According to the Community Data Center, as of April 16, 2008: “Though buoyed by some recent high-profile events--the return of their playoff-bound pro basketball team plus the upcoming Jazz and Heritage Festival--aspects of greater New Orleans' recovery have slowed. Repopulation remains slow, exacerbating a tight labor market. The number of new Road Home closings has dipped dramatically, and many major infrastructure repairs, though funded, still have yet to get underway.”
U.S. Department of Veterans Affairs Secretary James B. Peake and U.S. Housing and Urban Development Deputy Secretary Roy A. Bernardi today announced $75 million to provide permanent supportive housing for an estimated 10,000 homeless veterans nationwide. Bernardi and Peake made the announcement with Mayor Michael Bloomberg at a newly renovated housing program for homeless veterans in Queens and emphasized the Federal and local government's partnership to house and support America's homeless veteran population.
New York City will receive approximately $9.4 million dollars to permanently house more than 1,000 homeless veterans while the Greater Los Angeles area will be allocated approximately $7.5 million to assist an estimated 840 homeless veterans (see chart at www.hud.gov.news/index.cfm).
"We are deeply grateful for the service and sacrifice by our nation's veterans and we must make every effort to help them as they struggle to avoid a life on the streets," said Bernardi. "This program is one opportunity to say, 'Thank You' and to make certain that we serve them as they once served us."
"Today, VA and HUD are strengthening our long-standing partnership on homelessness to achieve a simple vision - that no one who has served and fought for their country should have to live on the streets," said Peake. "We hope to build upon this effort soon with another step providing more case managers to support a marked increase in permanent housing units."
"Ending veteran homelessness is an ambitious goal that is more in reach thanks to this historic federal commitment to provide housing for veterans," said Mayor Bloomberg. "Our partnership with the VA has already provided homes for hundreds of veterans over the past year and the housing slots being allocated to New York City today will bring new hope to more than 1,000 homeless veterans in our City. It sends a powerful message to the men and women currently fighting for our country overseas - that we do not take their service for granted."
HUD's Veterans Affairs Supportive Housing Program (HUD-VASH) will provide local public housing agencies with approximately 10,000 rental assistance vouchers specifically targeted to assist homeless veterans in their area (see attached chart for a local breakdown of homeless veterans to be assisted). In addition, VA and HUD will link local public housing agencies with VA Medical Centers to provide supportive services and case management to eligible homeless veterans.
HUD will allocate the housing vouchers to local public housing agencies across the country that are specifically targeted to homeless veterans based on a variety of factors, including the number of reported homeless veterans and the proximity of a local VA Medical Center with the capacity to provide case management. New York City and the greater Los Angeles area received the greatest number of vouchers using these criteria.
HUD will provide housing assistance through its Section 8 Housing Choice Voucher Program which allows participants to rent privately owned housing. The VA will offer eligible homeless veterans clinical and supportive services through its medical centers across the U.S and Puerto Rico. Last year, VA provided health care to more than 100,000 homeless veterans and other services to over 60,000 veterans in its specialized homeless programs. The Bush Administration's proposed FY 2009 Budget seeks to double the amount of funding announced today to provide an additional $75 million to support the housing and service needs of an additional 10,000 homeless veterans across America.
Local communities or "Continuums of Care" that receive HUD homeless assistance will work with local VA Medical Centers to identify eligible participants. The VA will then screen homeless veterans to determine their eligibility. Those eligible vets will receive treatment and regular case management to retain the voucher. VA Medical Center case managers will also work closely with local housing agencies to help participants find suitable housing. Participating local housing agencies will also determine income eligibility in accordance to HUD regulations for the Housing Choice Voucher Program.
Humana (press release)
Fitch Ratings has affirmed the 'BBB' long-term Issuer Default (IDR) and related security ratings of Humana Inc. (NYSE: HUM). In addition, Fitch has affirmed the insurance financial strength (IFS) ratings of Humana's primary insurance operating subsidiaries. The Rating Outlook has been revised to Positive for five of the insurance subsidiaries IFS ratings, and remains Stable for the debt and remaining IFS ratings. A full rating list is shown below.
Fitch's ratings for Humana and its primary insurance subsidiaries reflect improving operating performance and cash flow generation in recent years, adequate operating company capitalization, stable balance sheet fundamentals and good competitive position in several markets and product lines. The ratings also consider the capital demands caused by strong business growth in the Medicare market and the growing dependence and concentration in government business.
Humana's commitment to increasing its stake in Medicare - including Medicare Advantage, Part D and Private Fee For Service - has increased revenues and membership significantly over the past three years. GAAP revenues have grown from $14.4 billion in 2005 to $25.3 billion in 2007, reflecting a 32% compound annual growth rate. Nearly all of the increased revenue is attributable to enrollment growth in Medicare and particularly Part D members. In 2007, government related business increased to 74% of premium and fee revenue compared to 45% in 2004. In March 2008, the company announced that it was lowering earnings expectations for 2008 relative to what was announced one month earlier by approximately 25% due to errors in the Medicare Part D product, illustrating the importance this line of business has on the company's financial profile.
Fitch expects Humana's operating margin to be in the 4% range for full year 2008. Revenue growth and membership trends are expected to build from 2007 levels, though at a slower rate than recent years. Expense levels are expected to remain stable.
While Humana's debt to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio improved with strong cash flow generation in 2007, the company is expected to return to the 1.4 times (x) range in 2008 following its recent announcement indicating the earnings expectations would fall from 2007 levels. This debt-to-EBITDA level is consistent with 2004-2005 periods. Longer-term, debt-to-EBITDA is expected to remain in the 1.2x-1.4x range and debt to total capital will remain under 30%. Capitalization quality benefits from the holding company's targeted $300 million-$400 million cash, which has been in place for several years and is expected to remain at the holding company for the foreseeable future.
Statutory capitalization is considered adequate and supportive of the current ratings, though Fitch notes it will need to further build in 2008 to support projected growth of the Medicare business.
The change in Rating Outlook for the IFS ratings of five insurance subsidiaries reflects improved operating earnings and capitalization levels in recent years. Given Humana's aggressive growth initiatives over recent years, Fitch was concerned that statutory capital levels could be pressured, though this concern has now materially lessened. Further, now that the Medicare Part D start-up costs have been incurred in past years, longer-term statutory earnings capability has improved.
Fitch has affirmed the following ratings with a Stable Outlook:
Humana Inc.
--Issuer Default Rating (IDR) at 'BBB';
--6.45% senior unsecured notes due 2016 at 'BBB-';
--6.30% senior unsecured notes due 2018 at 'BBB-';
--Commercial paper at 'F2'
--Short-term IDR at 'F2'
Humana Health Insurance Company of Florida, Inc.
-- Insurer Financial Strength (IFS) at 'BBB+'.
Humana Health Plan, Inc.
--IFS at 'BBB+'
HumanaDental Insurance Company
--IFS at 'BBB+'.
Humana Employers Health Plan of Georgia, Inc.
--IFS at 'BBB'.
Humana Health Plan of Ohio, Inc.
--IFS at 'BBB'.
Humana Wisconsin Health Organization Insurance Corp.
--IFS at 'BBB'.
Fitch has affirmed the following ratings with a Positive Outlook:
Careplus Health Plans Inc.
--IFS at 'BBB+'
Humana Health Benefit Plan of Louisiana, Inc.
--IFS at 'BBB+'
Humana Health Plan of Texas, Inc.
--IFS at 'BBB+'
Humana Insurance Company
--IFS at 'BBB+'
Humana Medical Plan, Inc.
--IFS at 'BBB+'
Fitch has assigned the following ratings with a Stable Outlook:
Yeah, I agree, I would rather watch a basketball game...... Hey how’s this for being an architect? Written by Vets are a waste of time and money
on 4/18/2008
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Ehhhhhhhh,,, this probably isn't anything Louisiana would be interested in. I mean after all, why step into the forefront and attempt to cause a condition to come about where economical, safe, energy efficient housing for these kind conditions could become a real probability. Written by I guess possibilities aren't wanted, but waste is
on 4/16/2008
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