Milwaukee Appraiser Diversity Initiative
Summary
Our innovation will create a pathway for underrepresented individuals into appraisal careers and address bias while also focusing on changing the overarching systems which reinforce devaluation.
Description
Lack of representation and lack of understanding of local context, as well as bias, contribute to inequitable devaluation of real estate assets within Milwaukee’s communities of color, and therefore inhibit wealth creation in Black communities. Yet, these same communities have talented people who, once trained, can act as bias disruptors for the industry by bringing their unique understanding of their neighborhoods and community assets. The core model of this innovation addresses the value of homes in communities of color by increasing representation of Black, Latino/Latina, and Asian individuals within the appraisal industry, while simultaneously increasing the understanding of bias and devaluation within local institutions. Greater Milwaukee Committee is scaffolding programmatic intervention with advocacy for systems change, and away from bias artificially devaluing communities of color. In this way, the model will be market sustaining once a tipping point of support is reached from mortgage lenders locally, recognizing both the community benefit, as well as the business bottom line. The concept is similar to the ACRE Program led by our partner LISC Milwaukee. The ACRE program has seen tremendous success over the last fifteen years, developing a diverse community of commercial real estate experts locally (Associates in Commercial Real Estate), and creating new capital structures for Black and brown developers.
If you have a market-based or policy-based innovation or are interested in supporting change, connect with us!