Place-based investing is a growing field aiming to generate measurable social and environmental impact and a financial return. At Intermountain Health, we have been committed to place-based investing for several years and have seen significant progress in our efforts to create positive change in our communities.
Our place-based investing work involves investing in projects and initiatives directly impacting the communities where we live and work. We have committed more than $100 million to place-based investments since 2019 and will continue to deploy capital to mission-aligned investments in the communities we serve.
One of the critical areas where we have focused our place-based investing efforts is affordable housing. We have provided loans to support the creation or preservation of more than 1,900 affordable housing units and intend to make more units available in the coming years. Our investments have also supported the creation of shared equity rental housing, which allows renters to share in the benefits of property appreciation without the barriers of actual home ownership.
Another area where we have made significant progress is in our efforts to support financial wellness in our communities. Through investments with mission-obsessed collaborators, we have created jobs and provided financial products like down payment assistance to help people achieve financial stability.
Our place-based investing efforts have also helped to create stability for our communities. We have invested in projects that support permanent supportive housing, shelter, and initiatives to help people at risk of homelessness. We have also worked to integrate our health system with the homeless services to provide better care for those in need.
Looking ahead, we are excited to continue our place-based investing efforts and to create even more positive change in our communities. Several projects are in the pipeline, including creating affordable housing in Park City and the Perpetual Housing Fund, an innovative vehicle that will create shared equity rental housing for our communities.
We are also working to expand our understanding of our communities’ needs and how we can best serve them through place-based investing efforts. We have interviewed local housing experts to learn about the state of housing in our communities and identify gaps where we can make a difference. We are digging into our data to learn more about the needs of those at risk of experiencing housing instability, intending to create recommendations for best serving this population.
Our Intermountain place-based investing efforts have been a significant part of our commitment to creating positive change in our communities. Through our investments in housing stability and financial wellness, we have made a real difference in the lives of those we serve. We are excited to continue this work and to create even more positive change in the years to come.