UnitedHealth Group Inc. has upped its funding of affordable housing units with a new multi-million dollar investment.
The company said it has invested $100 million in the Health & Housing Fund, a partnership with Stewards of Affordable Housing for the Future and National Affordable Housing Trust. The investment will build 1,000 apartments for families and older adults fighting housing insecurity.
The first three developments built with the investment will be the 100-apartment Anacostia Gardens in Washington, by the NHP foundation; the 40-apartment Morning Star Apartments, in Wharton, Texas, by National Church Residences; and the 30-apartment Bent Oak Village, in Chocktow, Oklahoma, by Volunteers of America. Locations for the other 830 apartments will be announced in the coming months.
UnitedHealth Group said it is also providing a $1 million grant to provide health services to residents of the new apartments.
In total, UnitedHealth Group has now invested $500 million to fighting housing security since 2011, and in that time it has funded 80 new affordable housing developments with 4,500 units in 18 states. The $100 million investment announced Thursday will bring the company’s total number of new homes to 5,500.
“The connection between housing and health is undeniable, and the COVID-19 pandemic has increasingly brought this further to the forefront as an urgent need throughout the communities we serve,” said Heather Cianfrocco, chief executive officer of UnitedHealthcare Community & State, in a statement. “Through our continued leadership and investments in affordable housing and support services, we are helping drive better health outcomes for some of the nation’s most underserved populations.
— Read UnitedHealth to Fix COVID-19-Related ‘Financial Imbalances’: CEO, on ThinkAdvisor.