SEC. 2. Findings.
The Congress finds the following:
(1) Two Federal agencies, the Federal Home Owners’ Loan Corporation and the Federal Housing Administration played a major role in the development of the modern home mortgage origination industry.
(2) Both Federal agencies explicitly considered the racial and ethnic make up of neighborhoods when underwriting loans and valuing the real estate to be used as home loan collateral.
(3) Both agencies devalued property or refused to make loans secured by property in communities of color.
(4) The harmful consequences of this discrimination remain unresolved.
SEC. 4. Promoting diversity and inclusion in the appraisal profession.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended—
(1) in section 1103(a) (
12 U.S.C. 3332(a))—
(A) in paragraph (3), by striking “and” at the end;
(B) in paragraph (4), by striking the period at the end and inserting a semicolon;
(C) in paragraph (5), by striking the period at the end and inserting a semicolon;
(D) in paragraph (6), by striking the period at the end and inserting “a semicolon; and”; and
(E) by adding at the end the following new paragraph:
“(7) administer the grant program under section 1122(j).”;
(2) in section 1106 (
12 U.S.C. 3335)—
(A) by inserting “(a) In general.—” before “The Appraisal Subcommittee”;
(B) by striking the comma after “comment”;
(C) by inserting before “Any regulations” the following:
“(b) Regulations.—”; and
(D) in subsection (a) (as so designated by subparagraph (A) of this paragraph), by adding at the end the following
: “The Appraisal Subcommittee may coordinate, and enter into agreements, with private industry stakeholders (including appraisal management companies and industry associations) to facilitate activities and practices that ensure diversity among individuals newly hired as appraisers in their first employment positions in the appraisal industry.”; and
(3) in section 1122 (
12 U.S.C. 3351), by adding at the end the following new subsection:
“(j) Grant program To promote diversity and inclusion in the appraisal profession.—
“(1) IN GENERAL.—The Appraisal Subcommittee shall carry out a program under this subsection to makes grants to State agencies, nonprofit organizations, and institutions of higher education to promote diversity and inclusion in the appraisal profession.
“(2) ELIGIBLE ACTIVITIES.—Activities carried out with amounts from a grant under this Act shall be designed to promote diversity and inclusion in the appraisal profession, and may include—
“(A) funding scholarships;
“(B) providing training and education;
“(C) providing implicit bias training for appraisers; and
“(D) other activities as determined appropriate to further the purposes of this grant program by the Appraisal Subcommittee.
“(3) ALLOCATION OF FUNDS.—In making grants under this subsection, the Appraisal Subcommittee shall—
“(A) allocate 50 percent of the funds made available to Historically Black Colleges and Universities or universities with degree programs approved by the Appraiser Qualifications Board or a relevant State regulatory agency for—
“(i) scholarships for students of color who want to pursue a career in real estate appraisal; and
“(ii) subsidizing living expenses for those students while in training; and
“(B) allocate 20 percent of the funds to cover the cost of fulfilling the experience requirements or other applicable requirements that the students described under subparagraph (A) will need to complete in order to become appraisers.
“(4) ADMINISTRATIVE COSTS.—The Appraisal Subcommittee may use 1 percent of amounts appropriated pursuant to paragraph (6) to cover the administrative costs of carrying out this subsection.
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