Humana will invest $40 million in expanding affordable housing options, the company said Thursday.
The new funding will bring Humana's total investment in affordable housing to $90 million, according to the announcement. The investments aim to address shortages of low-cost housing units in the communities that Humana serves.
The Medicare Advantage insurer has invested in properties nationwide, and the latest infusion will back initiatives in Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.
“Through creative partnerships in affordable housing, we can help people gain access to safe and quality places to live and provide the stability they need to focus on achieving their best health," John Barger, president of Humana's Medicaid business, said in the release. "We are pleased to increase our investment in affordable housing to help revitalize properties in numerous communities across the country.”
The direct investments in affordable housing are a cog in Humana's greater strategy around addressing housing insecurity, a key social factor impacting health. The company is investing in community programs to improve the capacity to address these challenges as well as offering clinical support to individuals who struggle with housing.
Humana is also working to provide critical wraparound services for members with housing insecurity, the insurer said.
“We truly value the partnership we’ve had with Humana over the years to help meet the growing demand for quality, affordable housing across the country,” said Steve Kropf, president and CEO of Raymond James Affordable Housing Investments, in the release.
“We believe a stable, safe, and affordable home environment is essential to a high quality of life and leads to healthier communities," Kropft said. "It’s through key partnerships like the one we have with Humana that we are able to significantly impact the health of residents across the country—together.”
Humana's payer competitors such as CVS Health and UnitedHealth Group have also made substantial investments in building or redeveloping properties to address the shortage of affordable units available.