The Managed Care Company’s Investment Will Drive Positive Outcomes for Oklahomans
OKLAHOMA CITY (Jan. 7, 2021) – CareSource, a nonprofit managed care company, announced it is committing $1 million in investments to affordable housing projects in Oklahoma. CareSource and Healthcare Highways formed CareSource Oklahoma and this commitment is part of an overall $50 million financial investment CareSource is making to housing projects across the U.S., focusing on underserved communities with high rates of poverty.
According to the National Low Income Housing Coalition, there is a shortage of rental homes affordable and available to low-income households in Oklahoma. These household incomes are at or below the poverty guideline or 60 percent of their area median income. Many of these households are severely cost burdened, spending more than half of their income on housing. The COVID-19 pandemic has only worsened the situation and increased the number of families who are housing insecure.
“CareSource has been a pioneer in addressing the social determinants of health, and the pandemic led us to intensify our commitment to growing our housing program. We know that access to quality, affordable housing is connected to an individual’s overall health and well-being,” CareSource Oklahoma CEO and Market President Bill Baker said. “We are dedicated to improving the health of Oklahoma residents and our goal with this investment is to assist in producing the best opportunities for Oklahomans who may be searching for affordable housing.”
CareSource is making the affordable housing investment through the Midwest Housing Development Fund, Inc. (MHDF), a nonprofit community development financial institution whose mission is to promote sustainable community development and quality of life in the Midwest by providing resources for the development of affordable housing.
“When people think about insurance companies, they often think of huge publicly traded companies focused on making profits for shareholders. CareSource is unique because we put people over profits,” said Baker. “At CareSource, we feel it’s important to invest in ways that are meaningful to the community and the people we serve. Our direct investment in affordable housing will provide financial resources to developers who are working to create better housing options for low-income individuals.”
A large portion of MHDF projects in Oklahoma are predominately in rural areas that lack sufficient affordable housing where the federal government has prioritized for development or rehabilitation such as Durant, Jay, Fairview and Stillwell.
CareSource’s announcement follows years of affordable housing support through CareSource Foundation grants.
About CareSource Oklahoma
CareSource Oklahoma is a joint venture between CareSource and Healthcare Highways. The partners came together to leverage their combined strengths, providing a powerful combination of both a leading managed care organization with 30 years of experience and a strong local partner who knows healthcare in Oklahoma. CareSource is the largest multi-state, nonprofit Medicaid managed care company in the country. Healthcare Highways has been in Oklahoma since 2010 and has built a reputation on having a robust provider network. CareSource Oklahoma is bidding on the Oklahoma Medicaid business announced by the Oklahoma Health Care Authority.