Biz Roundup: Novant pledges $6 million to address affordable housing in Charlotte
CHARLOTTE ― Novant Health has pledged $6 million to the Charlotte Housing Opportunity Investment Fund to address the city’s affordable housing crisis. The commitment helps the fund complete its goal of $50 million to match the city’s $50 million housing bond package. Foundation for the Carolinas started the fund.
“While our team members look to improve quality of life within our facilities, it’s important for us to recognize that well-being starts at home,” said Carl S. Armato, president and chief executive officer of Novant Health. “We are diligently pursuing strategies to tackle the challenges surrounding social determinants of health in our communities, of which safe and affordable housing is a key concern in the Charlotte area.”
With more than 55,000 residents without an affordable place to live, Charlotte needs an additional 24,000 units of affordable housing to meet the need. The need will only increase, as projections from the United Nations forecast Charlotte as the fastest-growing area in the U.S. through 2030.
Novant Health’s community benefit includes hundreds of programs that address pressing health needs, particularly among excluded groups, the company says. This includes unreimbursed health services to people on Medicaid and Medicare; free community health education and screenings; support groups; partnerships with health-focused community groups; and participation in medical research and academic health programs.
In 2018, Novant Health delivered $883.7 million in total community benefit, including $154.7 million in financial assistance to residents in communities it serves.