Since 2011, UnitedHealthcare has provided more than $350 million in equity to help finance and build 56 affordable-housing communities in 14 states, creating more than 2,700 new homes for people in need of affordable housing and support services to help enhance their well-being and quality of life.In Michigan, UnitedHealthcare partnered with Cinnaire and Minnesota Equity Fund (MEF) to invest $35 million in affordable housing utilizing Low Income Housing Tax Credits approved by the Michigan State Housing Development Authority (MSHDA). Cinnaire and MEF support community stabilization and economic development through partnerships with investors and mission-focused organizations through the use of federal tax credits and by providing creative loans, investments and best-in-class services to partners. "Cinnaire and MEF partner with leading socially motivated companies like UnitedHealthcare to make economic investments in well-designed, high-quality affordable-housing developments," said Mark McDaniel, president and CEO of Cinnaire. "These investments help meet a critical need in Michigan to provide quality, permanent housing with support services to people in need. We appreciate the commitment UnitedHealthcare has made to investing in affordable housing and creating healthy, vibrant communities." The investments made by UnitedHealthcare in Michigan will result in 236 new homes and include:
- $8 million for New Parkridge in Ypsilanti, with 86 new apartments and townhomes;
- $14.6 million for Jefferson Oaks in Oak Park, which will provide 60 new homes when completed this year;
- $3.7 million for Woodland Place Apartments in Hart, which will be completed this year and provide 24 new homes, half dedicated to people living with special needs and struggling with homelessness; and
- $8.5 million for Prestwick Village in Holt, which opened in June 2017 with 66 new homes.
New Parkridge, developed by the Ypsilanti Housing Commission and Chesapeake Community Advisors, includes 86 duplexes, townhouses and apartments with a mix of one-, two- and three-bedroom homes. The community incorporates "new urbanism" design concepts that feature street-facing residences with porches, sidewalks, driveways, yards, a playground and space for a community garden.A large community building includes an activity room, kitchen, computer lab and offices for social workers and property management. On-site support services are available to all residents, providing greater access to health care, education, job training, childcare and other services. During today's ribbon-cutting ceremony, UnitedHealthcare employees donated welcome baskets filled with household items and healthy foods that were given to each of the new residents to help welcome them into their new homes. 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. It provides creative loans, investments, and best-in-class services to partners. For more information visit www.cinnaire.com. About Minnesota Equity FundMEF is a subsidiary of 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 provides equity investments in Minnesota and the Great Lakes region. MEF is a strategic partnership between GMHF and Cinnaire. 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 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 @UHC on Twitter. Click here to subscribe to Mobile Alerts for UnitedHealth Group.