This is called the Germantown village and it’s rentals and United sunk in $8.9 Million with partnering with US Bank and yes there were tax credits for this project. By the way speaking of banks, United has their own bank with health savings accounts that generate most of the money but they use it to make loans too. It falls under their Optum subsidiary. I wrote the blog post a couple years ago and they had over a billion on deposit so I’m sure that may have grown as recently they stated they have over a millions health savings accounts.
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.
The bank has other investments that are outside of the FDIC insurance area of health savings accounts as well and you can get a MasterCard debit card.
Back in 2011 United got into the low income housing in New Mexico as well with another investment there.
United Healthcare Gets in The Low Income Housing Business With Partnership to Finance Housing Projects in New Mexico
About a year ago United bought the largest HMO in Brazil which included owning hospitals, as the laws are different there and the hospitals were part of the deal worth around $ 9 billion.
United Healthcare Negotiated to Buy 90 Percent of the Largest Managed Care Provider in Brazil, Where Insurers Can Own Hospitals and Physician’s Practices
So coming back around we have the “other” news about Medicare Part D doctors being cut loose from United’s “network”…and this weird press release about AARP members being a new big part of Optum Labs…had to take a couple lawyers to write this mess of a press release and you can read it and see what you think as with the huge number of subsidiaries owned, it’s getting to be a bit of creative writing and notice the CEO of Mayo doing a bit of a commercial for Optum Labs. We know Mayo has a bond issue going and wants to expand and need more money than they bring in. Then there’s also a contract with Dignity in a crafty new subsidiary Dignity will pay the new subsidiary of which they are a minor part of over $2 billion for billing services and software.
UnitedHealthGroup and AARP Get Cozier, AARP Still Gets Paid for Marketing Use of AARP Name As AARP Becomes an Optum Labs Data Selling Promoter Amidst Doctor Complaints Received Relative To United Firing of 5500 MDs–Subsidiary Watch
So here we go with all kinds of actions taking place with subsidiaries so for those who are getting to pay rent in Dayton, think of the seniors who now have to find new doctors or Medicare Part D plans in Connecticut, Florida and Rhode Island as around 5500 doctors were axed by United and have been not given one word explaining why. BD
If the video link with Fox interviewing a doctor does not come through, you can go here to watch.
DAYTON, Ohio, Oct 17, 2013 (BUSINESS WIRE) -- UnitedHealthcare and U.S. Bank joined community leaders, development partners and new residents to celebrate the grand opening of Germantown Village. The new, 60-unit affordable-housing community represents a major milestone for the area as the first completed development in a neighborhood revitalization initiative that is bringing new housing and other improvements to Dayton's Germantown-Broadway area.
UnitedHealthcare invested $8.9 million for the $12.8 million affordable-housing community through a partnership with U.S. Bank subsidiary U.S. Bancorp Community Development Corporation. UnitedHealthcare's funding was secured through the use of Low-Income Housing Tax Credits (LIHTC), approved by the Ohio Housing Finance Agency. U.S. Bank also provided a construction loan for the benefit of the development, bridging the LIHTC equity during construction. Additional funding was provided by the U.S. Department of Housing and Urban Development (HUD), the Ohio Housing Finance Agency and the City of Dayton.
The 60 apartments, in five two- and three-story buildings, consist of 20 one-bedroom, 20 two-bedroom and 20 three-bedroom units. Apartments include Energy Star appliances, ceramic tile, and ceiling fans, among other amenities. Ten percent of the units are Americans with Disabilities Act (ADA)-compliant. The new community will also include a playground, a garden, walkways and a community room.