Humana Continues to Address Housing Stability with $40M Investment
The funding will address housing stability by acknowledging the limited number of low-cost rental units and creating affordable housing capacity in underserved communities.
Source: Humana logo
- Humana is investing $40 million in affordable housing development, furthering its national commitment to improve housing stability for health plan members.
This round of funding brings the payer’s total investment in affordable housing to $90 million. The financial commitment also extends support to additional states, including Arizona, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
“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,” John Barger, president of Humana’s Medicaid business, Humana Healthy Horizons, said in the press release.
“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 is continuing its partnership with Raymond James Affordable Housing Investments to provide funds that will boost housing stability, a key social determinant of health. The initiative will help address the short supply of low-cost rental units and create affordable housing capacity in the communities the payer 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,” Steve Kropf, president and chief executive officer of Raymond James Affordable Housing Investments, said.
“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.”
Addressing housing stability is one of the main focuses of Humana’s social health initiatives. The payer’s national housing strategy prioritizes three areas: housing stability and homelessness prevention, stabilizing individuals with significant health risks with incremental clinical support, and strategic investments to increase community capacity.
The payer has launched initiatives to support all three areas, according to the press release.
In February 2023, Humana and its philanthropic arm, the Humana Foundation, announced a health equity strategy that addresses social determinants of health, specifically focusing on food insecurity.
The strategy included a collaboration with the UNC Eshelman Institute for Innovation to help improve community health and boost access to nutrition and a partnership with the Community Farm Alliance of Kentucky to support its Food is Medicine program that provides medically tailored meals.
Other payers have also invested in affordable housing initiatives in their communities.
For example, Blue Cross & Blue Shield of Rhode Island awarded $740,000 to 11 community-based organizations that help improve access to housing. The 2023 funding marks the fourth year the health plan has invested in affordable housing through the BlueAngel Community Health Grants (BACHG) program.
CareSource also provided $1 million to a nonprofit senior living organization in Ohio to design a residential community specifically for LGBTQ+ individuals. The initiative aimed to reduce discrimination and social determinants of health barriers this population faces when seeking housing.
