UnitedHealthcare announces $8.9 million Investment in New affordable housing in Holt, Michigan
Thursday, August 4, 2016
Development partners to conduct hardhat tour and discuss construction progress for Prestwick Village, a 66-unit affordable housing community for individuals, families and veterans
Development partners and community leaders will receive a hard hat tour and briefing on construction progress for Prestwick Village, a new 66-unit affordable housing community with support services in Holt that will serve individuals and families, including veterans struggling with homelessness and people with disabilities.
During the tour UnitedHealthcare will announce its investment of $8.9 million for the new affordable housing community as part of a partnership with Cinnaire and Minnesota Equity Fund (MEF), full-service community development financial organizations serving Minnesota, Michigan and the Great Lakes region. Cinnaire and MEF support community stabilization and economic development through partnerships with investors and mission-focused organizations through the purchase of federal tax credits and by providing creative loans, investments, and best-in-class services to partners.
The $10.7 million Prestwick Village affordable housing community developed by Gryphon Group is currently under construction by T.R. Hovey Construction LLC, with construction expected to be completed by year-end 2016.
The Michigan State Housing Development Authority approved the use of Low Income Housing Tax Credits for the new development with Cinnaire securing the $8.9 million equity funding from UnitedHealthcare through a partnership with Minnesota Equity Fund. The investment is part of nearly $17 million UnitedHealthcare is providing to support affordable housing communities in Michigan.