FHLBank Atlanta to Co-Sponsor Forum Designed to Address Heir Property | Nation / World

ATLANTA, Nov 09, 2021 (GLOBE NEWSWIRE) – Federal Home Loan Bank of Atlanta (FHLBank Atlanta) to join Federal Home Loan Bank of Boston, Federal Home Loan Bank of Dallas, Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Atlanta, Federal Reserve Bank of Richmond and Asset Funders Network to host a unique one-day event designed to prevent and resolve the challenge of heir ownership. The Heir Property Prevention and Resolution Donor Forum will be held from 9:00 a.m. to 2:00 p.m. (ET) on December 2, 2021 at the Community Foundation for Greater Atlanta.

During the Donor Forum, nonprofits and other entities will present pilot initiatives aimed at addressing a particular issue or issues related to heir property. Potential funders will have the opportunity to ask questions and further explore the proposed initiatives. Participating donors are not required to engage in a pilot initiative.

Heir ownership occurs when a real estate owner dies intestate or with a will that leaves the property to multiple beneficiaries, usually their children. The result is a fractured or entangled title which, if left unresolved, can lead to ownership uncertainty and conflict among family members. Moreover, a fractured title is unsaleable and prevents the possibility of selling, guaranteeing, improving or transferring the property, thus becoming an obstacle to the accumulation of generational wealth. Heir ownership is disproportionately found in black, indigenous and Latin communities, distressed rural and urban communities, and low-wealth communities. It is a major driver of vacancy, abandonment and unrealized equity in poor neighborhoods and among racial and ethnic communities across the country. For example, a 1980 study by the Emergency Land Fund estimated that 41% of rural land in the Southeast owned by black Americans is owned by heirs.1 A more recent article from the Atlanta Fed indicates that in the six southeastern states that are part of the Atlanta Fed District, at least 85,607 properties are heir properties.2

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1 The Emergency Land Fund, Inc. (1980). The impact ofHeirProperty on Black Rural Land Tenure in the Southeastern United States.

2 Carpenter, Ann, Shana Jones and J. Scott. Reinette apple. (2016). “Understanding the ownership of heirs in the southeast. ” Federal Reserve Bank of AtlantaUpdate partners. March / April 2016.

The goal of the Donor Forum is to match resources with entities that are able to provide those resources to families and communities who care for the estate of heirs. Proposals should fall into one of five categories: financial literacy, pro bono legal services, local government innovation, affordable housing solutions, or university research. Resources required include more than mere monetary contributions and may involve contributions of human capital and non-monetary resources.

“FHLBank Atlanta is proud to partner with the other sponsors of this important event and to help find solutions to the challenges posed by inheritance property,” said Arthur L. Fleming, senior vice president and chief services officer of community investment from FHLBank Atlanta. “Billions of dollars of unrealized wealth are locked in the properties of the heirs, preventing so many individuals and families in our district – and across the country – from fully benefiting from the real estate investments made by their ancestors. Our goal with this event is to connect funders with solutions to help serve as a key to unlocking this wealth and creating more equitable options for minorities and low-income citizens. “

The Funders Forum is open to registered funders who can attend virtually or in person. Potential funders wishing to participate are encouraged to contact the FHLBank Atlanta media contact listed above for more information.

About FHLBank Atlanta

FHLBank Atlanta offers competitively priced finance, community development grants, and other banking services to help member financial institutions secure affordable mortgages and provide economic development credit to neighborhoods and communities. The members of the Bank (its shareholders and customers) are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. . FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have provided approximately $ 7 billion in Affordable Housing Program funds, helping more than 990,000 households.

For more information, visit our website at www.fhlbatl.com.

CONTACT: Peter E. Garuccio

Federal Home Loan Bank of Atlanta

[email protected]

404.888.8143

Copyright 2021 GlobeNewswire, Inc.

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