- Part of $34.8 million investment by
the company through a partnership with Minnesota Equity Fund and
Cinnaire to help connect people in need with affordable housing,
health care and supportive services
- Two new communities in Oak Park and
Hart to include 84 apartment homes
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 care 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) 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 CinnaireCinnaire 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 FundMEF 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 UnitedHealthcareUnitedHealthcare 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170627006564/en/
Minnesota Equity FundJill Mazullo, 651-221-1997, ext.
124jmazullo@gmhg.comorCinnaireCorinne Hyzny,
302-300-4247chyzny@cinnaire.comorUnitedHealthcareLynne High,
952-979-5861lynne_m_high@uhc.com
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