CLARKSVILLE, Tenn. (Sept. 26, 2013) UnitedHealthcare and U.S. Bank joined the City of Clarksville, The Vantage Group, community leaders, project partners and new residents today to celebrate the grand opening of Vinings at Greencastle Apartments. The 80-unit housing complex is a first-of-its-kind development for seniors in Clarksville that helps address a critical need for affordable housing in the area.
Vinings at Greencastle Apartments is designed to accommodate residents 55 years old and older, with 68 two-bedroom and 12 one-bedroom open-floor-plan units. The residential complex offers residents amenities such as energy-efficient appliances, a community building, and onsite management and maintenance.
UnitedHealthcare provided $7.7 million in Low-Income Housing Tax Credit (LIHTC) equity for the $9.3 million project through a partnership with U.S. Bank subsidiary U.S. Bancorp Community Development Corporation. U.S. Bank also provided a construction loan and a first mortgage for the benefit of the project. The City of Clarksville Office of Housing and Community Development provided the additional funding, with the Tennessee Housing Development Agency (THDA) approving the use of tax credits for the complex.
The collaboration between UnitedHealthcare and U.S. Bank brings together one of the nation's top health and well-being companies and one of the nation's leading banking institutions to provide innovative financing for community development projects using federally sponsored tax credit programs.
"UnitedHealthcare is grateful for the opportunity to partner with the community of Clarksville and U.S. Bank to help expand access to affordable housing for seniors, and to provide an economic boost to the region through the construction of these new homes," said Scott Bowers, president and CEO of UnitedHealthcare Community Plan of Tennessee.
"Our shared commitment to affordable, quality housing is increasing housing options available for seniors living in the Clarksville area," said Steve Kemmer, market president for U.S. Bank. "We're proud to partner with UnitedHealthcare to help ensure that seniors in need of affordable housing have a place to call home."
The $7.7 million investment by UnitedHealthcare in Clarksville is part of its Affordable Housing Investment Program, which has provided more than $100 million in financing for community development projects throughout the United States, $35 million of which is in partnership with U.S. Bank. The program is one of several community initiatives undertaken by UnitedHealthcare that is providing millions of dollars each year to help fund local infrastructure projects to improve the quality of life for residents in communities where UnitedHealthcare conducts business.
UnitedHealthcare, a UnitedHealth Group (NYSE: UNH) company, serves the health care needs of more than 1.1 million Tennesseans, including people enrolled in employer-sponsored plans, as well as Medicare and Medicaid beneficiaries. UnitedHealthcare operates 12 offices and employs nearly 2,200 people statewide.
U.S. Bank operates 110 branches and employs more than 1,800 people in Tennessee.
UnitedHealthcare is dedicated to helping people nationwide live healthier lives by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers and Medicare and Medicaid beneficiaries, and contracts directly with 780,000 physicians and care professionals and 5,900 hospitals and other care facilities nationwide. UnitedHealthcare serves more than 40 million people in health benefits and is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and well-being company.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATM and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.