UnitedHealthcare Bets $17M on Affordable Housing

By Alexandra Pacurar

Ground-Breaking Ceremony for New Parkridge in Ypsilanti

Ypsilanti, Mich.—In the midst of the U.S.’ poignant affordable housing crisis, UnitedHealthcare is investing roughly $17 million in two projects meant to add 150 new residential units to the low-budget supply in Michigan.

New Parkridge is an 86-unit affordable housing community that recently broke ground in Ypsilanti. The project is being developed by the Ypsilanti Housing Commission and Chesapeake Community Advisors and 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 construction.

The healthcare company has also put up $8.9 million for the development of Prestwick Village, a new 66-unit affordable-housing community in Holt, built by T.R. Hovey Construction LLC. The project offers support services for individuals and families, including veterans struggling with homelessness and people with disabilities. The $10.7 million apartments, developed by Gryphon Group, are slated for completion by the end of 2016.

Through its Affordable Housing Investment Program, since 2011, UnitedHealthcare has invested more than $240 million in 26 projects spread across 14 states, resulting in the development of more than 1,300 affordable units. “UnitedHealthcare’s investments to support affordable housing in Michigan are part of a larger initiative by our company to help people live healthier lives by connecting them to housing, health care and other important services,” Dennis Mouras, CEO of UnitedHealthcare Community Plan of Michigan, said in a prepared statement.

UnitedHealthcare’s investments in the two developments are part of a partnership with the Minnesota Equity Fund and Cinnaire, a full-service community development financial partner.