GreenState Credit Union announced its board of directors has doubled the goal set in 2021 of investing $500 million over the next decade to help close Iowa’s racial homeownership gap. GreenState’s new goal is to invest $1 billion across its entire field of membership by 2030 to expand access to homeownership for people of color throughout the Midwest.
“Since the launch of our Community Investment work last year, we have already seen incredible progress, with home loans to Black GreenState members growing to $68M in 2021, up 60% from $42M in 2020,” GreenState CEO Jeff Disterhoft stated in a release. “As GreenState continues to grow and expand across the Midwest, we are raising the bar for ourselves and setting a new goal of $1 billion in home loans to people of color across all the communities we serve.”
GreenState Board of Directors Chair Fred Mims echoed Mr. Disterhoft’s comments.
“I’m incredibly proud of our organization for our strong success in the first year of our Community Investment initiative. Homeownership is a key piece of the American Dream for so many families, and GreenState Credit Union wants to ensure that Dream is accessible to all members of the communities we serve,” he said. “To be sure, we will continue to lend to members of all races and financial backgrounds. While we continue our focus on creating value for all GreenState members, we recognize that as Iowa’s largest credit union, we have a special responsibility to address racial inequities head on.”
This new billion-dollar goal reflects GreenState’s commitment to expanding access to affordable homeownership, rapid membership growth and continued expansion across the Midwest, which now includes a field of membership in Iowa, Nebraska, South Dakota, Wisconsin and Illinois.
According to 2020 U.S. Census data, all five states have significant racial homeownership gaps among Black, Asian, non-white Hispanic and Native American populations, compared to White households.
This investment will continue to feature targeted mortgage lending with opportunities for members to receive assistance with closing costs, down payments, and other support for qualifying members in communities with a history of underinvestment.
