How 1,430 Iowans will celebrate the holiday season as homeowners
The holiday season is upon us and many of us are getting into the holiday spirit by making plans with family, putting up decorations, and choosing our favorite recipes. I get into the holiday spirit through gratitude reflection. This season, I will be thinking of the 1,430 families celebrating the holidays in their new homes thanks to the GreenState H.O.M.E. Program initiatives. I’m thankful to be part of a team that helped families purchase a house for the first time and who now have a place of their own to create holiday memories.
Our H.O.M.E. Program was structured as a special purpose credit program and aims to help originate minority equity through homeownership. In 2020, we began a ten-year initiative to help close Iowa’s racial homeownership gap. As the leading mortgage lender in the state, we felt a calling to be part of the solution.
According to 2019 Race in the Heartland: Equity, Opportunity and Public Policy in the Midwest, Iowa has the sixth largest racial homeownership gap in the country. For example, in Des Moines, only 3% of Black residents own their homes compared to 75% of white residents, according to the Directors’ Council One Economy Report.
Any homeownership gap is a hindrance to the economic growth of families, neighborhoods, communities, and the state. For our economy to prosper, we are helping families build equity and generational wealth.
Our motto is to find a way to Yes! We have a team dedicated to promoting homeownership solutions to Iowans of color. Borrowers go through the standard application process and either qualify for a traditional loan or receive mortgage options based on their qualifying status and apply for down payment assistance through the GreenState Foundation. When appropriate, we leverage community partners to help with credit repair and utilize local resources to coach prospective buyers on ways to achieve homeownership in the near future.
In just three years, we are halfway to our 10-year goal thanks to GreenState’s leadership and community partners. Through October 2023, GreenState’s H.O.M.E. Program has helped a total of 3,130 Iowans and funded $505.5 million in mortgage loans. Furthermore, the GreenState Foundation has provided $1M in down payment assistance grants.
The homeownership dream is possible thanks to first-time home buyer programs in our state. Those working to expand homeownership access are helping our neighbors stay in our cities for longer periods, promoting economic growth and a sense of community. Iowans take care of one another. The GreenState H.O.M.E. Program is a great example of this. As we look to 2024, we are committed to doing more.
