UnitedHealthcare is investing $16.9 million to increase availability of affordable housing for low- and moderate-income individuals, families and veterans in Michigan.
The announcement was made at a groundbreaking ceremony for New Parkridge in Ypsilanti, where community leaders and investment partners celebrated the start of construction for the new 86-unit affordable-housing community. Developed by the Ypsilanti Housing Commission and Chesapeake Community Advisors, the new community will include onsite support services to help improve residents’ access to health care, education, job training and childcare. UnitedHealthcare is investing $8 million in the $17.2 million development.
UnitedHealthcare is also investing $8.9 million in Prestwick Village, a new 66-unit affordable-housing community with support services in Holt that will serve individuals and families, including veterans struggling with homelessness and people with disabilities. The $10.7 million housing community, developed by Gryphon Group, is currently under construction by T.R. Hovey Construction LLC, with construction expected to be completed by year-end 2016.
The investment by UnitedHealthcare is part of a partnership with Minnesota Equity Fund (MEF) and Cinnaire, full-service community development financial organizations serving Minnesota, Michigan and the Great Lakes region. MEF and Cinnaire support community stabilization and economic development through partnerships with investors and mission-focused organizations through the purchase of federal tax credits and by providing creative loans, investments and best-in-class services to partners.