Rep. García's Statement at the Financial Services Committee hearing Examining Home Appraisals Bias and Discrimination

Statement

Congressman Jesús "Chuy" García (IL-04), a member of the Financial Services Committee, participated today in a hearing entitled "Devalued, Denied, and Disrespected: How Home Appraisal Bias and Discrimination Are Hurting Homeowners and Communities of Color." Witnesses included Pledger M. Bishop, III, President, Appraisal Institute; David S. Bunton, President, The Appraisal Foundation; Dean Kelker, Senior Vice President and Chief Risk Officer, SingleSource Property Solutions, on behalf of the Real Estate Valuation Advocacy Association; Lisa Rice, President and CEO, National Fair Housing Alliance; and Tobias J. Peter, Assistant Director, AEI Housing Center.

Congressman García's questions focused on discrimination against Latinos in the home appraisal process and the role it plays in gentrification and undervaluation of homes in communities of color, and the lack of diversity in the housing appraisal profession.

Following are his opening remarks, as prepared for delivery:

"In 2021, the Latino homeownership rate remained steady and Latinos are projected to represent half of new homeowners in the next decade. However, discrimination against Latinos in the appraisal process poses a serious harm to our community and contributes to the widening wealth gap in our nation.

"Communities of color deserve the opportunity to purchase or sell a home at a fair price to build wealth.

"We must take action so that Latino and Black communities are not shortchanged by a discriminatory system that aims at keeping neighborhoods, like the ones I represent, segregated and undervalued."

A full video of the Congressman's questions and remarks can be found by clicking here.

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