The Appraisal Foundation Awards Pathway to Success Grant to Appraisal Institute

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Nov 16, 2021, 11:47 ET

WASHINGTON, Nov. 16, 2021 /PRNewswire/ -- The Appraisal Foundation's (TAF) Board of Trustees today formally announced the award of a Pathway to Success Grant to the Appraisal Institute (AI) for the development of a Practical Applications of Real Estate Appraisal (PAREA) 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 hits predetermined milestones. The AI Board of Directors approved the development of PAREA in September, committing more than $2 million toward the development of a PAREA program.

"We are pleased to award the Appraisal Institute with the very first Pathway to Success Conditional Grant," said TAF President Dave Bunton. "PAREA will play a critical role in the future of the appraisal profession as we continue to welcome in the newest generation of appraisers, and we look forward to seeing the finished program and the impact it will have on an aspiring appraiser's ability to gain their experience hours and work towards their certification."

"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."

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 milestones. The grant also stipulates that participant preference 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.

For more information, please visit appraisalfoundation.org.

Media Contact:
Amy Timmerman
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SOURCE The Appraisal Foundation