Humana, a health insurance firm, has announced a $25 million investment to increase the supply of affordable housing in the states of Florida, Georgia, Illinois, Kentucky, Louisiana, Ohio, Oklahoma, and Texas.
Part of Humana’s population health strategy aimed at improving social determinants of health, the effort will focus on three areas: supporting housing stability and homelessness prevention, stabilizing individuals with significant health risks with incremental clinical support, and making strategic investments to increase community capacity.
Humana Medicaid president John Barger, said: “Housing insecurity can disproportionally affect Medicaid-eligible patients and lead to inadequate health outcomes. To achieve their best health, people need access to stable, safe, and affordable places to live. Humana’s national housing strategy is one way we are helping our communities address their housing needs. Through a three-part approach, inclusive of interventions and investments, we aim to reduce health care costs and improve outcomes for some of our most vulnerable members and communities. This latest investment expands upon our housing strategy and will undoubtedly help many struggling to find affordable housing.”
The investment will be deployed through three syndicated funds at CREA LLC, PNC Real Estate, and Raymond James that are designed to increase affordable housing capacity through the use of low-income housing tax credits (LIHTC). The funds work with developers to identify potential affordable housing properties for rehabilitation or new construction in cities across the country.