HMFA said it will invest in up to three housing projects near participating hospitals, which will match the funding with an investment of its own.
NJHA will serve as the coordinator for the program and consult with hospitals; HMFA will make the final determinations as to which projects will be financed.
The pilot program is currently in the developmental phase and it is unknown which projects will receive funding or when development will begin. Meanwhile, the HMFA and NJHA are currently meeting with hospitals and, according to the partners, several locations have expressed interest in taking part.
“It is well documented that where and how people live directly affect their well-being,” said NJHA President and CEO Cathy Bennett. “This new pilot partnership with HMFA will help our hospitals improve community health by developing housing for community members in need.”