FHLBank Indianapolis releases heirs' property report for 2 major Indiana counties

last updated on Tuesday, December 17, 2024 in Federal Home Loan Bank Indianapolis

A new joint report by FHLBank Indianapolis and Black Onyx Management found more than 1,800 heirs’ properties — land or property passed down among family members without a formal will or estate plan after the owner’s death — valued at more than $258 million in Marion and Allen counties, two of Indiana’s most populated counties.

The report, titled “Turning Legacy into Opportunity: Overcoming Inherited Property Obstacles in Marion County and Allen County, Ind.,” also found the same areas are home to 4,706 at-risk properties — defined as properties where least one listed owner has died between 2011 and 2022, but another listed owner is still alive — with a combined estimated value of $826 million.

SVP MaryBeth Wott “Homeownership is often touted as one of the most crucial methods of preserving generational wealth and promoting economic stability, but we’re seeing that a portion of the community who are homeowners still can’t take full advantage of its benefits,” said MaryBeth Wott (right), SVP and Community Investment and Strategic Planning Officer. “This report highlights the scope of the problem for several key Indiana communities and allows us to recommend data-driven solutions that target the unique issues facing each of them.”

In 2022, Fannie Mae reported an estimated 88,834 likely heirs’ properties nationwide, of which approximately 6,272 are in Indiana; however, until now no comprehensive research into county-level data has been available. The new report is the first major assessment and localized breakdown of housing issues affecting Marion and Allen counties, where heirs’ rights has become an increasingly discussed topic in affordable housing and community development circles.

Click here to read the Bank’s full news release.

Questions? Contact FHLBank Indianapolis Corporate Communications at corpcomm@fhlbi.com.