$22 Million UnitedHealth Group Investment Helps Fund Three New Affordable-Housing Communities in New Mexico
- Investment helps create 179 new affordable-housing units for low-income families, people with special needs and aging adults
- Community leaders and project partners attend grand opening and ribbon-cutting for Santa Fe and Las Cruces developments
Community leaders and project partners are celebrating the official grand opening of two rental housing developments in Santa Fe and Las Cruces this week.
The new residential communities, along with an additional housing development in Deming, were made possible by a $22 million investment by UnitedHealth Group (NYSE: UNH) through a partnership with Enterprise Community Investment, Inc. (Enterprise). The collaboration brought together one of the nation's top health and well-being companies and one of the nation's leading advocates for affordable housing to provide critical equity to build the developments through Low Income Housing Tax Credits (LIHTC).
The three New Mexico projects – Stage Coach Apartments in Santa Fe, Robledo Ridge Apartments in Las Cruces and Mountain View Apartments in Deming – are creating an additional 179 affordable-housing units. Each provides housing opportunities and onsite social services for low-income families, seniors, and people with special needs and who are at risk of becoming homeless. The developments also created nearly 300 construction and permanent jobs in the state.
"These new housing developments are models of how business and community partners are working together with government agencies to help improve the lives of New Mexico families," said New Mexico Gov. Susana Martinez. "The investment by UnitedHealth Group through its innovative partnership with Enterprise is an excellent example of a company investing locally to strengthen the communities they serve."
Stage Coach, developed by The Housing Trust, is an award-winning, LEED Platinum, 60-unit affordable-housing community designed to accommodate people with special needs, people who are hearing impaired, and families transitioning out of homelessness or earning 30 percent to 60 percent of the average median income.
The new development offers residents a community building with kitchen, computer lab, after-school programs center, and an onsite services coordinator who will work with local nonprofit organizations to offer free health screenings, financial assistance and workforce training. Other amenities include community gardens, play areas, a fitness course, expansive open spaces and walking paths.
UnitedHealth Group provided $9.8 million to help with the $12 million renovation and expansion of the iconic Route 66 Stage Coach Inn.
"These community developments will create new opportunities, hope and a foundation of support for the families who will make them their homes," said Kevin Kandalaft, CEO of UnitedHealthcare Community & State of New Mexico, a UnitedHealth Group company. "We are grateful for the opportunity to partner with the many public and private organizations to help fund these affordable-housing developments for the people of New Mexico."
On June 27, partners and community leaders, including Senate President Pro Tem Mary Kay Papen, Rep. Phillip Archuleta and Mayor Ken Miyagishima, will celebrate the completion of Robledo Ridge Apartments in Las Cruces with a ribbon cutting and open house. The LEED-certified, 71-unit multifamily rental apartment complex will serve special-needs households and families at 30 percent to 50 percent of the area median income. UnitedHealth Group and Enterprise provided $6.8 million for the $10.9 million project.
The third housing community, Mountain View Apartments in Deming, was developed by YES Housing and completed in January. The 48-unit rental apartment complex is for aging adults and people with special needs at 50 percent of the area median income. UnitedHealth Group and Enterprise provided $5.1 million of the $7 million total development costs.
"Enterprise is proud of our partnership with UnitedHealth Group and our work to develop innovative solutions that provide affordable-housing opportunities to families in New Mexico," said Charlie Werhane, president and CEO of Enterprise Community Investment. "We know that one key economic engine for our communities is investing in affordable housing, and we're grateful to be part of a team whose work makes a significant difference in the lives of so many people."
UnitedHealth Group operates under the UnitedHealthcare and OptumHealth banners in New Mexico. UnitedHealthcare serves the health care needs of more than 250,000 New Mexicans, including people enrolled in employer-sponsored plans, as well as Medicare and Medicaid beneficiaries. UnitedHealthcare operates six offices and employs nearly 300 people statewide. OptumHealth employs another 200 people managing behavioral health services for nearly 450,000 people enrolled in Medicaid, and for the thousands of people who rely on state and federal funds for crucial services.
Enterprise helps communities build and preserve affordable housing and has a 30-year history of financing good-quality homes and apartment buildings that are specifically intended to be affordable to low- and modest-income people and families. It has had a local presence in New Mexico for more than 15 years and will use the $50 million in LIHTC equity to invest in affordable housing in communities where UnitedHealth Group has a presence. Additional project announcements in other states will be made in the coming months.
The $22 million investment by UnitedHealth Group in these three new housing developments is part of its Affordable Housing Investment Program, which has provided more than $100 million in financing for community development projects throughout the United States, $54 million of which is in partnership with Enterprise.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created 300,000 homes, invested nearly $14 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two business platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 80 million people worldwide. For more information, visit UnitedHealth Group at www.unitedhealthgroup.com.