The integrated health organization Kaiser Permanente announced Thursday that it wants to quadruple the magnitude of its initiatives to combat housing instability with an additional $200 million.
Doubling Affordable Housing, Economic growth
THE CITY OF OAKLAND, California Kaiser Permanente, the nation’s biggest integrated health care charity, is tripling the capital in its Thriving Communities social impact investment fund to $400 million to increase its financial commitment to economic growth and investments in affordable housing across the United States.
In response to the COVID-19 pandemic’s impact on underrepresented populations, notably low-income and communities of color whose health and economic well-being have been the most affected, Kaiser Permanente has taken this measure.
The Thriving Communities Fund, which was founded in 2018 with $200 million and represents a pioneering method for a health care institution, is on target to develop and preserve 15,000 affordable housing units by 2025.
Double the fund’s impact to produce or maintain 30,000 units by 2030, while supporting inclusive economic development in communities to address the structural economic disadvantage and prejudice that underlying the housing issue, by doubling it to $400 million.”
One way impact investing helps communities thrive economically and environmentally is through the provision of low-cost housing, community-based social services, and small-business financing that is open to everybody.
When it comes to supporting healthy, financially robust communities, Kaiser Permanente sees impact investing as an effective strategy to ensure that everyone has a place to live and the resources they need to thrive.
As part of Kaiser Permanente’s impact investment plan, the company has pledged an additional $100 million to help the communities it serves thrive economically and have access to decent, affordable housing, both of which are critical to people’s health and well-being.
“I had already been in therapy for my mental health challenges for 5 years. Getting house gave me the ability to focus on my mental health and really make therapy work for me.
I didn’t have the stability in my life to be able to do those things before,” said Donte Lewis, a 44-year-old previously homeless veteran in Baltimore who was housed through a Thriving Communities Fund investment. “I have a different outlook and attitude, and I’ve grown. My friends and family hadn’t seen me like this before.”
“By bringing together the capabilities of the health and investment sectors, Kaiser Permanente can strengthen neighborhoods, improve health, and help communities thrive,” said Bechara Choucair, MD, senior vice president, and chief health officer for Kaiser Permanente.
“Kaiser Permanente supports equitable economic opportunity through its approaches to hiring, purchasing, building, investing, and partnering with communities. Ultimately, this work will help our communities overcome systemic and structural economic disadvantages.”
Kaiser Permanente’s impact investing strategy has been proved by the fund’s preliminary financial outcomes, which are in line with expectations. As a result of its work, the fund has been able to enhance the supply of affordable housing and provide more financial resources to communities of color and entrepreneurs in those areas.
The Thriving Communities Fund’s outcomes to date include
- Preserving or building approximately 7,000 affordable housing units in cities and counties across the United States, including Los Angeles; Oakland; Sacramento; San Diego; San Francisco; Sonoma County, California; Portland, Ore.; Atlanta; Washington, D.C.
- Funding from SDS Capital Group’s rapid housing development fund, which raised an extra $100 million, enabled the building of 1,800 supportive housing units in California at half the usual development cost and three times the ordinary construction time.
- Pre-development loan funding to transform an 8-acre area in Washington, D.C., with mixed-income housing and public health resources, as well as retail, office, and arts space.
Improved health and equality outcomes can be achieved by increasing access to affordable housing and supporting long-term economic stability in communities.
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News About Kaiser Permanente
To help create the future of healthcare, Kaiser Permanente has a long-term vision. A significant health care provider and non-profit health plan in the United States.
Kaiser Permanente was founded in 1945 and has a mission to offer high-quality, affordable health care and to enhance the health of our members and the communities in which we operate.
Members in eight states and the District of Columbia have access to our services. All members and patients of The Permanente Medical Group are treated holistically by their own personal physician, specialist, and a team of caregivers.
With the help of industry-leading technology advancements and cutting-edge equipment, our medical professionals are able to promote health, prevent illness, and provide world-class chronic disease management.
Health care innovation, clinical research, public health education, and support for community health are all priorities at Kaiser Permanente.
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