[June 27, 2017] |
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UnitedHealthcare Invests $18.3 Million to Help Build New Affordable-Housing Communities in Michigan
UnitedHealthcare is investing $18.3 million to help build two new
affordable-housing communities in Hart and Oak Park, Michigan.
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Community leaders and development partners celebrate the start of construction for Jefferson Oaks, a new 60-unit mixed-income community in Oak Park being developed by Community Housing Network. UnitedHealthcare is investing $14.6 million in the new development and Cinnaire is providing a $2.3 million permanent loan to the project. UnitedHealthcare's investment is part of nearly $35 million the company has invested through a partnership with Cinnaire and Minnesota Equity Fund to help build four affordable-housing communities in Michigan. (L-R) Kristen Elliot, Community Housing Network; David Lochner, Huntington Bank; Kevin Yee, City of Oak Park; Marc Craig, Community Housing Network; Marian McClellan, Mayor, City of Oak Park; Dennis Mouras, UnitedHealthcare Community Plan of Michigan; Mark McDaniel, Cinnaire; Kimberly Marrone, City of Oak Park; and Earl Poleski, MSHDA (Photo: Nick Azzaro).
The announcement was made at a groundbreaking ceremony for Jefferson
Oaks in Oak Park, where community leaders and investment partners
celebrated the start of construction for the 60-unit mixed-income
community. UnitedHealthcare is investing $14.6 million in the Oak Park
development. Cinnaire is providing a $2.3 million permanent loan to the
project.
Jefferson Oaks, developed by Community Housing Network Inc. (CHN), is
being built on the site of a vacant school building and campus, which
will be transformed into 20 apartments and eight new townhome-style
buildings with an additional 40 homes. Twenty-one of the apartments are
set aside for supportive housing. When completed in 2018, the new
community will include on-site support services and amenities such as a
community room with a library, computer lab and meeting space, and a
playground.
"We are very excited to start the construction of this new community in
Oak Park and appreciate the work of UnitedHealthcare, Cinnaire and our
other partners in helping make this groundbreaking possible," said Marc
Craig, president of Community Housing Network. "When completed next
year, Jefferson Oaks will be a model community that brings quality homes
with on-site amenities for individuals and families who want a wonderful
place to live and play."
UnitedHealthcare also announced a $3.7 million investment in Woodland
Place Apartments in Hart. The new 24-unit apartment community, developed
by Gryphon Group LLC and Oceana County Housing Commission, will include
12 units for people living with special needs and struggling with
homelessness. The development is being built to U.S. Green Building
Council LEED environmental standards. West Michigan Community Mental
Health will provide supportive services and case management for
residents. Woodland Place Apartments will open in 2018.
"UnitedHealthcare's investments to support affordable housing in
Michigan are part of our initiative to help people live healthier lives
by connecting them to housing, health are and other important
services," said Dennis Mouras, CEO, UnitedHealthcare Community Plan of
Michigan, which employs 1,100 people in Michigan and serves the health
care needs of more than 800,000 people in the state. "We are grateful
for the opportunity to work with these partners to expand affordable
housing in Michigan."
The Michigan State Housing Development Authority (MSHDA) approved the
use of Low Income Housing Tax Credits for the new developments, with
Minnesota Equity Fund (MEF (News - Alert)) and Cinnaire securing the equity funding
from UnitedHealthcare. MEF and Cinnaire 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.
"Today marks an important milestone in helping create new models for
quality, affordable housing in Michigan," said Earl Poleski, executive
director, MSHDA. "Jefferson Oaks will provide new hope and opportunity
for the families and individuals who get to call it home."
"Cinnaire partners with 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 will help meet a
critical need in Michigan to provide low-income individuals with
quality, permanent housing with supportive services. We appreciate the
commitment UnitedHealthcare has made to investing in affordable housing
and creating healthy, vibrant communities."
Last year, UnitedHealthcare invested $16.5 million in two new
affordable-housing communities in Ypsilanti and Holt. A ribbon-cutting
celebration was held today for one of those developments - Prestwick
Village in Holt, a new 66-unit affordable-housing community with support
services that provides new housing opportunities for individuals and
families, including veterans struggling with homelessness and people
with disabilities. UnitedHealthcare invested $8.5 million in Prestwick
Village, which was developed by Gryphon Group and constructed by T.R.
Hovey Construction LLC.
UnitedHealthcare has provided more than $350 million in financing since
2011 for 56 housing development projects in 14 states, creating more
than 2,700 affordable-housing units. This includes $34.8 million in four
new affordable housing communities in Michigan.
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 provides equity investments in Minnesota and
the Great Lakes region. MEF is a strategic partnership between GMHF and
Cinnaire.
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
program 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 (News - Alert).
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here to subscribe to Mobile Alerts for UnitedHealth Group.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170627006564/en/
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