Advancing Economic Mobility through Family Wealth Creation
Local Initiatives Support Corporation (LISC) Jacksonville
Economic Equity
Local Initiatives Support Corporation (LISC) Jacksonville is one of over 38 local programs of the nation's leading community development support organization. LISC Jacksonville partners with residents and stakeholders to coordinate and invest resources that grow community pride and revitalize neighborhoods into healthy, sustainable communities.
“Heirs’ properties,” common among BIPOC (Black, Indigenous, People of Color) communities, are created when a homeowner dies without formal estate planning (will or other legal documents) to establish the new rightful owner (legal title-holder), and thus the ownership is equally divided among living heirs. While the living heirs are the rightful owners, until they complete legal processes they do not have access to the traditional benefits and legal protections afforded traditional properties.
In Jacksonville, there are approximately 10,000-15,000 heirs’ properties, accounting for more than 10% of BIPOC homes. Heirs’ properties are unable to use homeownership to build generational wealth or leverage home equity to pursue other wealth-building opportunities. Heirs’ properties are often unable to access assistance, extract, or borrow against the inherent value of the home, limiting the ability of heirs to attend college, start a business, or become an entrepreneur.
Our Approach
Fourth Economy was able to leverage our analysis capabilities (parcel records analysis, GIS mapping, data visualization) combined with strategy and recommendations work (identifying clusters of at-risk properties, helping the client prioritize outreach efforts) to preserve homeownership and family wealth creation among these households.
The Results
The results of this project are concrete. Because of our efforts, households will be supported and be able to stay in their home and build generational wealth.
Location
Jacksonville, FL