Boston, MA 10/18/2013 (wallstreetpr) – UnitedHealth Group Inc. (NYSE:UNH) has completed a new affordable housing project in Dayton valued at $12.8 million. The company announced October 17, in a news release. This community housing project was a partnership between the UNH and U.S. Bank. The project also incorporated the local community leaders, new residents and other development partners. On its part, UNH accounted for the $8.9 million share of the budget.
The 60-unit housing community is in Germantown. It’s the first to be completed in a series of development initiatives for the Germantown – Broadway area. To meet its share of funding for the project, UNH used Low-Income Housing Tax Credits (LIHTC) which was approved by the Ohio Housing Finance Agency. The health care provider has announced other additional funds for the 60-unit housing project was obtained from the U.S. Department of Housing and Urban Development (HUD), the City of Dayton and the Ohio Housing Finance Agency. The U.S Bank through its subsidiary U.S. Bancorp Community Development Corporation provided a construction loan for the development.
By spearheading this innovative financing for affordable community housing development through the federal sponsored tax credit, UNH has not only succeeded in meeting its self-imposed community responsibility, but also brought in a lot of confidence in its inventors over its bright future.
The new Germantown Village stands in four acres ground. The apartments will attract affordable rent that is at least 50% below the area’s median income. The 60-unit apartments feature 20 units of two bedrooms, 20 units of three bedrooms and 20 units of one bedroom houses. At least 10% of the units are Americans with Disabilities Act (ADA) compliant.
The Germantown Village is part of UNH’s Affordable Housing Investment Program. The health care provider whose market cap now stands at $72.56 billion has so far invested $100 million throughout the U.S. in this housing project. And this means more revenue sources for the health care provider and of course higher earnings for the investors.
