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The Integrated Health System said Thursday that Kaiser Permanente plans to double the size of its efforts to address housing insecurity with an additional $200 million.
Since the establishment of the Prosperous Communities Fund 2018, the program has saved or produced more than 7,000 affordable housing units in the United States and is on track to reach 15,000 by 2025. Kaiser is also partnering with SDS Capital Group to use $50 million of its initial investment to create 1,800 supportive housing units in California, the health system said in a release.
Kaiser expects the additional inflows to double the fund’s impact, enabling it to create or retain 30,000 affordable housing units by 2030. The new investment is part of a larger effort to address the impact of COVID-19 on underrepresented communities, including low-income communities and communities of color. Building affordable housing is one way to have a positive impact, said Steve Shivinsky, director of national media relations at Kaiser Permanente.
“There is a clear link between economic stress and poor health,” he said. “We found that if we can find ways to house, feed and care for their basic needs, we have more opportunities to positively impact the underlying health and future health of the community.”
Other healthcare providers have also invested in the affordable housing market.Last year, ProMedica rolled out statewide Home Improvement Initiative in Ohio and University Hospitals Working with the New Jersey State Government Build new housing for residents and patients.
But the investments were not all successful.Sanford Health sold its affordable housing portfolio in 2020loses nearly $2 million annually after operating 1,700 government-sponsored housing units in 40 different facilities.
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