Iowa Gov. Kim Reynolds announced the opening of the second annual Iowa Homeownership Incubator competition to celebrate National Homeownership Month on June 15.
The Iowa Homeownership Incubator is a challenge to Iowa lending institutions and real estate professionals to think innovatively about advancing financial literacy around homeownership among Iowans, with the winning idea receiving a $20,000 grant to implement the initiative, according to a press release.
“Homeownership is one of the leading drivers of economic security and wealth creation for Iowans which is why we’re pleased to announce the Iowa Homeownership Incubator to help drive innovation in this area,” Ms. Reynolds said in a statement. “Iowa is already ranked among the top in the nation for first-time homebuyers and supporting financial literacy efforts will allow us to welcome many more Iowans home.”
Proposals must be submitted by 5:00 p.m. on Aug. 1. Finalists will be determined by the Iowa Finance Authority and the Iowa Association of Realtors and will be invited to pitch to a panel of industry judges. The judges will determine the winner at the HousingIowa Conference in Cedar Rapids on Sept. 6.
“Homeownership benefits Iowans, communities and businesses alike,” Iowa Finance Authority and Iowa Economic Development Authority Director Debi Durham said in a statement. “The ability to affordably own a home is a key element to attracting and retaining our workforce but Iowans first must realize that homeownership may be within their reach, which is exactly what this incubator competition sets out to do.
The Iowa Homeownership Incubator competition requires partnerships among a lending institution or real estate company and a community organization or business. The winning pitch will educate Iowans about financial literacy as it relates to homeownership and assistance programs available to them, including IFA’s programs for low to moderate homebuyers.
“It’s no secret that homeownership is good for Iowans and good for Iowa,” Iowa Association of Realtors CEO Gavin Blair said in a statement. “We look forward to seeing the innovative ideas for moving financial literacy around homeownership forward so we can open the door to homeownership for many more Iowans.”
More information about the competition, including submission guidelines is available at the HousingIowa Conference website.
