FHFA Senate Bill, Lenovo Deals and More
In this issue:
- Don’t Miss It! Q2 Pathways to Success Scholarship: The Appraisal Foundation funds 100% of enrollment costs for any AQB-approved PAREA program
- CREXI Demonstration: Explore the full benefits of an Intelligence subscription on June 18
- GSE Announcements: UAD 3.6, Forms, Square Footage Measurement
Insights
Heard on the Hill: Senate Bill Would Codify Appraisal Appeals at FHFA
The federal government’s latest real estate reform strategy underscores a quiet but vital truth: appraisal expertise is protecting taxpayer interests.
A new Senate bill is expected to be introduced that would bring greater consistency to appraisal-related policy at the Federal Housing Finance Agency (FHFA). The legislation would codify FHFA’s recently adopted process for appraisal appeals—formally known as Reconsideration of Value (ROV)—by ensuring consumers have a structured method to request a second look at an appraisal when warranted.
The bill is also expected to direct the public release of property-level appraisal data, with appropriate safeguards for privacy. Increased transparency around appraisal data could strengthen public understanding of valuation trends and support more informed, data-driven housing policy.
The Appraisal Institute has long supported a transparent and well-defined ROV process that balances consumer protections with the professional integrity of appraisers. The proposed legislation responds to concerns that the FHFA’s current ROV policy could be rolled back administratively, as recently happened with a similar policy at the Federal Housing Administration.
AI will continue engaging with lawmakers and monitoring developments to ensure that appraisers’ voices are heard and their work is appropriately represented in federal policy.
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Environmental Risk Updates for Appraisers
June 26 | 12:00 p.m. ET
Environmental and sustainability issues are playing a growing role in real estate valuation and risk analysis. This timely webinar will provide appraisers with essential updates on a range of emerging environmental risk topics, including:
- ESG (Environmental, Social, Governance) considerations for appraisers
- Resiliency and sustainability measures in real estate
- Evolving practices in Phase I and Phase II Environmental Site Assessments (ESAs)
- Integration of appraisal and environmental functions within financial institutions and advisory firms
Learn how these trends are shaping due diligence, valuation reporting, and client expectations. This session will help you navigate shifting standards and strengthen your risk awareness.
Panelists:
- Justin Slack, MAI, SRA, AI-GRS, AI-RRS, Chief Appraiser and Environmental Risk Manager, WaFd Bank
- Derek Ezovski, President, Outsourced Risk Management Solutions (ORMS)
Advocacy Updates
*Rewards cannot be earned or redeemed on Lenovo Managed services, Deployment services, or Software Subscriptions. Monthly giveaway not eligible for Quebec.
The Senate Finance Committee this week released its version of the reconciliation bill, outlining a sweeping tax and budget package that includes key provisions affecting real estate finance, valuation, and land use. The legislation mirrors many aspects of the House-passed package but features notable differences in tax treatment and a new proposal for the disposition of federal lands.
Among the tax-related items:
- The Senate bill preserves the 20% Section 199A passthrough deduction and expands income thresholds to $75,000 for individuals and $150,000 for joint filers. The House version would raise the deduction to 23%.
- It incorporates provisions from the Access to Credit for our Rural Economy (ACRE) Act, permitting banks to exclude 25% of interest income from certain real estate loans without a sunset date.
- The bill would permanently extend the Low-Income Housing Tax Credit ceiling beginning in 2026, reduce the bond-financing threshold to 25%, and reestablish the New Markets Tax Credit.
- Estate and gift tax exemptions would increase to an inflation-adjusted $15 million beginning in 2026.
The Senate bill also introduces a provision requiring the U.S. Forest Service and Bureau of Land Management to dispose of 0.5% to 0.75% of their land holdings over five years, potentially impacting more than 3 million acres across 11 Western states. The proposal aims to raise federal revenue and make land available for development, but it has drawn scrutiny over which parcels could be sold and how those sales would be executed.
While it is unclear what existing federal property disposal provisions may apply, any land sales would typically require fair market value determinations that reflect the actual property rights being conveyed. As with many large-scale federal initiatives, much will depend on how the legislation is implemented—including how land is selected, how valuation requirements are applied, and how restrictions on future use are structured. Appraisers, lenders, and developers will want to track developments closely as reconciliation negotiations continue.
The reconciliation bill is still under consideration and would require agreement between the House and Senate before advancing to the President. Appraisers, lenders, developers, and public agencies will want to track these developments closely as potential changes in federal land management and tax law continue to take shape.
Appraisal Subcommittee Holds First Meeting of 2025
On Wednesday, The Appraisal Subcommittee (ASC) held its first meeting with Acting Director and General Counsel Matt Ponzer, and the first since November 2024. Despite operating with 30% fewer staff, the ASC reported significant progress, “including a 68% improvement in the speed of state compliance reviews”, now averaging just 47 days, well below the 90, day target.
Ponzar noted one of their key directives is to streamline operations, and in doing so, the ASC has achieved “$1 million in cost savings to date, with additional efficiency measures underway”. The ASC also emphasized its efforts to strengthen collaboration with states, including the launch of quarterly calls with state regulators and ongoing coordination with The Appraisal Foundation.
Real Estate Horizons
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Your Community
2025 Award Nominations
The Appraisal Institute would like to recognize some of the brightest, most committed, and deserving AI members. If you believe you know an AI member who fits the criteria listed at the link below for the J. Scott Robinson Lifetime Achievement Award, Outstanding Service Award, William S. Harps DEI Award, or the Women’s Initiative SPOTLIGHT Award, we welcome your nomination by the July 31 deadline.
Y.T. and Louise Lee Lum Award
The Appraisal Institute Education and Relief Foundation (AIERF) is seeking nominations from AI members for the Y.T. and Louise Lee Lum Award.
The Y.T. and Louise Lee Lum Award recognizes one or more worthy individuals who have made a distinguished contribution to the appraisal profession during the immediately preceding year. The Y.T. and Louise Lee Lum Award is open to both Appraisal Institute members as well as those who do not belong to the Appraisal Institute. Nominators should provide a letter of recommendation and brief biography of the nominee to aierf@appraisalinsitute.org by July 31. For more information on AIERF and the awards, please visit the AIERF website.
Until next week,
Team Appraisal Institute
