United Healthcare Gets in The Low Income Housing Business With Partnership to Finance Housing Projects in New Mexico
Posted Dec 08 2011 6:29pm
The company gets more diversified each week it seems with some type of new business announcement. This is a partnership as I read it, not a grant. The company has also in the past helped finance other healthcare institutions as they own an industrial bank with over $1 billion on deposit. It could be a bit more now as that was what was announced about a year ago with the Optum Bank.
Part of their business is managing behavioral health services for the estimated 450,000 New Mexicans enrolled in Medicaid. In some areas they offer no co-pay (free) hearing aid from another division of their company that distributes them.
I don’t think this one fits under the Medical Loss Ratio areas even though the housing is designated for seniors and low income families to provide rentals. BD
SANTA FE, N.M.--( EON: Enhanced Online News )--UnitedHealth Group today announced an innovative partnership with Enterprise Community Investment, Inc. (Enterprise), a national leader in the affordable housing and community development industry, to provide up to $50 million to finance affordable-housing projects in targeted communities throughout the United States.
The partnership will invest in projects that qualify for federal Low Income Housing Tax Credits (LIHTC) or Historic Rehabilitation Tax Credits.
The UnitedHealth Group Affordable Housing Investment Program brings together one of the nation’s top health and well-being companies with one of the nation’s leading advocates for affordable housing to create housing opportunities for low- and moderate-income people. Through Enterprise, the program will provide critical equity for the development of affordable rental housing projects to which housing tax credits have been allocated. The $50 million commitment by UnitedHealth Group will support efforts to strengthen the local community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs and the growing population of aging adults.
The first three projects being funded through the new program were announced today with New Mexico Gov. Susana Martinez participating in a groundbreaking ceremony for the renovation and expansion of Stage Coach Apartments in Santa Fe. The $9.7 million investment in Stage Coach will provide 60 LEED-certified rental housing units, developed by The Housing Trust, targeting residents from 40 percent to 60 percent of the area median income. A total of 25 percent of the units will be set aside for special-needs households.
Two additional projects were also announced: a $5.1 million investment in Mountain View Apartments in Deming, a 48-unit rental apartment complex for aging adults and special needs individuals at 50 percent of the area median income; and a $6.7 million investment in Robledo Ridge Apartments, a LEED-certified, 72-unit multifamily rental apartment complex in Las Cruces that will serve special-needs households and families at 30 percent to 50 percent of the area median income.
The partnership will collaborate with community-based partners where the projects are located. This includes, among others, the U.S. Department of Housing and Urban Development, the U.S. Department of Agriculture, state housing agencies, developers and various local community organizations. The program encourages housing projects that are LEED certified with environmental and energy-efficient components that make them models in their communities.