Signaling the connection between housing and racial equity, President Biden chose the centennial of the “Black Wall Street” massacre in Tulsa, Oklahoma as the date to announce several measures aimed at improving racial equity through housing policy.

Black Wall Street was a wealthy Black community in Tulsa that was decimated by a racist white mob in 1921 leaving 300 dead and thousands homeless.

The proposals announced include launching an interagency effort to address inequity in home appraisals and rulemaking to combat housing discrimination, significant investment in small and disadvantaged business and major investments in the construction of new affordable housing.

The efforts to confront appraisal bias received top billing and are of particular interest to the Illinois REALTORS® Discriminatory Appraisals Task Force. Created in 2020, the task force was a response to increasing concerns about the role racial bias plays in property valuation. The task force’s mission is to collect data and research appraisal bias, create tools for REALTORS® and consumers to navigate appraisals and identify policy solutions.

Illinois REALTORS® recently published an Appraisals resource page on its website that will host tools and resources for REALTORS® and consumers.