$12 Million Investment by UnitedHealthcare Helps Bring New Affordable-Housing Community to Downtown Albuquerque
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Mixed-use affordable-housing development includes 74 apartments
and a grocery store to serve the growing population in the heart of
downtown Albuquerque -
UnitedHealthcare commitment part of $34 million the company has
invested in New Mexico to connect housing and healthcare
ALBUQUERQUE, N.M.–(BUSINESS WIRE)–UnitedHealthcare is the largest investor in a new mixed-use
affordable-housing development officially opening this week that brings
74 apartments and a grocery store to the heart of downtown Albuquerque.
The $11.9 million investment in The Imperial Building is part of $34
million UnitedHealthcare has invested in New Mexico to connect housing
and health care by supporting the construction of affordable housing
with support services.
UnitedHealthcare partnered with Enterprise Community Investment
(Enterprise) in New Mexico to provide the critical equity for these new
developments through the use of Low Income Housing Tax Credits (LIHTC)
approved by the New Mexico Mortgage Finance Authority. Enterprise
identifies investment opportunities in critical need of financial
support and works with developers and other partners to help structure
the financial resources needed for construction to begin.
“The Imperial Building is an important new affordable-housing community
that will have a tremendous impact in our state for years to come,” said
Charles Milligan, CEO of UnitedHealthcare Community Plan of New Mexico.
“UnitedHealthcare is grateful for the opportunity to help ensure people
in downtown Albuquerque have access to housing and health care services
that will help them live healthier lives.”
The collaboration with Enterprise has resulted in UnitedHealthcare
investing $34 million in the state to help build five affordable-housing
communities with 315 new apartments and onsite support services in
Albuquerque, Deming, Gallup, Las Cruces and Santa Fe.
“Enterprise is proud of our partnership with UnitedHealthcare and
grateful for its support of affordable-housing communities here in New
Mexico,” said Charlie Werhane, president and CEO of Enterprise Community
Investment. “At Enterprise, we are committed to ending housing
insecurity within a generation, which means no more homelessness or
families paying more than half of their income on housing. This new
community brings us closer to that goal by creating quality, affordable
housing close to where they work and live.”
Through its Affordable Housing Investment Program, UnitedHealthcare has
provided more than $240 million in equity nationwide for community
development projects. The company continues to identify new community
investment and partnership opportunities that align with its mission of
helping people live healthier lives.
Developed by YES Housing in partnership with the City of Albuquerque,
Geltmore, LLC, Bernalillo County, New Mexico Mortgage Finance Authority
and UnitedHealthcare, The Imperial Building is a new $19 million
community featuring a five-story mixed-use structure that offers a
below-grade parking garage, grocery store and commercial space at the
ground level, three floors of multifamily housing, and a rooftop garden
terrace with views of the mountains and downtown region.
“Today’s celebration is the culmination of many years of hard work and
planning,” said Chris Baca, CEO of YES Housing. “We are extremely
grateful for the support we have received from so many partners whose
passion helped create this beautiful, high-quality mixed-use
affordable-housing community for the residents of Albuquerque.”
The Imperial Building achieves Enterprise Green Communities
certification and is certified under ENERGY STAR New Homes. Water and
energy conservation play key roles in demonstrating the sustainability
goals of the Imperial Building. With a rainwater capture system,
efficient irrigation and water-conserving fixtures, the building focuses
on water efficiency.
The building name recognizes The Imperial Laundry Company, a prominent
business that once occupied the block and served the community for
nearly 20 years.
Rents for 54 apartments are set between 30 percent and 50 percent of
Area Median Income. Twenty of the apartments are not restricted under
the LIHTC program but will have rents that are set at about 10 percent
below market prices in the area. Fifteen of the apartments will be set
aside for special-needs residents.
Community leaders, residents and development partners celebrated the
grand opening of The Imperial Building today during a ceremonial ribbon
cutting and open house that brought together hundreds of people to tour
the new addition to downtown Albuquerque.
About Enterprise
Enterprise works with partners nationwide
to build opportunity. We create and advocate for affordable homes in
thriving communities linked to good schools, jobs, transit and health
care. We lend funds, finance development and manage and build affordable
housing, while shaping new strategies, solutions and policy. Over more
than 30 years, Enterprise has created nearly 358,000 homes, invested
$23.4 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com
or www.EnterpriseCommunity.org.
About UnitedHealthcare
UnitedHealthcare 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 uhc.com or
follow @myUHC on
Twitter.
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Contacts
UnitedHealth Group
Lynne High, 952-979-5861
lynne_m_high@uhc.com
or
Enterprise
Community Partners
Jon Searles, 202-649-3916
jsearles@enterprisecommunity.org
