Senator Ruben Gallego (D-AZ) has introduced bipartisan legislation to address the nationwide shortage of home appraisers and thereby increase access to affordable housing.
The Appraisal Industry Improvement Act addresses the shortage of home appraisers by adding state-credentialed trainees to the National Appraiser Registry, which is part of the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council.
Additionally, ASC grants for state appraiser certification and licensing agencies would be authorized to improve training and retention while also lowering annual registry fees, especially if they prove detrimental to operations.
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Finally, licensed residential appraisers' ability to conduct appraisals on FHA properties would be restored.
"Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas," said Sen. Gallego in his press release, adding, "As I work to ensure the dream of homeownership is within reach for every hardworking family, I'm proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas."
Senator Kevin Cramer (R-ND), the bill's cosponsor, said, "Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers."
"Our economy has a labor crunch, and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals," Sen. Cramer continued.
The Appraiser Industry Improvement Act marks the third act of bipartisanship related to housing that the Arizona Senator has signed on with in recent weeks, introducing the Housing Unhoused Disabled Veterans Act (HUDVA) with Senator Katie Britt (R-AL) in mid-April.
The following week, Gallego expressed support for the Trump Administration's task force on opening federal lands to housing development, led by Housing and Urban Development Secretary Scott Turner and Interior Secretary Doug Burgum.
Finally, at the end of April, Gallego helped introduce the Housing Affordability Act with Senator Dave McCormick (R-PA), which raised the multifamily home loan limit.
