CareSource, a nationally recognized nonprofit health plan, has invested $1 million towards a new partnership as part of its $6 million commitment in investments to affordable housing projects in Indiana. This commitment is part of the $50 million financial investment CareSource is making to housing projects across the U.S., focusing on underserved communities with high rates of poverty.
The organization is investing with Finance Fund Capital Corporation (FCAP), a 501(c)(3), certified nonprofit community development financial institution (CDFI) that provides access to capital to promote development in low-and-moderate-income communities, and Terebinth Group, Indiana’s leading intellectual and developmental disabilities (IDD) housing provider, to create affordable, supportive housing solutions in Indiana. The investment will help support Terebinth’s growing portfolio of 99 housing units that serve over 300 individuals with disabilities throughout the state of Indiana.
“CareSource recognizes affordable housing affects all facets of health, both on an individual and community level,” said Steve Smitherman, CareSource Indiana president. “We’re proud that by investing with these organizations, we’re able to increase our ability to serve those with complex needs and positively impact their social determinants of health.”
“We are driven by the immense need to provide quality homes that allow our tenants to thrive in their local communities,” said Andy Rosenthal, managing partner of Terebinth. “Every dollar of funding we receive from organizations such as CareSource and FCAP helps Terebinth make an ever-bigger impact. We look forward to continuing our partnerships and expanding our reach in the IDD community together.”
Over the past year, CareSource has strengthened its commitment in contributing to affordable housing opportunities, and the investment with FCAP and Terebinth Group is a continuation of this commitment. In 2020, CareSource joined 33 other organizations in asking senators and representatives to address housing instability in the next COVID-19 relief package. Dubbed the Emergency Rental Assistance and Rental Market Stabilization Act, the $100 billion rental relief fund would be a tremendous support to prevent individuals from falling into deeper housing instability. Supporting housing programs is crucial, as there is a shortage of rental homes affordable and available to extremely low-income households in Indiana, according to the National Low Income Housing Coalition.
“States have steadily moved toward de-institutionalization and the resulting demand for affordable and appropriate housing to serve the IDD population is growing. This need will continue to increase not only as individuals are released from state care, but also as our growing senior population requires expanded independent living options,” said Diana Turoff, FCAP president and CEO. “We are proud to work with CareSource and Terebinth Group in order to meet this critical need in Indiana.”