Bynum Introduces Bipartisan Bill to Increase Access to Housing

Washington, DC - Congresswoman Janelle Bynum (OR-05) and Congressman Byron Donalds (FL-19) introduced the bipartisan Appraisal Industry Improvement Actto help improve access to housing. The bill addresses the nationwide shortage of licensed home appraisers, which reduces obstacles to homeownership for our rural communities.

Across the country, and especially in rural housing markets, a shortage of trained appraisers and an aging workforce are slowing down the homebuying process and driving up costs. Two-thirds of appraisers are over the age of 51, and only 13% are younger than 35, making it difficult to maintain a stable workforce. With this bill, the over 1,300 appraisers in Oregon will now be able to more effectively and efficiently provide appraisals for home purchases.

"Lowering the cost of housing has been a top priority for me from day one," said Rep. Bynum."This bipartisan bill will make important progress toward making it easier, faster, and less expensive to buy a home, especially in rural areas, by addressing the appraiser shortage. I'll keep working in Congress to make homeownership a reality for all Oregonians."

In Congress, Rep. Bynum is a member of the House Financial Services Committee and sits on the Subcommittee on Housing and Insurance, where she works to address the housing shortage and make life more affordable for Oregon families. Earlier this month, she introduced the bipartisan, bicameral Accelerating Homebuilding Act, which would establish a grant program to speed up the permitting and home building process and lower costs for home-buyers.

To support the home appraisal workforce and speed up the appraisal process, the Appraisal Industry Improvement Actwould:

• Add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council;
• Add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service;
• Allow ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs; and
• Authorize ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers' ability to conduct appraisals on FHA properties.

Read the full text of the bill here.

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