CareSource uses bank membership to sponsor affordable housing

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The funds are made available only through financial institutions that are members of the Federal Home Loan Banks, and CareSource Reinsurance, CareSource Indiana, and CareSource Georgia are members.

Nonprofits, local governments, community development corporations, for-profits, and other sponsoring organizations seeking funding must submit an application through an institution that is a member.

In August 2019, CareSource used memberships with the bank (CareSource Reinsurance and CareSource Indiana) to submit six applications for funding to the program. When awards were announced in November 2019, three projects were successfully funded.

“Our members are essential to this program, and we applaud CareSource for stepping up to help the communities we serve,” said Damon Allen, senior vice president – Housing & Community Investment Officer, FHLB Cincinnati.

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Last year was the first year CareSource has participated in the program.

Through a partnership with Huntington National Bank, CareSource was awarded $3 million in subsidies for housing projects in New Carlisle, Columbus and Florence, Kentucky. The New Carlisle project is Rachel Court, which is 48 units for seniors being developed by Episcopal Retirement Services.

“CareSource understands the impact affordable housing has on all facets of health, both on an individual and community level,” said Steve Skerl, treasury vice president for CareSource. “Our partnership will continue our practice of investing in innovative solutions to best serve our members.”

CareSource said in a statement that membership to the Federal Home Loan Bank is financially advantageous, but it also provides benefits to the health insurance company’s housing strategy.

CareSource has created a Housing Financial Models Workgroup, with representatives from new Business, Behavioral Health, Legal, CareSource Foundation, and Treasury. This group meets monthly and will continue to serve in an advisory capacity on issues related to housing financing and investment.