The Appraisal Subcommittee (ASC), the independent federal agency providing oversight for the real estate appraiser and appraisal management company (AMC) regulatory system, has released its 2020 Annual Report.
During the unprecedented global health crisis of 2020, the ASC continued its important work for the appraisal industry, providing training and assistance for state appraiser and AMC regulatory programs, furnishing over $10 million in grant funding over a three-year period for state programs, and utilizing technology to provide greater access to the appraisal and valuation communities.
“The world changed in 2020 and the Appraisal Subcommittee changed with it,” James Park, ASC executive director, said in a release. "The ASC leveraged technology to transition from in-person to virtual public meetings, allowing for greater public participation, and moved forward with important grant funding that is vital to the appraisal industry.
“The ASC looks forward to continuing expansion of its grant program to support state appraiser and AMC regulatory programs and the Appraisal Foundation, to better serve appraisers, AMCs, consumers and other stakeholders,” Park added.
As the COVID-19 pandemic brought about stay-at-home orders and other restrictions, the ASC temporarily suspended the 2020 State Compliance Review Program and focused instead on training and technical assistance for state appraiser and AMC programs. The ASC staff also developed a state off-site assessment (SOA) process to allow the ASC to continue monitoring state programs remotely.
In the virtual public meeting held September 9, 2020, the ASC approved the Fiscal Year 2021 Budget to include $10.2 million in projected revenue; and $8.9 million in expenses, including $4.7 million in new federal grants, the release stated.
In 2020, the ASC significantly increased the state grant program to make $10 million available over three years. A total of $744,500 was awarded to eight states that submitted applications to the first round of grant funding. States will have additional opportunities to apply for more than $3 million in grant funds throughout 2021.
Additionally, the ASC allocated $3 million in grant funds for grant-eligible activities of the Appraisal Foundation over a three-year period with $1 million available for the first year (which was not accepted). The ASC also provided just over $1 million over a three-year grant period with $350,000 available for the first year to support training and technical assistance for state programs.