Recognizes United States Department of Housing and Urban Development Secretary Marcia L. Fudge for leadership in ending bias in home valuation through Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) initiative.

This New Jersey Assembly Resolution (AR 40) formally recognizes U.S. Housing and Urban Development Secretary Marcia L. Fudge for her leadership in establishing the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) initiative. The resolution highlights PAVE's work to address racial bias in home appraisals, referencing a 2022 Brookings study showing homes in predominantly Black neighborhoods are undervalued by 21-23% - resulting in an estimated $162 billion in lost equity for homeowners. It notes HUD's efforts to eliminate racial bias in FHA-insured mortgage appraisals and to provide a process for homeowners to request appraisal reviews if they suspect bias. The resolution will be sent to federal officials as a symbolic gesture of support for this initiative.