UnitedHealthcare Invests Nearly $17 Million to Expand Affordable Housing for Individuals, Families and Veterans in Michigan
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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
YPSILANTI, Mich.–(BUSINESS WIRE)–UnitedHealthcare is investing $16.9 million to increase availability of
affordable housing for low- and moderate-income individuals, families
and veterans in Michigan.
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 Cinnaire
Cinnaire 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 Fund
MEF 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 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 www.uhc.com
or follow @myUHC on Twitter.
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Contacts
Minnesota Equity Fund
Warren Hanson, 651-221-1997
whanson@gmhf.com
or
Cinnaire
Jennifer
Calery, 517-896-0873
Jen@altmgmtsolutions.com
or
UnitedHealthcare
Lynne
High, 952-979-5861
lynne_m_high@uhc.com
