UnitedHealth Group helping fund Bronzeville affordable housing project
The total cost of the project is about $24.3 million, Brooks said, with additional funding coming from the city, the CHA, BMO Harris and other sources, she said.
The development designates 68 percent of the apartments as affordable housing.
UnitedHealth Group’s funding comes from a $100 million investment in the Health & Housing Fund, a partnership with nonprofits Stewards of Affordable Housing for the Future and NAHT. UnitedHealth Group’s investment in the Bronzeville building allows the health insurer to realize benefits of low-income housing tax credits provided by the city, Brooks said.
The building is projected to be completed in February 2022. It will have 50 one-bedroom units and three two-bedroom units. It also will include 3,500 square feet of ground-floor retail space.
“We know that safe, affordable housing is the most fundamental determinant to improved health and quality of life for people, and we are honored to have such great partners in the Community Builders and NAHT,” UnitedHealthcare of Illinois CEO Tom Kunst said in the statement from NAHT. “We are committed to providing housing to our communities’ most vulnerable people and dedicated to helping Chicagoans live healthier lives.”
UnitedHealth Group, based in suburban Minneapolis, is the No. 2 health insurer in Illinois, with 13 percent of the market, a distant second to leader Blue Cross & Blue Shield of Illinois, which has 41 percent, according to the National Association of Insurance Commissioners.
NAHT, a nonprofit Low Income Housing Tax Credit syndicator, is a joint venture of the Low Income Investment Fund and Stewards of Affordable Housing for the Future.