Prioritizing Our Workforce with Attainable Housing
LOUMED is proud to announce a new partnership with The Michaels Organization to develop attainable housing solutions for our healthcare and education workforce. We are currently evaluating location options within the district to identify the ideal site for this initiative, marking a meaningful step forward in advancing the long-term vision of our community.
Bringing 50 years of experience in affordable housing development, The Michaels Organization is a pioneer in creating attainable housing for workers earning between 80% and 120% of an area's median income. With approximately 75% of hospital employees falling into this category, this demographic represents essential workers who often earn too much to qualify for traditional housing subsidies yet still struggle to afford market-rate homes in the communities where they work.
Addressing this "missing middle" is a priority for LOUMED. When healthcare professionals are priced out of local neighborhoods, they face longer commutes and increased daily stress. By providing attainable housing options, we can help reduce staff turnover, stabilize shifts and mitigate the premium costs associated with contract labor. Ultimately, keeping our workforce close to campus builds a stronger, more resilient healthcare system and ensures high-quality patient care, which are cornerstones of LOUMED.
The Michaels Organization has a strong history of bringing these transformative projects to life through strategic partnerships. In New Orleans, the group partnered with LSU Health Sciences Center to build a 10-story community featuring 473 units. This $102 million investment provides economical housing for medical students and faculty near the medical campus. Similarly, they built Oliver Station in Camden, New Jersey, a three-story mixed-use community that successfully pairs 47 affordable apartments with a ground-floor medical practice operated by Virtua Health. This fall, The Michaels Organization will break ground on a new attainable housing community in partnership with Tampa General Hospital.
Though Michaels is headquartered in New Jersey, the organization is known for becoming part of the communities where it builds. Michaels manages its properties directly rather than handing them off, supports local job creation during construction and operations, and invests in community resources and resident programs that keep its developments neighborhood assets for years to come.
To learn more about our new partner, please visit The Michaels Organization online at TMO.com. We also want to hear from our community as we move forward, so we invite you to share your perspectives and ideas regarding this initiative by emailing us at info@lou-med.com.
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