For the past several years, the Community Foundation for Greater Atlanta (the Foundation) has focused our efforts on four systems that were raised as critical areas of need in Metro Atlanta, one of which is Housing and Neighborhoods. This National Homeownership Month, we’re focused not only on supporting residents who are interested in becoming a homebuyer for the first time, but also on legacy residents looking to remain in their home, and in their community.
Homeownership provides access to equity and the opportunity to create generational wealth, and it is important that homeowners take steps to preserve their investment and ensure they are able to realize the full benefit of the equity their investment offers. Homeowners in Metro Atlanta can apply for the Homestead Exemption once their new home purchase is complete, and should do their best to stay on top of home repairs and maintenance to prevent a buildup of expenses. To protect the long-term impact of their investment, homeowners should also ensure their title remains clear when the time comes for their house to pass to the next generation.
Many homeowners are familiar with the basic process of estate planning. The homeowners named on the deed of the house create a will indicating who will inherit the property. Complications arise, however, when there are multiple beneficiaries named in the will. If done incorrectly, this type of will creates a situation called ‘heirs’ property’, or ‘tangled title’. Since there are now multiple owners of the property, each decision around the home becomes significantly more complicated, requiring approval from all heirs. Similarly, if there is no will created in the first place, it can be very difficult for heirs to demonstrate their ownership of the home.
Having a tangled title to a house can lead to a myriad of issues, creating both formalized barriers and informal complications. Resolving heirs’ property is a complex legal process, generally requiring the support of qualified legal professionals with expertise in this area. The process can take as long as months or even years, and its success is dependent on the dedication of all heirs to resolving the issue. Organizations like Georgia Heirs Property Law Center provide necessary expertise and support in this area, and serve as a critical resource to preserving homeownership.
Once a homeowner holds clear title to their property, there are a number of resources that are focused on allowing legacy homeowners to remain in their home. Homeowners can access support for home repair through organizations like HouseProud Atlanta, Meals on Wheels Atlanta, Rebuilding Together Atlanta, and many of the local Habitat for Humanity affiliates. Invest Atlanta will be launching a property tax relief program later this year in addition to their Owner-Occupied Rehab Program. For legal support outside of heirs’ property issues, Atlanta Legal Aid has been providing excellent support for nearly 100 years in Metro Atlanta.
The Foundation is proud to work with such incredible organizations in Metro Atlanta, as we know this crisis cannot be solved by any one organization alone. The Foundation continues to support housing needs through traditional grants and impact investments in the form of low-cost and 0% conditional loans, as well as through the leverage of our other forms of capital.
In 2022, Atlanta was selected as one of eight cities around the country to receive $7.5 million in funding from Wells Fargo Foundation through the WORTH initiative to support a coalition of partner agencies working to reduce the racial homeownership gap in Metro Atlanta. The Foundation is honored to serve as the lead agency and fiduciary for the initiative. Our collaborative developed five overarching strategies to address this critical area of need, capitalizing on the experience and expertise of each partner agency to amplify impact for the Metro Atlanta community. One strategy launched last fall is the Homeownership Urban Blueprint (the HUB), led by the Urban League of Greater Atlanta. Potential homebuyers can visit the HUB to find agencies providing services for each stage of the homeownership journey, and vendors can list their services and events in one common space.
At the Foundation, we believe that supporting affordable homeownership requires a holistic approach, as well as partnership with the many wonderful organizations working to advance affordable housing in Metro Atlanta. Together, we are confident that we can continue to reduce the racial homeownership gap and ensure legacy homeowners can remain in their homes.