Humana Expands National Commitment to Affordable Housing With Additional $25 Million Investment

Rhea-AI Summary

Humana Inc. (NYSE: HUM) announced a new $25 million investment to enhance affordable housing across the United States, raising its total commitment to $50 million. This investment targets various states including Florida, Georgia, and Illinois, aiming to address housing needs for vulnerable communities. Humana's strategy includes interventions to reduce healthcare costs and improve health outcomes. The funds will be deployed through three syndicated funds utilizing low-income housing tax credits to support construction and rehabilitation of affordable housing.

Positive

• Increased total investment in affordable housing to $50 million.
• Investment aims to reduce housing insecurity and improve health outcomes for vulnerable populations.
• Funds will be utilized through established syndicated funds to increase affordable housing capacity.

Negative

• None.

• New $25 million investment will help expand the national supply of affordable housing in states across the country, including Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, Virginia and Wisconsin.
• Latest round of funding doubles Humana’s total affordable housing financial commitment to $50 million and follows last year’s initial $25 million investment.
• 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)-- As part of its national commitment to improve housing stability for vulnerable members and communities, Humana Inc. (NYSE: HUM) today announced an additional $25 million investment in three syndicated funds to increase the supply of affordable housing across the country, including in the states of Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, Virginia and Wisconsin. The latest round of funding follows Humana’s initial $25 million investment last year and doubles the company’s total financial commitment to affordable housing.

“Humana’s increased investment in affordable housing is an effective way to help communities reduce housing insecurity and improve health outcomes for vulnerable populations, which oftentimes include Medicaid and dual-eligible members,” said John Barger, Humana Medicaid President. “Today more than ever, our communities are in need of creative housing solutions. Humana’s national housing strategy will help people access safe and affordable places to live and provide the stability needed for them to focus on achieving their best health. We are pleased to double our financial investment in affordable housing and look forward to the positive impact these funds will have in a growing list of communities around the country.”

Humana considers housing stability to be a key social determinant of health and is one of the issues the company is addressing through its Bold Goal social health initiative. 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, and Strategic Investments to Increase Community Capacity. The company has initiatives underway to support all three areas, including its affordable housing commitment which now totals $50 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.

Humana’s latest $25 million investment will be deployed through three syndicated funds that have been established to increase affordable housing capacity through the use of low-income housing tax credits (LIHTC). The three syndicators, CREA, LLC, PNC Real Estate and Raymond James work with developers to identify potential affordable housing properties for either rehabilitation or new construction in numerous cities across the country.

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/20220413005382/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 Humana's new investment for affordable housing in 2023?

Humana has announced a new $25 million investment aimed at enhancing affordable housing across various states.

How much is Humana's total commitment to affordable housing now?

Humana's total commitment to affordable housing has doubled to $50 million.

What is the focus of Humana's national housing strategy?

Humana's national housing strategy aims to address housing needs through interventions that reduce healthcare costs and improve health outcomes.

Which states will benefit from Humana's affordable housing investment?

The investment will support affordable housing in states including Florida, Georgia, Illinois, Indiana, and others.