M&T Bank Grant Awarded to VLA to Help Vermonters Keep Generational Wealth
Burlington, Vermont, April 10, 2024 — The M&T Charitable Foundation, the philanthropic arm of M&T Bank, announced it has awarded $250,000 over the next three years to the Generational Wealth Preservation Project, a statewide collaborative project headed by Vermont Legal Aid’s Homeowner Legal Assistance Project.
“We are thrilled to have this opportunity to work with Vermont’s five Homeownership Centers on a project that will help low-income, BIPOC, and other disadvantaged Vermonter homeowners maintain housing and pass on generational wealth, and we are grateful to M&T Bank for their support in this endeavor,” said VLA attorney Grace Pazdan, who is the director of the Homeowner Legal Assistance Project.
What is the Generational Wealth Preservation Project (GWPP)?
When homeowners die without a will, their heirs face many challenges to perfect their property interests, which puts them at unnecessary risk of losing their home due to mortgage delinquencies and property tax issues that often cannot be resolved without proof of title. Economically disadvantaged homeowners and heirs are particularly at risk because court costs and attorney’s fees often make opening a probate estate prohibitive.
The Generational Wealth Preservation Project will leverage the expertise of Vermont Legal Aid’s attorneys and the Homeownership Centers’ housing counselors to resolve and prevent these “tangled title” issues, ensuring successful homeownership and equity transfers to low-income, BIPOC, disabled and other disadvantaged Vermont homeowners’ heirs. Specifically, Vermont Legal Aid will help heirs with the probate process to access property deeds. VLA will also hold estate planning clinics at the Homeownership Centers to help ensure that generational wealth can be passed down to these homeowners’ heirs without the legal and financial challenges associated with having to probate estates.
In the GWPP, VLA will be partnering on with the Homeownership Centers at the Windham & Windsor Housing Trust, Neighborworks of Western Vermont, the Champlain Housing Trust, Downstreet Housing and Community Development, and RuralEdge Housing and Community Development. The Homeownership Centers help Vermonters with everything from purchasing a home to financial counseling to home repair. As part of the Generational Wealth Preservation Project, the Homeownership Centers will close the loop for low-income, BIPOC and other disadvantaged family members who inherit their homes by providing housing counseling services to ensure these heirs have the education and tools required to successfully sustain homeownership.
“Through the Amplify Fund, we are committed to continuing our partnership with organizations like Vermont Legal Aid that work hand-in-hand with community members in the field to provide the critical resources and programming necessary to truly make a difference,” said Dominique Goss, executive director of the M&T Charitable Foundation. “At M&T, addressing the institutionalized and systemic issues preventing disadvantaged communities from accessing opportunities and achieving long-term success is key to our mission as a community bank. We are proud to provide the Amplify Fund as a difference-making resource in the communities we serve.”
About M&T Charitable Foundation’s Amplify Fund
First announced in May 2022, the Amplify Fund is a $25 million philanthropic investment as part of the merger between People’s United Bank and M&T Bank. Powered by the M&T Charitable Foundation, the Amplify Fund is a one-time supplemental charitable program to provide further support in the legacy People's United communities. For more information, visit https://www3.mtb.com/amplifyfund.
About Vermont Legal Aid
Vermont Legal Aid provides direct legal services through 11 broad projects that serve every county in Vermont. VLA advocates on behalf of vulnerable Vermonters to address systemic and institutional problems that impact their lives. Our services are free. Learn how to ask us for legal help at https://www.vtlegalaid.org/about-vla/get-help.
Media contacts
Grace Pazdan, Vermont Legal Aid, 802-839-1331, gpazdan@vtlegalaid.org
Christopher Loh, M&T Bank, 617-581-2676, cloh@mtb.com
Photo
Amplify Fund grant recipients including VLA’s Grace Pazdan, second from right.