Atlanta has been selected to participate in a program to reduce barriers to the home appraisal industry.
The National Urban League and Wells Fargo announced Thursday that Atlanta, Charlotte, and Houston were selected for a $5 million grant program. The grant will be allocated over five years with the goal of certifying 260 diverse appraisers.
The Bureau of Labor Statistics found that 97% of appraisers are white. According to the Urban Institute, increased diversity in the appraiser profession may help address valuation bias for Black and Hispanic homeowners, which can support more equitable homeownership outcomes.
In addition to supporting the certification of trainees, the initiative will also focus on creating 130 potential new businesses, according to the National Urban League. The program will begin next year.
Trainees who are undergoing or have completed the certification process will receive entrepreneurial training, access to capital, and support on business and financial management, the National Urban League said. The Urban League Entrepreneurship Centers will customize these programs for each trainee based on their experience, skill level, and interest.
“Racial discrimination in the home appraisal industry is a significant barrier to economic equity,” National Urban League President and CEO Marc H. Morial said in a statement. “We’re proud to partner with Wells Fargo on this innovative project to open the doors of opportunity and bring a much-needed new approach to diversity, equity, and inclusion that we hope will serve as inspiration to others in the field and beyond.”
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