I wrote about this a couple years ago when the project was announced and as you can read from the article they have a partner named Enterprise Community Investment and the two worked together on this to build and provide medium to to income housing, rentals. We see Blackstone in a much bigger way buying up vacant homes in Arizona and Nevada. Housing market is not back for the middle class, it’s the investors with cash. So when you end up filing bankruptcy as your health insurance doesn't cover what you need, well United Health Group wants to be there to help collect some rent after you lose your home. I don’t know if this is an ALEC deal or not but United is listed as a big player in the group.
United Healthcare Gets in The Low Income Housing Business With Partnership to Finance Housing Projects in New Mexico
From the Enterprise website, what investors like United can expect: (tax credits) and projects in 20 States and Washington DC.
“As a leading syndicator of LIHTC equity, Enterprise is committed to guiding investments in affordable housing and serving the interests of investors, developers and residents.
Enterprise raised $673.5 million in LIHTC equity and invested $753.3 million for the creation or rehabilitation of 5,410 affordable homes”
In addition United has their own Optum Bank and this is from a post from a couple years ago so how much beyond a billion is on deposit I don’t know.
From the website:
“OptumHealth Bank, Member FDIC, is dedicated to health care banking. It is a leading administrator of health savings accounts (HSAs) for individuals and families, with more than 500,000 accounts. OptumHealth Bank also offers credit programs to individual account holders to help them pay for out-of-pocket medical expenses.
Hmmmm…$22 million could pay a ton of medical claims. No word yet on whether or not United will be participating in the New Mexico health insurance exchange as they are one of the states who opted to build their own but so far in what I have covered on the web, I have not seen them listed yet but there’s more information to come. Here’s another related insurance story that has links to SEC subsidiary listings…it’s a big of a daisy chain as United has subsidiaries of subsidiaries so I don’t know if all there there entirely.
United has done well shifting focus from HHS to contracts with the DOD, and even suing them to get one of the contracts with Tri-Care so their focus for income appears to be focused heavily on both employer and especially government contracts as are a few others, but none are as large as United. As of a couple weeks ago, New Mexico was still looking to find someone to hire as an Insurance Regulator , and as of next month, insurance regulation will no longer be part of the Public Regulation Commission so looks like a bit of open game with a lot of unknowns with the insurance side. In the meantime United is one more investor interested in collecting consumer rent checks.
One more reminder let’s not forget that United subsidiary QSSI is the government contractor building our new Federal Data hub connecting to state exchanges, Social Security, Immigration, and more. In normal format, it’s secretive and everyone on the web can’t find anything about it. Wonder what kind of security clearance they have from NSA to build this with all the access they have and need to create the project? They just got busted by CMS on the same problem Booz Allen had with Snowden with USB drives…security…hmmmm…BD
Community leaders and project partners are celebrating the official grand opening of two rental housing developments in Santa Fe and Las Cruces this week.
The new residential communities, along with an additional housing development in Deming, were made possible by a $22 million investment by UnitedHealth Group (UNH) through a partnership with Enterprise Community Investment, Inc. (Enterprise). The collaboration brought together one of the nation’s top health and well-being companies and one of the nation’s leading advocates for affordable housing to provide critical equity to build the developments through Low Income Housing Tax Credits (LIHTC).
The three New Mexico projects – Stage Coach Apartments in Santa Fe, Robledo Ridge Apartments in Las Cruces and Mountain View Apartments in Deming – are creating an additional 179 affordable-housing units. Each provides housing opportunities and onsite social services for low-income families, seniors, and people with special needs and who are at risk of becoming homeless. The developments also created nearly 300 construction and permanent jobs in the state.