UnitedHealthcare has announced a $16.9 million investment to expand affordable housing for low- and moderate-income individuals, families, and veterans in Michigan.
The funding includes an $8 million investment in New Parkridge, an eighty-six-unit affordable housing community being developed by the Ypsilanti Housing Commission and Chesapeake Community Advisors that will include onsite support services that improve residents' access to health care, education, job training, and child care. UnitedHealthcare also is investing $8.9 million in Prestwick Village, a sixty-six-unit community in Holt with support services for individuals and families, including veterans struggling with homelessness and people with disabilities.
The total investment is part of a partnership with the Minnesota Equity Fund, a nonprofit subsidiary of the Greater Minnesota Housing Fund, and Cinnaire, a community development financial organization that serves Minnesota, Michigan, and the Great Lakes region. Through its Affordable Housing Investment Program, UnitedHealthcare has provided more than $240 million in financing since 2011 for twenty-six housing development projects in fourteen states.
"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 Cinnaire president and CEO Mark McDaniel. "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."