Enterprise and Kaiser Permanente Announce New Funds
New Resources Bridge Health and Housing
In 2019 and beyond, Enterprise and its partners envision a healthier America for all families, in all communities. That vision came into sharper focus this week with the support of Kaiser Permanente, a national leader in health care innovation. Together in Oakland, California, we announced two exciting ventures that elevate homes as essential to health and well-being.
Said Enterprise Community Partners President Laurel Blatchford: “Collaborating with partners who understand that home is at the foundation of health and well-being will improve thousands of lives across the country.”
The Housing for Health Fund is a partnership with Kaiser Permanente – which invested $15 million and will match up to $35 million in additional funds to be raised by Enterprise. Potentially totaling $85 million, the fund will serve more than a dozen Bay Area counties, with half of the capital designated to promote health and preserve affordable homes in the city of Oakland.
Through the Housing for Health Fund, qualified developers will preserve homes that also support healthy communities. Developers will:
- Implement low-cost, high-impact energy-efficient strategies
- Administer Health Action Plans to identify health gaps in surrounding communities
- Conduct annual resident surveys to assess health strategies
The new equity fund launches with an initial $5.2 million investment to keep homes affordable and improve the health and quality of life for the 41 households of a development in Oakland’s San Antonio neighborhood near Kaiser Permanente’s national headquarters.
Bringing four decades of experience, the East Bay Asian Local Development Corporation (EBALDC) is a vital partner in the Housing for Health Fund. The community development organization will apply its Healthy Neighborhoods approach in specific Oakland neighborhoods to evaluate and address the physical, social and economic factors that determine the health and well-being of people and communities.
Also just announced: a $100 million national loan fund that includes a $50 million loan from Kaiser Permanente to Enterprise Community Loan Fund, plus an additional $50 million in capital from Loan Fund over the next decade to create and preserve 3,250 affordable homes in Kaiser Permanente’s nationwide service areas.
With support from the Health Action Plans, developers who qualify for loans will target reductions in chronic diseases, such as diabetes and asthma, as well as solutions to issues like mental health, social cohesion and economic security.
Both the equity and loan funds are part of Kaiser Permanente’s $200 million Thriving Communities Fund. “Without a safe, stable place to live, it is nearly impossible to maintain any health improvements achieved in a medical setting," said Kaiser Permanente CEO Bernard J. Tyson.