Wednesday, February 28, 2024
HomenewsBlack New Jersey Homeowners Are Twice as Likely to Have Their Properties...

Black New Jersey Homeowners Are Twice as Likely to Have Their Properties Undervalued.

It’s possible that the race of the appraiser is a major factor in the disproportionate undervaluation of Black New Jersey homeowners compared to their white counterparts.

It is Donnell Williams’ goal as president of the Black Real Estate Professionals Alliance to bring about greater diversity and inclusion in the predominantly white assessment sector.

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“We’re in a dire situation. Because of our current lack of equity, we are having trouble affording to send our children to college “Williams had to say.

Together with the appraisal institute, he established a program called “100 Black Appraisers in 100 Days,” the goal being to find and train many people of color to become appraisers.

“Lots of folks in my area and probably in yours don’t know or didn’t bother to learn how to become an appraiser. To some extent, it resembles a covert organization, “- Williams remarked.

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White people make up the vast majority (81%) of New York City’s appraising workforce.

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The corresponding figures for African Americans are around 10%, Hispanics 6%, and Asians 2%.

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Williams claims it is difficult to secure apprenticeships, a common pathway into the field, because of the lack of diversity in the business. His system unearths funding sources for education toward a career as an appraiser.
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During the upcoming winter months, Suzan Adedipe intends to send in her application.

“I think it’s great. It’s a chance for everyone involved. This approach eliminates the guesswork associated with finding a mentor, “The aforementioned Adedipe declared.

The federal government and several state legislatures have attempted to pass laws to combat biased appraisals, such as the Fair Appraisals Act introduced by the New Jersey senate.

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“As far as you’re concerned, redlining stopped happening in the 1970s and hasn’t reappeared since. That happens. It’s happening right now,” said Williams.
Williams will likely have another session in February.

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