Elevance Health Announces $640 Million Investment in Affordable Housing Over the Past Five Years, Surpassing $1 Billion in Total Commitment Nationwide

Strategic investments support more than 40,000 housing units and advance whole health outcomes for communities across the country

Elevance Health (NYSE:ELV) today announced it has invested $640 million in affordable housing over the past five years, building on more than $1 billion invested over nearly two decades. These investments reflect the company's continued commitment to addressing social drivers of health, helping lower the total cost of care, and expanding access to safe, stable, and affordable housing.

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Elevance Health has invested more than $1 billion across approximately 400 properties, supporting more than 40,000 housing units in 45 states, the District of Columbia, Puerto Rico, and Guam.

Over the past five years, Elevance Health has invested $640 million across 15 properties, supporting the development of 2,654 affordable housing units, including apartment homes, townhomes, and single-family residences, across 10 states. In total, the company has invested more than $1 billion across approximately 400 properties, supporting more than 40,000 housing units in 45 states, the District of Columbia, Puerto Rico, and Guam.

"Access to safe and stable housing is fundamental to improving health outcomes and building stronger communities," said Aimée K. Dailey, president of Government Health Benefits at Elevance Health. "Our continued investment reflects a long-term commitment to addressing the underlying factors that impact overall health. By focusing on high-impact housing initiatives and strong local partnerships, we are helping individuals and families achieve stability, improve their health, reduce avoidable healthcare costs, and create a foundation for long-term wellbeing."

A National Commitment to Whole Health and Medicaid Populations

Housing instability remains one of the most pressing challenges impacting health outcomes across the United States. According to the U.S. Department of Housing and Urban Development, more than 653,000 people experienced homelessness in 2023, including families with children, reflecting the growing housing challenges facing communities nationwide. For many individuals, the lack of stable housing creates significant barriers to accessing care and managing health conditions.

Elevance Health's approach is grounded in its whole health strategy, which recognizes that social and environmental factors play a significant role in health outcomes. Housing is one of the most critical of these factors, particularly for Medicaid populations.

Internal analysis of Elevance Health-affiliated Medicaid plan members with high healthcare utilization found that 43 percent of members with more than 50 emergency room visits per year were experiencing homelessness. This underscores the direct connection between housing instability and avoidable healthcare utilization.

By investing in affordable housing and supportive services, Elevance Health is helping to address these challenges early and support better outcomes for the individuals and communities it serves.

These investments reflect an evolution toward more targeted, high-impact housing developments that enable deeper community partnerships and more measurable outcomes at the local level.

Expanding Access to Stable Housing for Vulnerable Populations

Affordable housing plays a critical role in supporting low- to moderate-income individuals and families, including seniors, people with disabilities, and individuals experiencing or at risk of homelessness. These developments are typically designed for households earning 80 percent or less of the area median income and help ensure residents spend no more than 30 percent of their income on housing, reducing financial strain and improving overall stability.

Elevance Health's investments are designed to support populations with complex needs, including individuals living with intellectual and or developmental disabilities, seniors on fixed incomes, and families facing housing insecurity.

Stable housing is closely linked to improved health outcomes. Individuals with access to affordable housing are more likely to experience fewer potentially costly emergency room visits and hospitalizations, better manage chronic conditions such as diabetes, asthma, and hypertension, maintain consistent access to preventive and primary care, and achieve improved mental health outcomes.

Conversely, housing instability is associated with higher rates of chronic illness, increased healthcare utilization, and poorer overall health outcomes. Even frequent moves can negatively impact health. Children who move multiple times within a year are more likely to experience chronic conditions and disruptions in care.

Delivering Innovative, Community-Based Housing Solutions

Elevance Health works through its affiliated health plans to connect members to housing resources and services that help prevent homelessness and support long-term stability.

Across its Medicaid plans, Elevance Health supports housing programs that address barriers such as past-due rent, utility costs, and move-in expenses. Flexible funding programs help members remain housed by covering essential needs such as security deposits, overdue rent, and utility bills. These programs also connect members with housing coordinators who work directly with individuals and families to identify solutions and navigate available resources.

In one example, flexible housing support programs have assisted approximately 1,500 households across multiple states by helping cover rent, utilities, and other essential housing-related expenses.

Elevance Health also collaborates with community-based organizations, housing authorities, and local partners to help members access housing vouchers, prevent evictions, and secure stable housing that meets their needs. These partnerships are critical to ensuring that housing solutions are tailored to the unique needs of each community.

Integrating Health and Community-Based Support

In addition to supporting housing development, Elevance Health works to integrate health and social support services within communities wherever possible.

In select markets, this includes access to healthcare and wellness programs, care coordination for individuals with complex needs, behavioral health support, and connections to food, transportation, and other essential services.

These efforts help remove barriers to care and support individuals in managing their health more effectively. Programs that combine housing support with health and social services have demonstrated strong outcomes. In one state-based program, more than 90 percent of participating members maintained stable housing six months after receiving support.

"Affordable housing is a critical foundation for improving quality of life and strengthening communities," said Dr. Adrienne McFadden, chief medical officer of Government Health Benefits at Elevance Health. "By working alongside community partners and aligning housing with health services, we are helping to create sustainable solutions that improve outcomes and support long-term stability."

Looking Ahead

Elevance Health's investments in affordable housing directly support state and community priorities, including improving population health and reducing avoidable healthcare costs.

The company and its affiliated health plans will continue to expand its affordable housing efforts across the country, aligning investments with community needs and opportunities to improve health outcomes at scale. Through this work, the company remains focused on building healthier communities and advancing its mission to improve lives and make healthcare simpler.

About Elevance Health

Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health's companies serve approximately 105 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.

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Media Contacts:

Elevance Health | Buddy Castellano | buddy.castellano@elevancehealth.com