土地、房屋、 and 产权 receives $2 million JPMorgan Chase grant

电子游戏软件 Law School’s 土地、房屋、 & 产权 has received a $2 million grant from JPMorgan Chase in support of its work to address housing and property issues for disadvantaged communities.

ILHPR，由德里南法学教授创立和领导 托马斯·W. 米切尔, 国家继承人财产专家和麦克阿瑟电子游戏正规平台员, will produce research 政策建议 to preserve and expand property rights for underserved areas, as well as engage in community outreach and train law students, which will enhance national awareness about heirs' property challenges and solutions.

“The substantial grant JPMorgan Chase has made to help dramatically increase the research and policy development capacity of our 土地、房屋、 & 产权 will significantly increase our ability to make a greater impact on addressing a range of the housing and property matters disadvantaged communities experience, 包括一些令人烦恼的继承人财产问题,米切尔说。. “We truly appreciate JPMorgan Chase’s support and hope this grant represents the cornerstone of a lasting partnership."

200万美元的拨款是9万多美元的一部分.6 million in total funding from JP Morgan Chase to eight organizations that will support free legal assistance, 评价改革, 在服务欠缺的社区提供遗产规划服务. The effort is part of the company’s expanding commitment to tackle heirs property challenges across the country through a combined expansion of philanthropic capital, 商业投资, 政策建议.

受资助者, 社区组织的结合, 法律服务机构和大学, as well as Community Development Financial Institutions (农会信用), will focus on tackling heirs’ property and appraisal bias issues. Both are major contributors to the loss of wealth in underserved communities and disproportionately impact Black, 拉丁美洲人, 拉美裔, 低收入, and low-wealth families in both rural and urban communities. 

The funding was announced at a convening in Atlanta in June with leading policy experts and community partners in the housing space, 米切尔是特邀演讲者.

“This event represented a seminal gathering as there were representatives from major corporations, 地方和联邦政府组织, 美联储和联邦住房贷款银行, 农会信用, and nonprofit housing and community development organizations, all committed to addressing heirs’ property and appraisal bias issues in a real spirit of partnership and collaboration,米切尔说.

“安全, affordable homeownership opportunities are foundational for creating thriving and healthy communities,希瑟·希金伯顿说, 电子游戏正规平台政策主任 & 《电子游戏正规平台》，摩根大通. "We need to be intentional about scaling solutions that address heirs' property issues and empowering people to maintain homeownership from one generation to the next. Today’s commitments are part of the firm’s holistic approach to mobilizing resources and expertise to address this issue in communities across the country.”

继承人的财产, 也被称为“纠结的标题”,” often comes into being when a homeowner dies without a will or some other type of estate plan and their property is informally inherited by multiple descendants, regardless of whether they live on the property or have paid taxes. It also can come into existence when a property owner dies with a simple will that replicates what would occur if they died without some type of estate plan in place.

根据国家估计, the total assessed value of properties with a single-family home or some other type of structure located on them that are impacted by heirs’ issues is conservatively estimated to be over $32 billion across 44 states and the District of Columbia. A different study of rural land holdings has estimated that there is $443 billion worth of such properties in the U.S. 建筑物是否建在上面, heirs’ properties tend to be worth substantially less than they otherwise would if they didn’t possess many of the defects that heirs’ properties tend to have, including the fact that a large percentage of heirs’ property owners lack clear title to their properties.

如果不加以解决,, 继承人的财产造成了不稳定的房屋所有权, making it difficult for residents to convey property to the next generation, access disaster assistance programs that help pay for home repairs, 或者享受财产税减免计划, leaving people vulnerable to a range of potential repercussions, 包括止赎, 税销售, and being targeted by investors attempting to buy a home below market value. 

“We’re proud to see progress with our 评价改革 efforts, recognizing this is just the beginning of effecting change within the industry,肖恩·格泽宾说, 消费者起源和转换主管, 大通住房贷款. “We’re also committed to helping more homebuyers across the country to avoid the negative consequences of heirs’ property and preserve their generational wealth by identifying innovative business solutions.”

Other grantees include the Alcorn State University Foundation; the Federation of Southern Cooperatives Land Assistance Fund; the Brookings Institution and Economic Architecture; LISC Jacksonville; the Howard University School of Law’s Estate Planning and Heirs’ Property Clinic; the Center for NYC Neighborhoods; and Catapult Greater Pittsburgh.