UnitedHealth Group and Enterprise Community Investment, Inc. (Enterprise) have entered into a partnership that will create an investment program to provide $50 million in funding for affordable-housing projects in various areas across the United States.
The $50 million from Enterprise and UnitedHealth Group is intended to add needed funding for community organizations involved in affordable-housing programs, focusing on low-income and moderate-income families in need of assistance. Projects chosen for the investment must qualify for federal Low Income Housing Tax Credits (LIHTC) or Historic Rehabilitation Tax Credits.
Three projects have already been confirmed, namely the renovation and expansion of Stage Coach Apartments in Santa Fe, New Mexico ($9.7 million), a $5.1 million investment in Mountain View Apartments in Deming, NM, and a $6.7 million investment in Robledo Ridge Apartments in Las Cruces, NM.
“This is an exciting new partnership and an excellent example of a company investing locally to improve the communities where they serve,” said Governor Susana Martinez.
The projects will be LEED-certified to meet environmental standards for energy-efficient homes. UnitedHealth and Enterprise will also be collaborating with numerous community partners, including the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Agriculture (USDA), and others.
United Health Group offers health care services, including coverage, benefits, and technology-enabled health services. Enterprise Community Investment Inc. has raised and invested $11 billion in equity, grants and loans through its partnerships with governments, community organizations, and financial institutions, through which it has helped to build over 280,000 affordable homes and rental properties.