State Farm Insurance Cos. announced this month that it is expanding its commitment by $25 million with the National Equity Fund (NEF).The increased capitalization of the fund will help revitalize low-income communities by financing affordable housing for disadvantaged families and seniors. State Farm has joined forces with NEF, a nonprofit syndicator of low-income housing tax credits (LIHTCs), to support high-impact developments that create healthy living environments, eliminate blighted and vacant lots, anchor broad plans for community improvement and generate local jobs.
"In any economic environment, affordable housing is critical," commented Joe Hagan, NEF president and CEO. "But in today’s climate, the implications of State Farm’s investment are even more significant. It ensures that hundreds of at-risk families will be able to raise their children in safe, decent homes that contribute to a better quality of life in their neighborhoods and that low-income seniors can afford to age in place, in the communities where they have lived so much of their lives."
State Farm has contributed more than $80 million in community development grants and loans to the Local Initiatives Support Corporation (LISC), NEF’s parent, to support restored commercial corridors, parks and recreational programs, after-school programs and other initiatives in low-income areas.
"By investing in affordable housing developments for disadvantaged families and seniors, State Farm is improving the lives of many residents in our communities across the country," says Barbara Cowden, executive vice president at State Farm. "We are thrilled to build upon our long-standing partnership with LISC by creating and investing in the Good Neighbor Fund with NEF."
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A recent report released by the National Alliance to End Homelessness projects an increase in the number of elderly people experiencing homelessness in the decades to come. The Alliance predicts that the elderly homelessness population will increase by 33 percent by 2020 and more than double by 2050. The report reviews current federal housing and service programs targeted at the older homeless population.
Findings suggest that, as the “baby boomer” generation becomes senior citizens, existing federal services – including Social Security, Medicare, and housing assistance programs for the elderly – will be critical for meeting the challenge of an increased elderly homeless population.
Policy recommendations include:
- Increase the supply of subsidized affordable housing for economically vulnerable elderly persons
- Create sufficient permanent supportive housing units to end chronic homelessness
- Advance research to better understand the needs of the elderly homeless population
“Homelessness among elderly people indicates that our safety nets are failing some of our most vulnerable citizens,” said Nan Roman, president of the Alliance. “As our country forges ahead to improve the world for those who will come after us, let us not neglect those who have come before us. Let us honor their progress and perseverance by allowing them to age with dignity.”
Royal Philips Electronics (NYSE:PHG) recently announced the introduction of its enhanced medical alert service dubbed Lifeline with AutoAlert. The solution combines the Philips Lifeline medical alert service with automatic fall detection capabilities that allows fall detection if a senior is unable to push the alert button. According to a LifeAlert laboratory study of simulated falls, Lifeline with AutoAlert detected 95 percent of many types of falls and had a low rate of false alarms.
"One of the greatest threats to seniors is falls and associated injuries," said Walter van Kuijen, senior vice president and general manager, Home Monitoring, for Philips Healthcare. "For the cost of a cup of coffee a day, Lifeline with AutoAlert can help seniors maintain their independence and provide their caregivers even more peace of mind."
None of us at SHN went to Yale University but we ran across this article posted on Yale’s student newspaper site, the Yale Herald. The story identifies that the “Old Campus” received its name as a result of displaced seniors moving to campus in 1810 (yes, that’s right) because of a funding freeze by the Madison administration. Who would know that 200 years later Yale could be the first university to bring seniors onto campus? For the full scoop, visit “Secrets of Yale University”
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