Invest $1 billion in mortgage loans across our field of membership to expand access to homeownership for people of color throughout the Midwest.
Expand the service of our members with our Emergent Bilingual Strategy.
A $20 million Commitment in Community Investment, in conjunction with the GreenState Foundation
$1 Billion Initiative Progress
How Does This Work?
In our effort to close the racial homeownership gap, we recognized that rather than simply changing our mortgage loan requirements, we had to instead develop an entirely new process to ensure the right approach is provided to each individual borrower thereby increasing the likelihood of long-term success.
It is important to note that every borrower will go through the same application process.
Step 1
Apply via normal standard borrowing process. If a loan is not approved, the borrower will move to Step 2.
Step 2
We now will review applications via our updated Affordable Home Loan guidelines. As a part of this process, borrowers will be connected with local resources to guide and coach them on what it means to take out a mortgage and all the costs and responsibilities therein. If after reviewing an application at this state it still is not approved, the borrower will move to Step 3.
Step 3
In our effort to improve housing outcomes and increase the success of new homebuyers, our community education partners will take a leading role in developing the financial wellness of these prospective homeowners with GreenState by their side throughout the entire process.
These steps are all an effort to make it a little easier to quality for a mortgage while also improving the chances of success of new homebuyers. That it how GreenState became the leading lender in Iowa and how we are working to become the lender of choice for all homebuyers regardless of race, income, and background throughout the Midwest.
According to the report, “Race in the Heartland” 1, Iowa’s black population has a home ownership rate below 30 percent while whites in the state hover just below 80 percent home ownership.
This Community Investment Statement includes an additional $20 million in targeted community investments in the areas of financial health, affordable housing, and environmental sustainability.
Targeted Investments & Contributions Progress
*Investments made since January 2021
$1,623,866
Affordable Housing
Goal: $6,000,000
$5,741,603
Financial Health
Racial, Refugee & Immigrant Equity
Goal: $9,000,000
$1,115,340
Environmental Sustainability
Goal: $5,000,000
Social Bond Financing Framework
GreenState recently adopted its Social Bond Financing Framework to help guide the credit union’s social financing activities related to its community investment goals.
GreenState aspires to be more than just a leader in financial products and services – recognizing both our ability and responsibility to also be leaders in impact for all communities throughout our region.
Additional Resources
| 1 - |
Colin Gordon, “Race in the Heartland: Equity, Opportunity, and Public Policy in the Midwest,” October 2019. |
| 2 - |
Bankrate analysis of Home Mortgage Disclosure Act data, via LendingPatterns. |