CNC - Centene Foundation Announces Partnership with Affordable Housing Leader McCormack Baron Salazar to Increase Access to Affordable Housing | Benzinga
Multiyear partnership will focus on predevelopment loans to enable approximately $900 million in planning activity and construction
Partnership expected to create thousands of housing units and drive improved health outcomes for Medicaid-eligible populations through increased access to health-related services
ST. LOUIS, May 21, 2024 /PRNewswire/ -- The Centene Foundation ("the Foundation"), the philanthropic arm of Centene Corporation ("Centene") (NYSE:CNC) – a leading healthcare enterprise focused on transforming the health of the communities it serves, and McCormack Baron Salazar ("MBS"), one of the nation's leading developers of affordable housing, announced they have entered into a multiyear partnership to construct new affordable housing communities in eight states. Under the partnership, the Foundation will provide below market-rate loans to support MBS' predevelopment design and planning work, leading to the construction of affordable housing in distressed and underserved communities. The loans are anticipated to enable approximately $900 million of direct construction-related activity, supporting the creation of thousands of affordable housing units in low-income communities across the country. The partnership is intended to address the critical lack of affordable housing – a key driver of health – impacting many economically vulnerable populations for whom Centene provides vital healthcare services.