“We will not be buying property or businesses,” a CareSource spokesman told the Dayton Daily News. “We will be investing in Affordable Housing Loan Funds with other investors to provide financial resources to developers that are building or preserving housing units for low income individuals. We are targeting investments in communities with high rates of poverty or in areas that are underserved by affordable housing. "
In its release, CareSource cited this statistic: In the U.S. on average, for every 100 extremely low-income people searching for affordable housing, there are only 36 affordable units available.
The COVID-19 pandemic has only made the situation worse, the company said.
“While it’s unusual for a nonprofit like CareSource to invest this way, we feel strongly that it makes good financial sense for the organization,” said Dave Goltz, the company’s chief financial officer.
The $50 million will be spread among its current markets including Ohio, Indiana, Georgia, Kentucky and West Virginia as well as new markets as the organization grows its footprint.
Based in Dayton, CareSource serves over 1.8 million members in Ohio, Kentucky, Indiana, West Virginia and Georgia. Ca