DALLAS--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded $905,200 in Heirs’ Property Program grants to assist 21 organizations with preventing or remediating heirs’ property issues.
Heirs’ property refers to property inherited without a will or legal documentation of ownership. As property is passed down, each successive generation generally results in more heirs being added to the inheritance. The absence of a deed or will can make it more complicated to obtain a clear title to land or homes as time passes. The inability to provide clear title can make it very difficult for families to transfer, or obtain loans on, the impacted property.
The grants, awarded through 15 participating FHLB Dallas members, will be used to clear an estimated 442 titles and prevent heirs’ property issues for more than 900 individuals. The funding is also expected to assist more than 8,200 people with training and education.
New Orleans-based Louisiana Appleseed, which started helping individuals with property title issues in the wake of hurricanes Katrina and Rita, received $25,000 for preventative education from FHLB Dallas member institution Hancock Whitney Bank.
“We are going to use this grant to double-down on our outreach,” Louisiana Appleseed Executive Director Adrienne Wheeler said.
Clearing a clouded real estate title can be a time-consuming and costly process, which is one reason why Louisiana Appleseed will ramp up education and outreach to resolve more heirs’ property issues ahead of future natural disasters.
Katrina and Rita hurricane victims flooded Louisiana Appleseed with requests for help after they discovered they didn’t qualify for Federal Emergency Management Agency assistance to rebuild or repair their homes because they lacked proof of ownership, Ms. Wheeler said. In the years following the 2005 hurricanes, the organization has continued to expand its education and remediation efforts.
Hancock Whitney Vice President/Community Outreach Officer LaCarsha Babers said the FHLB Dallas Heirs’ Property Program provides yet another opportunity for the bank to assist in efforts to help mobilize much needed resources around Heirs Property issues which plague much of the southern Gulf region, including those communities in which the bank serves. Home preservation is just as important to wealth building as homeownership for the next generation.
A total of $40,000 in FHLB Dallas Heirs’ Property Program funding was awarded through Hancock Whitney to three organizations.
“Louisiana Appleseed shared with us the need for more funding to assist their clients with heirs’ property issues; it was a pleasure to facilitate their grant application,” she said.
In this inaugural 2023 funding round, organizations could receive up to $75,000. Awardees included affordable housing associations, community development groups, legal aid organizations and a university.
The next application window for Heirs’ Property Program awards opens September 3 and closes on September 30. For the next round, the total allocation has increased to $2 million and recipients can receive up to $100,000 each. Recipients must be in FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico or Texas and meet the program’s requirements.
“We were extremely pleased with the widespread interest in the program during its rollout,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.
See a full list of the awards. For more information about the Heirs’ Property Program, visit fhlb.com/heirs.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $147.6 billion as of September 30, 2023, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
