JPMorgan Chase Expands Homeownership and Wealth Building Opportunities to Tackle Heirs Property and Appraisal Reform Across the Country
More than
The grantees, a combination of community-based organizations, legal service providers and universities, as well as Community Development Financial Institutions (CDFIs), 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, Latino, Hispanic, low-income and low-wealth families in both rural and urban communities.
In addition to philanthropic capital,
The Economic Consequences of Heirs Property and Appraisal Bias
Heirs property, also known as a “tangled title,” occurs when a homeowner dies without a will and their property is informally inherited by multiple descendants, regardless of whether they live on the property or have paid taxes. According to national estimates, the total assessed value of properties impacted by heirs issues is estimated to be over
Left unaddressed, heirs property creates unstable homeownership, making it difficult for residents to pass on property to the next generation, access disaster assistance programs that help pay for home repairs or property tax relief. The situation leaves people vulnerable to a range of potential repercussions, including foreclosure, tax sales and being the target of investors attempting to buy a home below market value.
"Safe, affordable homeownership opportunities are foundational for creating thriving and healthy communities," said
“We’re proud to see progress with our appraisal reform efforts, recognizing this is just the beginning of effecting change within the industry,” said
An Expanded Philanthropic Approach
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Initiative on Land, Housing, & Property Rights at
Boston College ($2M): The Initiative atBoston College , founded and led by national heirs property expert ProfessorThomas W. Mitchell , will produce research and policy recommendations to preserve and expand property rights for underserved communities. The Initiative will also engage in community outreach and train law students, which will enhance national awareness about heirs property challenges and solutions. -
Alcorn State University Foundation ($300K): The SDFR Policy Center located atAlcorn State University will lead a team to conduct research and outline recommendations for the ethical use of public heirs property data in order to protect vulnerable heirs property owners from being exploited by those seeking to acquire properties at below market value. -
Federation of Southern Cooperatives Land Assistance Fund ($150K): The Federation, a regional cooperative and rural economic development organization, will expand their legal assistance with rural landowners in sevenSoutheastern U.S. states—including Georgia—and uses these types of insights to bolster its research and educational efforts that support impacted individuals and communities. -
The Brookings Institution and Economic Architecture ($2 .3M): Economic Architecture and theBrookings Institution have partnered to launch the second iteration of theValuing Homes in Black Communities challenge, which will identify the most promising market- and policy-based structural innovations to address the devaluation of homes in Black neighborhoods. -
LISC Jacksonville ($500K): LISC Jacksonville, a
Community Development Financial Institution (CDFI), is expanding their Heirs Property and Family Wealth Creation programs,a comprehensive model that preserves homeownership and increases home equity by addressing heirs property through free estate planning assistance and legal services for local families. -
Howard University Legal Clinic ($500K): HowardUniversityhasestablished an estate planning and heirs property legal clinic that trains future attorneys and provides free legal services toWashington, D.C. andMaryland residents. Since launching in 2023, the clinic has supported over 75 clients and trained 20 students. -
Center for NYC Neighborhoods ($889K): The Center, a community-based non-profit organization, is working to build capacity to deliver free estate planning and raise awareness about its importance among Black homeowners inBrooklyn and theBronx . -
Catapult
Greater Pittsburgh ($3M ): Catapult, a community-based nonprofit organization, is expanding theirClinic for Legal Equity and Repair (CLEAR), which supports people living inAllegheny County who do not have a legal title to the property in their name. CLEAR participants are eligible for home repairs, title clearance, and estate planning to ensure they can grow their wealth and transfer assets across generations. Catapult will also acquire and rehab vacant or abandoned properties in the community in an effort to stabilize neighborhoods.
Advancing Policy Solutions to Preserve Generational Wealth through Homeownership
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The Supporting Heirs Property Owners Through National Disaster and Resiliency Programs brief explores policy interventions to protect heirs property owners before and after natural disasters. Many heirs property owners have been unable to access disaster assistance due to ownership requirements. As natural disasters increase in frequency and intensity – creating challenges for homeowners and communities nationwide –
JPMorgan Chase supports federal, state and local policy interventions to help homeowners repair their homes, stabilize neighborhoods, and build community resilience.
- TheSolutions to Build Household Wealth by Addressing the Undervaluation of Property brief features JPMorgan Chase’s leading role to reduce bias in home valuations. This includes business practices, philanthropic partnerships, and policy recommendations that focus on: modernizing appraisal processes, enhancing valuation methods, increasing training and diversity, addressing industry standards, and building consumer awareness.
Quotes from Our Partners
Public private partnerships are key to driving impact at scale. Below are quotes from a few partners
Professor
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"The substantial grant
JPMorgan Chase has made to help dramatically increase the research and policy development capacity of our Initiative on Land, Housing, & Property Rights will significantly increase our ability to make a greater impact on addressing a range of housing and property matters disadvantaged communities experience, including a number of vexing heirs' property matters. We truly appreciateJPMorgan Chase's support and hope this grant represents the cornerstone of a lasting partnership."
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“Helping people stay in their homes by addressing heirs’ property issues is crucial for preserving intergenerational wealth—and, by extension, families’ health and wellbeing. Cross-sector collaboration is critical to continuing this work and effecting change, and we are proud to work with organizations like
JPMorgan Chase to drive momentum to preserve homeownership across communities.”
Reggie O’Shields, Chief Legal and Compliance Officer for the
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“The Federal Home Loan Bank of
Atlanta is pleased to partner with organizations likeJPMorgan Chase to address the pervasive issue of heirs property. We will continue to support initiatives to resolve tangled titles, execute wills, and provide property financial literacy training, all of which contribute to generational wealth building and strengthen communities.”
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gabriela.alba@jpmchase.com
862-347-1709
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