Real Estate Valuation Task Force Promising to Confront Bias
Illinois lawmakers launched their latest initiative towards combatting racial bias with the brand-new Real Estate Valuation Task Force. Lawmakers designed this task force to battle discriminate practices in property appraisals. By adding greater oversight to the real estate valuation process, this initiative seeks to reduce prolonged poverty and unfair situations in minority neighborhoods.
The Goal of the Real Estate Valuation Task Force
Under a new law spearheaded by State Senator Mattie Hunter, the Real Estate Valuation Task Force combats discrimination and bias throughout the Illinois real estate industry. Notable, the task force places a greater emphasis on situations involving federal housing agencies.
Over the years, the Federal Home Owners’ Loan Corporation and Federal Housing Administration displayed practices that devalued properties owned by minorities or within communities of color.
“This task force is a stepping stool toward eliminating discrimination for anyone who hasn’t been given a fair shot in the housing industry.”
— State Senator Mattie Hunter
State Representative Lamont J. Robinson said the task force to fight too-low appraisals is directly connected to the disinvestment and lack of investment interest in black communities. Under the new law, citizens gain the option to file complaints with the Illinois Department of Human Rights. Also, the new task force evaluates potential barriers preventing minorities from entering the appraisal profession.
Why the Law and Task Force Were Created
After decades of systemic racial bias, the Real Estate Valuation Task Force came about to carve a new path in the Illinois real estate market. With long-lasting consequences contributing to depressed valued homes in minority communities, these communities faced a loss of wealth and resources.
In addition, lower land and property values led to lower property tax revenue. With reduced property tax revenue, school funding, emergency response services, and other community programs lacked the resources needed to grow alongside other Chicagoland communities.
Under this new law and task force, Illinois rises historically undervalued properties. Furthermore, lawmakers generate opportunities values for development, growth, and overall improvement in neighborhoods that previously struggled throughout Illinois.
For legal guidance with residential and commercial real estate transactions, schedule an appointment with the attorney at Lee Scott Perres, P.C.
