Grant of $90,000 Received By Riviera Beach To Help Its Residents Manage Heirs’ Property Challenges
Inheritance can be a blessing. However, it can occasionally bring about confusion, contention, and disruptions within families.
The city of Riviera Beach, Florida intends to utilize a $90,000 grant from the Federal Home Loan Bank of Atlanta to assist its residents in addressing tax and title concerns related to heirs’ property.
Heirs’ property is an estate left behind by an owner who passed away without drafting a will or specifying who should take ownership after their death. This issue becomes particularly complex when an estate is left to multiple beneficiaries, especially when these beneficiaries harbor differing intentions for the property.
In some situations, heirs’ property may be sold via court orders, with the revenue shared among beneficiaries, significantly undermining the potential of the property to generate generational wealth.
Challenges related to heirs’ property are especially prevalent among many Black Americans, especially when the land in question was acquired by their ancestors during times when segregation and a lack of understanding of land ownership processes limited access to wills and recorded deeds.
Impediments to Generational Wealth in Heirs’ Property “Heirs’ property hinders the accumulation of generational wealth, contributes to neighborhood deterioration, and is a prevalent issue that disproportionately affects racial and ethnic minority, low-wealth, and distressed urban and rural communities,” stated Riviera Beach, the most populous majority-Black city in Palm Beach County, during their announcement of the grant.
The city intends to channel the grant funds towards collaboration with the Legal Aid Society of Palm Beach County. The aim of this collaboration is to assist city residents in managing heirs’ property issues through educational initiatives, estate planning, or litigation/court administration.
The Federal Home Loan Bank of Atlanta has allocated $1 million to several cities and organizations through its Heirs’ Property Prevention and Resolution Grant Initiative, an initiative that emerged from a forum on heirs’ property held in 2021. The grants issued range from $2,500 to $100,000.
Gratitude and Future Actions Riviera Beach Mayor Ronnie Felder expressed gratitude to the Federal Home Loan Bank of Atlanta for their partnership and efforts to address the multifaceted issues posed by heirs’ property. “Heirs’ property significantly adversely affects the city of Riviera Beach. This award will bring much-needed resolution and relief for families and communities currently unable to leverage the value of homes affected by an encumbered title,” he said.
Arthur Fleming, the Senior Vice President and Director of Community Investment Services at the Federal Home Loan Bank of Atlanta commended Riviera Beach. He stated that the grant funds would not only provide tangible relief to families and communities impacted by heirs’ property but would also draw attention to this issue and potentially stimulate additional engagement from other key stakeholders vested in resolving and preventing heirs’ property complications.
