New York Times: Black Homeowners Face Discrimination in Appraisals
Discrimination in Appraisals
Established by the Fair Housing Act of 1968, companies that value homes for sale or refinancing are bound by law not to discriminate. Black homeowners say discrimination in appraisals happens anyway.
Race and housing policy have long been intertwined in the United States. Black Americans consistently struggle more than their white counterparts to be approved for home loans. And the specter of redlining — a practice that denied mortgages to people of color in certain neighborhoods —continues to drive down home values–in Black neighborhoods.
Black homeowners say their homes are consistently appraised for less than those of their neighbors, stymying their path toward building equity and further perpetuating income equality in the United States.
While redlining is illegal, policies and practices continue to lockout Black homeowners and Black potential homeowners from the ability to build wealth and equity through homeownership. We believe homeownership is an essential part of the American Dream and that every family should be able to own a home and enjoy the financial benefits that homeownership provides. GROWTH’s helps reverse the long-term effects of income disparity and lack of access to better, mixed-income neighborhoods. Continue reading here.
