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     129  0 Kommentare  JPMorgan Chase Expands Homeownership and Wealth Building Opportunities to Tackle Heirs Property and Appraisal Reform Across the Country

    JPMorgan Chase is expanding its commitment to tackle heirs property challenges across the country through a combined expansion of philanthropic capital, business investments and policy recommendations. At a convening in Atlanta with leading policy experts and community partners in the housing space, the firm announced more than $9.6M in philanthropic commitments to eight organizations across the United States working to preserve homeownership opportunities in Georgia, New York, Jacksonville, FL, Pittsburgh, PA and Washington, D.C. This effort is part of the firm’s ongoing commitment to preserve generational wealth building opportunities through homeownership for underserved communities nationwide.

    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.

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    In addition to philanthropic capital, Chase Home Lending continues to deliver progress on bringing more diversity to the field of residential property appraisers. The firm committed $3M to the Appraisal Diversity Initiative, a nationwide effort to attract diverse new entrants into the residential appraisal field through education, training and resource support. Since the program’s inception, Chase has supported more than 700 scholarships with 66 scholars now working as appraisers across the country. In Atlanta, 18 scholars are in the program and six graduates are currently working as appraisers.

    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 $32 billion across 44 states and Washington, D.C. In Georgia, over $400 million in assessed property values are impacted due to heirs issues.

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     JPMorgan Chase Expands Homeownership and Wealth Building Opportunities to Tackle Heirs Property and Appraisal Reform Across the Country JPMorgan Chase is expanding its commitment to tackle heirs property challenges across the country through a combined expansion of philanthropic capital, business investments and policy recommendations. At a convening in Atlanta with leading policy …

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