December 11, 2023
NEWARK – The Senate today voted in favor of S777 and S3317, bills which provide crucial tools to combat home appraisal discrimination in New Jersey.
“We commend the Senate for passing this vital legislation which strengthens enforcement against appraisal discrimination in New Jersey,” said Laura Sullivan, Director of the Economic Justice Program at the New Jersey Institute for Social Justice. “Housing appraisal discrimination strips wealth from Black communities who continue to face barriers to fair lending and wealth-building opportunities through homeownership. Racial disparities in homeownership and home equity values contribute to New Jersey’s $300,000 racial wealth gap, one of the highest in the nation.”
The two bills passed by the Senate today would strengthen enforcement against appraisal discrimination, track instances of discrimination, inform the public about this problem with consumer information, and require fair housing and anti-bias training as part of continuing education for appraisers.
“Black families in New Jersey should not have to fear that their homes will be appraised at substantially lower values than if a white family stood in for the appraisal,” added Sullivan. “This legislation goes a long way in ensuring that the appraisal process is fair by providing necessary tools to tackle discrimination.”
Both bills now need to be passed through Assembly Committees and the full Assembly.