Tester, Cramer Introduce Bipartisan Housing Bill to Speed Up Appraisal Process by Bolstering Rural Workforce

Senators’ bipartisan Appraisal Industry Improvement Act would speed up appraisal process by bolstering appraiser workforce in rural communities

As part of their efforts to improve access to housing, particularly in rural communities, U.S. Senators Jon Tester (D-Mont.) and Kevin Cramer (R-N.D.) introduced the Appraisal Industry Improvement Act – bipartisan legislation that would improve the home appraisal process by bolstering the appraiser workforce.

“There is not a place I go in Montana where I don’t hear about how rising costs and housing shortages are making it more difficult for families to live and work in our state,” said Tester. “Speeding up the appraisal process so that more homes can hit the market is a piece of the puzzle that would boost the supply of housing across the board. That’s why I’m teaming up with Senator Cramer to introduce legislation that will bolster training in the appraiser workforce, particularly in rural communities, to help our housing market get moving in the right direction.”

“Across rural America, housing markets have a shortage of trained appraisers,” said Cramer. “Increasing the number of appraisers is essential to making the homebuying process faster for North Dakotans while also improving access to the housing market.” 

Tester and Cramer’s Appraisal Industry Improvement Act would bolster the home appraisal workforce and speed up the appraisal process by:

• Adding representation from the Department of Veterans Affairs (VA) and the Department of Agriculture’s (USDA) Rural Housing Service (RHS) on the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council;
• Adding state credentialed trainee appraisers to the national Appraiser Registry run by the ACS;
• Allowing Appraisal Subcommittee grants for State appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs;
• Allowing the Appraisal Subcommittee to decrease annual registry fees if they determine that the fees adversely impact functions;
• Renewing licensed residential appraisers’ ability to conduct appraisals on FHA properties. 

Last year, Tester and Cramer lead bipartisan legislation to expand affordable housing options for volunteer firefighters and first responders, especially in rural and under-served communities.

Full text of Tester and Cramer’s bipartisan bill can be read HERE.