UnitedHealthcare is the largest investor in a new mixed-use affordable-housing development officially opening this week that brings 74 apartments and a grocery store to the heart of downtown Albuquerque.
The $11.9 million investment in The Imperial Building is part of $34 million UnitedHealthcare has invested in New Mexico to connect housing and health care by supporting the construction of affordable housing with support services.
UnitedHealthcare partnered with Enterprise Community Investment (Enterprise) in New Mexico to provide the critical equity for these new developments through the use of Low Income Housing Tax Credits (LIHTC) approved by the New Mexico Mortgage Finance Authority. Enterprise identifies investment opportunities in critical need of financial support and works with developers and other partners to help structure the financial resources needed for construction to begin.
"The Imperial Building is an important new affordable-housing community that will have a tremendous impact in our state for years to come," said Charles Milligan, CEO of UnitedHealthcare Community Plan of New Mexico. "UnitedHealthcare is grateful for the opportunity to help ensure people in downtown Albuquerque have access to housing and health care services that will help them live healthier lives."
The collaboration with Enterprise has resulted in UnitedHealthcare investing $34 million in the state to help build five affordable-housing communities with 315 new apartments and onsite support services in Albuquerque, Deming, Gallup, Las Cruces and Santa Fe.
"Enterprise is proud of our partnership with UnitedHealthcare and grateful for its support of affordable-housing communities here in New Mexico," said Charlie Werhane, president and CEO of Enterprise Community Investment. "At Enterprise, we are committed to ending housing insecurity within a generation, which means no more homelessness or families paying more than half of their income on housing. This new community brings us closer to that goal by creating quality, affordable housing close to where they work and live."
Through its Affordable Housing Investment Program, UnitedHealthcare has provided more than $240 million in equity nationwide for community development projects. The company continues to identify new community investment and partnership opportunities that align with its mission of helping people live healthier lives.
Developed by YES Housing in partnership with the City of Albuquerque, Geltmore, LLC, Bernalillo County, New Mexico Mortgage Finance Authority and UnitedHealthcare, The Imperial Building is a new $19 million community featuring a five-story mixed-use structure that offers a below-grade parking garage, grocery store and commercial space at the ground level, three floors of multifamily housing, and a rooftop garden terrace with views of the mountains and downtown region.
"Today's celebration is the culmination of many years of hard work and planning," said Chris Baca, CEO of YES Housing. "We are extremely grateful for the support we have received from so many partners whose passion helped create this beautiful, high-quality mixed-use affordable-housing community for the residents of Albuquerque."
The Imperial Building achieves Enterprise Green Communities certification and is certified under ENERGY STAR New Homes. Water and energy conservation play key roles in demonstrating the sustainability goals of the Imperial Building. With a rainwater capture system, efficient irrigation and water-conserving fixtures, the building focuses on water efficiency.
The building name recognizes The Imperial Laundry Company, a prominent business that once occupied the block and served the community for nearly 20 years.
Rents for 54 apartments are set between 30 percent and 50 percent of Area Median Income. Twenty of the apartments are not restricted under the LIHTC program but will have rents that are set at about 10 percent below market prices in the area. Fifteen of the apartments will be set aside for special-needs residents.
Community leaders, residents and development partners celebrated the grand opening of The Imperial Building today during a ceremonial ribbon cutting and open house that brought together hundreds of people to tour the new addition to downtown Albuquerque.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to good schools, jobs, transit and health care. 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 nearly 358,000 homes, invested $23.4 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com or www.EnterpriseCommunity.org.
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 programs 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.