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MD HB607

MD HB607
Maryland Higher Education Commission - PAREA Grant Program - Established


summary

Introduced
01/23/2025
In Committee
01/23/2025
Crossed Over
Passed
Dead
04/08/2025

Introduced Session

2025 Regular Session

Bill Summary

Establishing the Practical Applications of Real Estate Appraisal Grant Program to provide grants to certain individuals with the goal of becoming a real estate appraiser in certain communities; providing the purpose of the Program is to assist in closing appraisal gaps that occur in historically redlined neighborhoods and underrepresented communities; and requiring the Maryland Higher Education Commission to administer the Program.

AI Summary

This bill establishes the Practical Applications of Real Estate Appraisal (PAREA) Grant Program through the Maryland Higher Education Commission, with the primary goals of addressing appraisal disparities in historically redlined and underrepresented communities. The program aims to support minorities residing in these communities by providing grants to help them pursue careers in real estate appraisal, ultimately working to diversify the appraisal field. Specifically, the bill creates a grant program that will award financial assistance to individuals from these communities who want to become real estate appraisers. The term "PAREA" is defined as Practical Applications of Real Estate Appraisal, and the program is explicitly designed to help close the gaps that have historically existed in property valuation for minority neighborhoods. The Maryland Higher Education Commission will be responsible for administering the program, which is set to take effect on July 1, 2025. By targeting historically marginalized communities, the bill seeks to create more equitable opportunities in the real estate appraisal profession and address long-standing systemic inequities in property valuation.

Committee Categories

Budget and Finance

Sponsors (18)

Last Action

House Appropriations Hearing (13:00:00 2/25/2025 ) (on 02/25/2025)

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