NORTH LIBERTY, Iowa–GreenState Credit Union said it has doubled a goal it set in 2021 and will now invest $1 billion to close the homeownership gap across its entire field of membership by 2030 as part of an effort to expand access to homeownership for people of color in 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 $68 million in 2021, up 60% from $42 million in 2020,” said CEO Jeff Disterhoft. “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.”
According to the $9-billion GreenState, thenew billion-dollar goal reflects its 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, the credit union said.
‘Targeted Mortgage Lending’
“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,” GreenState explained.
GreenState said it continues to lend to members of all races, and this announcement echoes a commitment by its board to ensure its loan portfolio reflects the racial diversity of our field of membership while building our communities even stronger.
The credit union has more than 350,000 members.
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