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Nov 21, 2024
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AGEC 0551 - Heir Property, Asset Building and Community Developemnt in the Rural South
Credits: 3
Communities develop (or not) depending on the access of their members to resources and assets, for example land, labor, capital and government programs. Heir property refers to land or other real property passed down from one generation to the next in the absence of a probated will. in the southeastern United States, heir property is most common among African Americans. The issue rises to societal significance because in many cases such property has been passed down across many generations and, as a result, as many as 200 people own an undivided share in a particular property. This seminar class will examine how heir property impacts asset building in the rural South in general and within in the African American community in particular. We will discuss problems and possible alternatives associated with vulnerability from tax sales and partition sales. Additionally, the limited access to government programs and the problem of “dead capital” - the inability of heir property owners to get conventional mortgages or otherwise use heir property as collateral for business or other ventures, will be addressed. Finally, policy initiatives on how to address the impact of heir property will be discussed.
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