Plain English Breakdown
The official source material does not provide specific details on the criteria or funding for the grants, leaving these aspects open to interpretation.
Maryland Higher Education Commission - PAREA Grant Program
This law establishes the Practical Applications of Real Estate Appraisal (PAREA) Grant Program to provide grants for individuals in historically redlined neighborhoods and underrepresented communities who want to become real estate appraisers.
What This Bill Does
- Establishes the PAREA Grant Program to provide grants to certain individuals with the goal of becoming a real estate appraiser in specific communities.
- Requires the Maryland Higher Education Commission to administer this program.
- Aims to assist in closing appraisal gaps that occur in historically redlined neighborhoods and underrepresented communities.
Who It Names or Affects
- Individuals interested in becoming real estate appraisers from historically redlined neighborhoods or underrepresented communities.
- The Maryland Higher Education Commission, which will oversee the grant program.
Terms To Know
- PAREA
- Practical Applications of Real Estate Appraisal Grant Program
- Redlined neighborhoods
- Areas in cities where banks refused to give loans, often based on race or ethnicity.
Limits and Unknowns
- The bill does not specify how much funding will be available for the grants.
- It is unclear what criteria individuals must meet to qualify for these grants.