A health insurance company was awarded $2.3 million in tax credits for making an $11.5 investment in a low-income housing project in San Diego, California’s Insurance Commissioner Dave Jones announced Tuesday.
The Minnesota-base UnitedHealthcare invested $11.5 million in Enterprise Community Investment, which used the money to acquire Connections Housing in downtown San Diego. The group rehabilitated the low-income housing project to provide to provide residents access to supportive services, including mental healthcare, a medical clinic, substance abuse treatment, legal aid, and other services.
The project is expected to create 200 jobs in its first year.
In all, the insurance commission gave out $4.6 million in tax credit allocation to three major insurers for making $23.2 million available to Community Development Financial Institutions Program, which bridge the growing gap between the loans and services available to the economic mainstream and those offered to low-income people and communities.
“I want to thank Allianz Insurance Group, CSAA insurance Group and UnitedHealthcare for dedicating part of their investment portfolios to support these important community investments,” Jones said. “Being a socially-responsible insurance company is meaningful to the regions they serve.”
The awards were presented Sept. 17 at the California Organized Investment Network’s Inaugural Investment Summit at the Federal Reserve Bank in San Francisco.
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