Investment will support creating over 2,000 affordable housing units
(Dayton, Ohio – December 18, 2019)
CareSource announced Wednesday an innovative investment that leverages their membership to the Federal Home Loan Bank (FHLB) of Cincinnati to advance affordable housing projects in Ohio, Kentucky and Indiana. On November 21, 2019, the Federal Home Loan Bank of Cincinnati approved $30.9M in Affordable Housing Program (AHP) subsidy to help produce 2,229 units of affordable housing.
“The Federal Home Loan Bank of Cincinnati is proud of the impact that the AHP awards make in building strong and vibrant neighborhoods,” said Damon v. Allen, Senior Vice President – Housing & Community Investment Officer, FHLB Cincinnati. “Our members are essential to this program, and we applaud CareSource for stepping up to help the communities we serve.”
This marked the first year CareSource has participated in the program. Through a partnership with Huntington National Bank, CareSource was awarded $3M in subsidies for housing projects in New Carlisle (OH), Columbus (OH) and Florence (KY). CareSource is the first managed care organization to leverage their membership to the FHLB to address the need for affordable housing.
“Safe neighborhoods that offer quality, affordable housing to every resident is a passion at Huntington and we are committed to programs that fulfill that need,” said Kevin Jones, regional president for Huntington in Southern Ohio and Kentucky. “We are proud to collaborate with CareSource to ensure private dollars can be quickly targeted on the most effective opportunities to create more safe, dignified and affordable homes.”
“CareSource understands the impact affordable housing has on all facets of health, both on an individual and community level,” said Steve Skerl, Vice President, Treasury for CareSource. “Our partnership will continue our practice of investing in innovative solutions to best serve our members.”
Housing efforts are not new to CareSource. Over the last several years, the organization has played a key role in supporting several projects across Ohio including:
- Healthy Beginnings at Home pilot in Columbus, Ohio
- The Community Transitions Program throughout Ohio
- The Disaster Recovery Program in Dayton, Ohio.