Appraisal Institute Receives $500,000 Pathway to Success Grant from TAF

The Appraisal Foundation’s Board of Trustees announced Nov. 16 that it awarded the Pathway to Success Grant to the Appraisal Institute for the development of a Practical Applications of Real Estate Appraisal program. The competitive grant application was reviewed, scored and recommended for approval by a team representing Foundation trustees, sponsoring organizations and the Appraiser Qualifications Board.

The Appraisal Institute will receive the full grant amount of $500,000 to build its PAREA program in collaboration with its partners, provided that program development continues to hit predetermined milestones. The AI Board of Directors approved the development of PAREA in September, committing more than $2 million toward the program.

The Pathway to Success Conditional Grant is designed to open up the appraisal profession to a new generation of appraisers. The grant requires that the PAREA program be brought to market within two calendar years and is conditional on the completion of the project. The grant also stipulates that participant priority be given to veterans, minorities and those in designated rural areas.

PAREA is an alternative pathway for aspiring appraisers to gain their required experience hours to become a certified appraiser. Historically, the only option for an appraiser to complete their experience hours was through a supervisor/trainee model that requires the aspiring appraiser to find their own supervisor. PAREA is currently accepted in 20 states, and that number is set to increase as more states adopt this alternative pathway.

“One of the Appraisal Institute’s top priorities is to create a pathway for a diverse new group of individuals to enter the valuation profession,” said Appraisal Institute President Rodman Schley, MAI, SRA. “The Appraisal Institute is excited about this terrific collaboration and we’re proud to help the next generation of appraisers.”