- February 01 2024
- Texas
Ensuring Wealth Stays in the Family
Launched in 2023, the Heirs’ Property Program was created to help organizations with initiatives that prevent or address heirs’ property issues.
FHLB Dallas and Broadway Bank recently awarded $75,000 in grants to the Mexican American Unity Council (MAUC) through its member Broadway Bank.
“These funds are a much-needed resource for our Latino homeowners to ensure their family inherits the wealth they have worked so hard to build,” said Fernando Godinez, president and CEO of MAUC.
The MAUC Homestead Preservation Center will utilize the funds to assist homeowners who want to maintain ownership of their homes. By providing resources that help homeowners clear title to their homes, lower their property taxes and navigate the challenges of these forces, the center helps to ensure that long-time residents can continue to thrive in their neighborhoods.
The funds are part of $905,200 in Heirs’ Property Program grants that FHLB Dallas awarded through members in 2023. The grants assisted 21 organizations with preventing or remediating heirs’ property issues. In Texas, $515,200 was awarded to 12 organizations.
“Property issues disproportionately affect minority communities and low-income populations. These funds can help families break the cycle of generational poverty and improve their financial position,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.
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.
“Clearing a clouded real estate title can be a time-consuming and costly process,” said Jacob P. Cavazos, senior vice president and community reinvestment manager at Broadway Bank. “These funds are a great asset to help educate homeowners and help them resolve property issues.”
In its inaugural 2023 funding round from FHLB Dallas, organizations could receive up to $75,000. Awardees included affordable housing associations, community development groups, legal aid organizations and a university.
Do you have a success story using FHLB Dallas programs? We would love to hear from you! Submit your story here.
