Elevance Health has announced that it has invested $640 million in affordable housing over the past five years, building on more than $1 billion invested over nearly two decades.
These investments are part of the company’s commitment to addressing social drivers of health, helping lower the total cost of care, and expanding access to affordable housing.
Over the past five years, Elevance Health (NYSE: ELV) has invested in 15 properties, supporting the development of 2,654 affordable housing units, including apartments, townhomes, and single-family residences across 10 states, according to officials. Overall, the company has invested in approximately 400 properties, supporting more than 40,000 units in 45 states, the District of Columbia, Puerto Rico, and Guam.
“Access to safe and stable housing is fundamental to improving health outcomes and building stronger communities,” said Aimée K. Dailey, president of government health benefits at Elevance Health. “Our continued investment reflects a long-term commitment to addressing the underlying factors that impact overall health. By focusing on high-impact housing initiatives and strong local partnerships, we are helping individuals and families achieve stability, improve their health, reduce avoidable healthcare costs, and create a foundation for long-term well-being.”
An internal analysis of Elevance Health-affiliated Medicaid plan members with high healthcare utilization found that 43% of members with more than 50 emergency room visits per year were experiencing homelessness. This underscores the direct connection between housing instability and avoidable healthcare utilization.
By investing in affordable housing and supportive services, the Indianapolis-based company is helping to address these challenges early and support better outcomes for the individuals and communities it serves.
These investments reflect an evolution toward more targeted, high-impact housing developments that enable deeper community partnerships and more measurable outcomes at the local level.
From 2008 through 2020, investments were primarily made through low-income housing tax credit funds. Beginning in 2021, Elevance refined its approach to include investments in tax-exempt bonds to support the development and preservation of affordable housing communities, according to an official.
Stable housing is closely linked to improved health outcomes. Individuals with access to affordable housing are more likely to experience fewer potentially costly emergency room visits and hospitalizations, better manage chronic conditions such as diabetes, asthma, and hypertension, maintain consistent access to preventive and primary care, and achieve improved mental health outcomes.
Conversely, housing instability is associated with higher rates of chronic illness, increased healthcare utilization, and poorer overall health outcomes. Even frequent moves can negatively impact health. Children who move multiple times within a year are more likely to experience chronic conditions and disruptions in care.
Elevance Health leaders said they work through its affiliated health plans to connect members to housing resources and services that help prevent homelessness and support long-term stability.
Across its Medicaid plans, the company supports housing programs that address barriers such as past-due rent, utility costs, and move-in expenses. Flexible funding programs help members remain housed by covering essential needs such as security deposits, overdue rent, and utility bills. These programs also connect members with housing coordinators who work directly with individuals and families to identify solutions and navigate available resources.
In one example, flexible housing support programs have assisted approximately 1,500 households across multiple states by helping cover rent, utilities, and other essential housing-related expenses.
Elevance Health also collaborates with community-based organizations, housing authorities, and local partners to help members access housing vouchers, prevent evictions, and secure stable housing that meets their needs.