HUD Reaches Groundbreaking Settlement with The Appraisal Foundation to Ensure Equal Opportunity in the Appraisal Profession
Under the terms of the Agreement,
The Appraisal Foundation is required to establish a $1.22 million scholarship fund, which will be utilized to cover the cost of aspiring appraisers to attend Practical Applications of Real Estate Appraisal (PAREA) programs. The PAREA program is designed to provide an alternative pathway to fulfill the experience requirement to become a state licensed appraiser. The scholarships will cover the cost of the program, which will further encourage entry into the profession. The Agreement also includes terms for marketing the PAREA program and the scholarship fund to diverse communities as well as terms for evaluating the marketing’s effectiveness to those communities and persons of color aspiring to be appraisers. In addition, the Agreement includes terms for collaboration with state and territory appraiser regulatory agencies for PAREA’s adoption and credit towards the experience requirement for licensed appraisers.
https://www.HUD.gov/press/press_releases_media_advisories/hud_no_24_176
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President's Message
Greetings Members,
October flew by, bringing devastating hurricanes that affected millions of people, including Appraisal Institute members and families. My hometown, Punta Gorda, FL, experienced flooding twice in an eleven-day period; fortunately, my home was spared, for which I am grateful. The Appraisal Institute Education and Relief Foundation is dedicated to assisting members that are facing financial needs due to these storms. Please utilize this
resource and let us know how we can further assist you.
The officers’ travel schedules have been filled with industry and stakeholder events, and the installation of chapter and national officers. A highlight for me this month was hosting the
interview of PAREA graduates at The Appraisal Foundation’s Board of Trustees meeting in Denver. Lisa Piancone and Chris Tindal, two of the first PAREA graduates, were in person to share their PAREA experience. They fielded questions on their journey through PAREA and the appraisal licensing process. Their answers were candid and a tribute to the program. A huge thank you goes to these two graduates who passed their state exam on the first attempt. The feedback from the Board of Trustees was overwhelmingly positive, and the PAREA Team deserves a huge shoutout for the success of the program. Chris is working with an appraiser in San Antonio, and Lisa is starting her own business in Georgia. We wish them the very best.
PAREA Scholarships
On September 30, TAF announced a commitment of $1.22 million over three years to establish the Pathways to Success scholarship to support the costs of PAREA program fees.
The Pathways to Success scholarship will be administered by the Appraisal Institute as part of the Appraiser Diversity Initiative. It will cover 100 percent of the costs to enroll in an approved PAREA program. The Pathways to Success PAREA scholarship application is expected to be released in Q1 of 2025.
This multi-year scholarship is the second phase of TAF’s Pathways to Success initiative, which began in 2021 as a conditional grant to the Appraisal Institute in support bringing a PAREA module to market. In 2023, the Appraisal Institute delivered the first approved PAREA program and we celebrated the first graduates earlier this year.
The Appraisal Institute, along with our partners, appreciates the outstanding dedication to the next generation of aspiring appraisers!
www.appraisalinstitute.org
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housingnotes.com
She must’ve been like a pariah and that corrupt organization. You have high moral and ethical characters on one side (like Cindy) and on the other, you have the unethical ones (like ones that sometime post on this board). You can choose your side. But you can’t choose both.