Humana Announces Additional $40 Million Investment in Affordable Housing

Rhea-AI Summary

Humana Inc. (NYSE: HUM) announced a new $40 million investment, raising its total commitment to affordable housing to $90 million. This funding aims to enhance housing stability for vulnerable communities across the U.S., including states such as Arizona, Florida, and Texas. Humana's affordable housing program is designed to provide low-cost rental options, addressing health-related social needs, and ultimately reducing healthcare costs. The initiative focuses on three key areas: preventing homelessness, supporting individuals with significant health issues, and boosting community capacity. Humana’s collaboration with Raymond James Affordable Housing Investments aims to create a healthier living environment for many Americans.

Positive

• Total investment in affordable housing reaches $90 million.
• Expansion of the affordable housing program to additional states.
• Focus on health-related social needs aligns with healthcare cost reduction.

Negative

• None.

• Latest round of funding raises Humana’s total financial commitment for affordable housing to $90 million, increases scope of national program to include additional communities.
• Humana’s affordable housing program is intended to help vulnerable Americans remain stably housed by expanding the supply of low-cost rental units in communities nationwide, including in the states of Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.
• Humana’s national housing strategy continues to seek to address members’ housing needs through a three-part approach, including interventions and investments that reduce health care costs and improve outcomes for vulnerable members and communities.

LOUISVILLE, Ky.--(BUSINESS WIRE)-- In support of its ongoing national commitment to improve housing stability for vulnerable members and communities, Humana Inc. (NYSE: HUM) today announced an additional $40 million investment to increase the supply of affordable housing. This latest round of funding raises Humana’s total financial commitment for affordable housing to $90 million and increases the scope of the program to include additional properties nationwide, including in the states of Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin. At the same time, Humana continues to work with communities around the country to better understand the vital wrap-around services that help to stabilize and address health-related social needs.

“At Humana, we recognize that housing quality and related support services have a direct impact on health, which is why we are committed to increasing the supply of affordable housing and support services for vulnerable populations in the communities we serve,” said John Barger, President of Humana’s Medicaid business, Humana Healthy Horizons. “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. We are pleased to increase our investment in affordable housing to help revitalize properties in numerous communities across the country.”

Humana knows that housing stability is a key social determinant of health and is one of the issues the company is addressing through its social health initiatives. To help improve the health of its members and communities, Humana’s national housing strategy is focused on three key areas:

• Housing Stability and Homelessness Prevention
• Stabilizing Individuals with Significant Health Risks with Incremental Clinical Support
• Strategic Investments to Increase Community Capacity

The company has initiatives underway to support all three areas, including its affordable housing commitment which now totals $90 million. This investment will help address the short supply of low-cost rental units and create affordable housing capacity in many of the communities that Humana serves.

“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. “We believe a stable, safe, and affordable home environment is essential to a high quality of life and leads to healthier communities. 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.”

About Raymond James Affordable Housing Investments

Raymond James Affordable Housing Investments is a wholly owned subsidiary of Raymond James Financial, Inc. (NYSE-RJF). Since 1972, subsidiaries of RJF have been among the leading syndicators of affordable housing. Raymond James Affordable Housing Investments has raised nearly $15 billion in equity for more than 2,500 properties across the United States since the inception of the tax credit program in 1986. For more information, visit raymondjames.com/ahi.

About Raymond James Financial, Inc.

Raymond James Financial, Inc., (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.17 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at raymondjames.com.

About Humana

Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience with the goal of making health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s website at humana.com, including copies of:

• Annual reports to stockholders
• Securities and Exchange Commission filings
• Most recent investor conference presentations
• Quarterly earnings news releases and conference calls
• Calendar of events
• Corporate Governance information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005040/en/

Lisa Stoner

Humana Investor Relations

(502) 580-2652

e-mail: lstamper@humana.com

Mark Taylor

Humana Corporate Communications

(317) 753-0345

e-mail: mtaylor108@humana.com

Source: Humana Inc.

FAQ

What is the total funding commitment by Humana for affordable housing?

Humana's total financial commitment for affordable housing has reached $90 million.

Which states are included in Humana's expanded affordable housing program?

The states include Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.

How does Humana's housing initiative impact healthcare costs?

Humana's housing program aims to reduce healthcare costs by addressing housing stability for vulnerable populations.

When did Humana announce the additional investment for affordable housing?

Humana announced the additional $40 million investment on April 13, 2023.

Which company is partnering with Humana in their affordable housing efforts?

Humana is partnering with Raymond James Affordable Housing Investments.