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In response, Broeksmit lauded the plan’s ambition: “MBA welcomes the release of the report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), which provides a detailed and comprehensive action plan to combat appraisal bias,” Broeksmit said. “While the role of mortgage lenders in the appraisal process is limited by design, MBA and its members are committed to working with policymakers and other stakeholders, including appraisers, to develop solutions that ensure borrowers receive a fair and accurate estimate of the value of their homes.”
The KeyBank Community Development Lending and Investments initiative emerged the same week that Fannie Mae released its Equitable Housing Finance Plan detailing steps to remove barriers faced by underserved communities in achieving homeownership.
Prevailing statistics point to the need for reform. According to the National Association of Realtors, some 72% of White Americans were homeowners in 2020 – more than 30% more than their Black counterparts. To combat the discrepancy, the GSE’s plan focuses on a multi-pronged effort to achieve equity ranging from preparing underserved demographics for housing to ensuring an abundant supply of low rental apartment units.
KeyBank Community Development Lending and Investment is in the business of financing projects that stabilize and revitalize communities across the US. As one of the top affordable housing capital providers in the country, its platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing, according to its literature.
For its part, Equitable Path Forward is a five-year, $3.5 billion nationwide initiative to help dismantle the legacy of racism in housing. The effort includes identifying the types of homes to get built, the properties’ location, the parties building them and the amount of wealth they would generate. “It’s time to invest in housing providers who are deeply engaged in their own communities,” Equitable Path Forward officials said in a prepared statement.
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