UnitedHealth Group is investing in three affordable housing developments in New Mexico as part of a new partnership with Enterprise Community Investment, Inc.
The UnitedHealth Group Affordable Housing Investment Program will provide up to $50 million to finance projects in targeted communities throughout the United States. The partnership will invest in projects using federal low-income housing tax credits (LIHTCs) or historic rehabilitation credits.
The effort was announced at a groundbreaking ceremony for the renovation and expansion of Stage Coach Apartments in Santa Fe. The $9.7 million investment will provide 60 LEED-certified rental housing units, developed by The Housing Trust, targeting residents earning between 40 percent and 60 percent of the area median income (AMI). Twenty-five percent of the units will be set aside for special-needs households.
UnitedHealth Group and Enterprise are also investing $5.1 million in Mountain View Apartments, a 48-unit complex for aging adults and special-needs individuals earning no more than 50 percent of the AMI in Deming, and $6.7 million in Robledo Ridge Apartments, a LEED-certified 72-unit complex that will serve special-needs households and families earning between 30 percent and 50 percent of the AMI in Las Cruces.
The New Mexico Mortgage Finance Authority allocated the LIHTC equity and provided additional financing for each of the three projects. The projects will create 300 construction and permanent jobs.
UnitedHealth Group is investing in LIHTCs, with Enterprise as the syndicator. UnitedHealth will also invest in historic tax credits under the initiative.
The company said its commitment aims to strengthen community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs, and aging adults.
