Sec. 4. Promoting diversity and inclusion in the appraisal profession
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The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended— in section 1103(a) ( 12 U.S.C. 3332(a) )— in paragraph (3), by striking and at the end; in paragraph (4), by striking the period at the end and inserting a semicolon; in paragraph (5), by striking the period at the end and inserting a semicolon; in paragraph (6), by striking the period at the end and inserting a semicolon; and ; and by adding at the end the following new paragraph: administer the grant program under section 1122(j). ; in section 1106 ( 12 U.S.C. 3335 )— by inserting
(a)before In general .— The Appraisal Subcommittee ; by striking the comma after comment ; by inserting before Any regulations the following: ; and in subsection
(a)(as so designated by subparagraph
(A)of this paragraph), by adding at the end the following: The Appraisal Subcommittee may coordinate, and enter into agreements, with private industry stakeholders (including appraisal management companies and industry associations) to facilitate activities and practices that ensure diversity among individuals newly hired as appraisers in their first employment positions in the appraisal industry. ; and in section 1122 ( 12 U.S.C. 3351 ), by adding at the end the following new subsection: The Appraisal Subcommittee shall carry out a program under this subsection to makes grants to State agencies, nonprofit organizations, and institutions of higher education to promote diversity and inclusion in the appraisal profession. Activities carried out with amounts from a grant under this Act shall be designed to promote diversity and inclusion in the appraisal profession, and may include— funding scholarships; providing training and education; providing implicit bias training for appraisers; and other activities as determined appropriate to further the purposes of this grant program by the Appraisal Subcommittee. In making grants under this subsection, the Appraisal Subcommittee shall— allocate 50 percent of the funds made available to Historically Black Colleges and Universities or universities with degree programs approved by the Appraiser Qualifications Board or a relevant State regulatory agency for— scholarships for students of color who want to pursue a career in real estate appraisal; and subsidizing living expenses for those students while in training; and allocate 20 percent of the funds to cover the cost of fulfilling the experience requirements or other applicable requirements that the students described under subparagraph
(A)will need to complete in order to become appraisers. The Appraisal Subcommittee may use 1 percent of amounts appropriated pursuant to paragraph
(6)to cover the administrative costs of carrying out this subsection. For each fiscal year during which grants are made under the program under this subsection, the Appraisal Subcommittee shall submit a report to the Congress regarding implementation of the program and describing the grants made, activities conducted using grant amounts, and the number of individuals served by such grants, disaggregated by race, ethnicity, age, and gender. There is authorized to be appropriated to the Appraisal Subcommittee for grants under this subsection $50,000,000 for each of fiscal years 2022 through 2026. .
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Sec. 4
Promoting diversity and inclusion in the appraisal profession
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