UnitedHealthcare Invests Nearly $17 Million to Expand Affordable Housing for Individuals, Families and Veterans in Michigan
August 03 2016 - 4:52PM
Business Wire
- New communities will bring 150
affordable-housing units with onsite support services to help
people live healthier lives
- Investment is part of $240 million
UnitedHealthcare initiative to increase access to quality,
affordable housing in communities throughout the country
UnitedHealthcare is investing $16.9 million to increase
availability of affordable housing for low- and moderate-income
individuals, families and veterans in Michigan.
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Community leaders, residents and
development partners celebrate the start of construction for New
Parkridge, a new 86-unit affordable-housing community, during a
groundbreaking ceremony. UnitedHealthcare invested $8 million in
the new development, part of a $16.9 million commitment to build
150 units of affordable housing in Michigan. L to R: Vicki Vaughn,
Chesapeake Community Advisors; Russ Olwell, Eastern Michigan
University; Parkridge resident Lolitha O'Day; Ypsilanti Mayor
Amanda Maria Edmonds; Felicia Brabec, Chair, Washtenaw County Board
of Commissioner; Jim Logue, COO, Cinnaire; Dennis Mouras, CEO,
UnitedHealthcare Community Plan of Michigan; U.S. Rep. Debbie
Dingell; Michele Wildman, Chief Housing Investment Officer, MSHDA;
Zachary Fosler, Executive Director, Ypsilanti Housing Commission;
Douglas Gordon, U.S. Dept. of Housing and Urban Development; Renee
Smith, Chairperson, Ypsilanti Housing Commission (Photo: Nick
Azzaro).
The announcement was made at a groundbreaking ceremony for New
Parkridge in Ypsilanti, where community leaders and investment
partners celebrated the start of construction for the new 86-unit
affordable-housing community. Developed by the Ypsilanti Housing
Commission and Chesapeake Community Advisors, the new community
will include onsite support services to help improve residents’
access to health care, education, job training and childcare.
UnitedHealthcare is investing $8 million in the $17.2 million
development.
UnitedHealthcare is also investing $8.9 million in Prestwick
Village, a new 66-unit affordable-housing community with support
services in Holt that will serve individuals and families,
including veterans struggling with homelessness and people with
disabilities. The $10.7 million housing community, developed by
Gryphon Group, is currently under construction by T.R. Hovey
Construction LLC, with construction expected to be completed by
year-end 2016.
The investment by UnitedHealthcare is part of a partnership with
Minnesota Equity Fund (MEF) and Cinnaire, full-service community
development financial organizations serving Minnesota, Michigan and
the Great Lakes region. MEF and Cinnaire support community
stabilization and economic development through partnerships with
investors and mission-focused organizations through the purchase of
federal tax credits and by providing creative loans, investments
and best-in-class services to partners.
“UnitedHealthcare’s investments to support affordable housing in
Michigan are part of a larger initiative by our company to help
people live healthier lives by connecting them to housing, health
care and other important services,” said Dennis Mouras, CEO,
UnitedHealthcare Community Plan of Michigan. “We are grateful for
the opportunity to work with these key partners to build stronger
communities in our state.”
“Cinnaire’s partnership with MEF has provided an opportunity for
socially motivated companies like UnitedHealthcare to make economic
investments in well-designed, high-quality affordable-housing
developments in communities throughout the Great Lakes region,”
said Mark McDaniel, president and CEO of Cinnaire. “Working
together, we are helping to meet a critical need in Michigan, and
we thank UnitedHealthcare and MEF for joining Cinnaire in our
commitment to providing at-risk individuals with quality, permanent
housing with supportive services.”
Through its Affordable Housing Investment Program,
UnitedHealthcare has provided more than $240 million in financing
since 2011 for 26 housing development projects in 14 states,
creating more than 1,300 affordable-housing units. The company is
continuing to identify new community investments and partnership
opportunities that align with its mission of helping people live
healthier lives.
About CinnaireCinnaire is a full-service community
development financial partner that supports community stabilization
and economic development by developing and nurturing partnerships
with investors and mission-focused organizations. We provide
creative loans, investments, and best-in-class services to
partners. For more information visit www.cinnaire.com.
About the Minnesota Equity FundMEF is a subsidiary of the
Greater Minnesota Housing Fund (GMHF), a non-profit Community
Development Financial Institution. GMHF provides loans, equity
investments, grants and technical assistance to create affordable
housing in Minnesota. MEF is a strategic partnership between GMHF
and Cinnaire, a nationally recognized Community Development
Financial Institution that provides creative loans, investments,
and best-in-class services to partners.
About UnitedHealthcareUnitedHealthcare is dedicated to
helping people nationwide live healthier lives by simplifying the
health care experience, meeting consumer health and wellness needs,
and sustaining trusted relationships with care providers. The
company offers the full spectrum of health benefit programs for
individuals, employers, military service members, retirees and
their families, and Medicare and Medicaid beneficiaries, and
contracts directly with more than 1 million physicians and care
professionals, and 6,000 hospitals and other care facilities
nationwide. UnitedHealthcare is one of the businesses of
UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and
well-being company. For more information, visit UnitedHealthcare at
www.uhc.com or follow @myUHC on Twitter.
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version on businesswire.com: http://www.businesswire.com/news/home/20160803006723/en/
Minnesota Equity FundWarren Hanson,
651-221-1997whanson@gmhf.comorCinnaireJennifer Calery,
517-896-0873Jen@altmgmtsolutions.comorUnitedHealthcareLynne
High, 952-979-5861lynne_m_high@uhc.com
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