What is Asset Forfeiture?
Asset forfeiture is a tool used by law enforcement agencies to strip criminals and criminal organizations of their ill-gotten gains through seizure of these assets.
In addition to punishing criminals and deterring their illegal activity, law enforcement agencies use asset forfeiture to disrupt criminal organizations.
Once forfeited, assets can be returned to victims or used to improve or protect communities.
Forfeiture in Action
Three multifamily rental houses in Rutland, VA were commonly known in the neighborhood to be hubs for criminal and drug activity. In 2015, federal officials seized the homes when it became clear the absentee owner knew of the illegal activity and did nothing to stop it.
As properties used to facilitate drug trafficking, the homes were subject to forfeiture, and the U.S. attorney for the District of Vermont filed for civil forfeiture.
The U.S. Attorney’s Office and the city of Rutland struck an agreement to renovate the derelict properties into affordable homes, and the properties were ultimately transferred to a local non-profit, which settled with the banks holding the properties’ mortgages.
Once renovated, the homes will be either owner-occupied single-family residences or duplexes or condos in which the landlord must live on-site, per the agreement. The city’s aim is to bring stability to the street, the neighborhood, and the city, where just one in three homes is owner-occupied.
via FBI.gov