing policies that have a discriminatory impact on marginalized groups. 

Are you part of the problem or part of the solution? 



Thursday, March 18, 2021

Fair Housing Education Now Mandatory for Appraisers

On March 17, 2021, NYS adopted a new regulation to be effective January 1, 2022, that mandates fair housing education as a condition of license renewal for appraisers.

The following subjects and number of hours are required under this new regulation:

(A) 7 Hour Introduction to Fair Housing and Fair Lending Instruction

        (1) Fair housing, fair lending requirements, and the history of lending, 2 hours

        (2) Development of appraisal (standard 1 USPAP), 1.5 hours

        (3) Reporting of appraisal reports (standard 2 USPAP), 1.5 hours

        (4) Case Studies, 2 hours

(B) 4 Hour Update to Fair Housing and Fair Lending Instruction

        (1) Fair housing, fair lending requirements, and the history of lending, 1 hour

        (2) Development of appraisal (standard 1 USPAP), 1 hour

        (3) Reporting of appraisal reports (standard 2 USPAP), 1hour

        (4) Case Studies, 1 hour

While it may be important to have additional fair housing education, how much education on fair housing is considered enough?

Should a 7-hour course on the introduction and a 4-hour update necessary to renew a license or certification, or should it be more or less?

Do you agree with NYS or how would you do it differently if you were in charge?