CVS Health helped finance the construction or rehabilitation of more than 2,800 affordable housing units last year.
The $114 million in investments were made across the country in 30 cities in 12 states—Alaska, California, Colorado, Florida, Georgia, Hawaii, Maryland, Massachusetts, New York, Ohio, Texas, and Wisconsin, reported company officials.
The 2020 effort will result in the construction of more than 460 permanent supportive housing (PSH) units to serve people who may be experiencing homelessness, affected by chronic illness, victims of domestic violence, in need of behavioral health or addiction treatment, or are challenged by similar life and health situations.
PSH residents also will receive access to a wide range of services to stabilize and improve their health, including social, behavioral health, and addiction recovery services. Additionally, 560 units are dedicated to housing seniors, while over 100 are reserved specifically for veterans and their families.
“We recognize that equitable access to stable and supportive housing serves as one of the greatest barriers to better health for many people," said Karen S. Lynch, president and CEO of CVS Health, in a statement. "Through our investments and collaboration with local partners, we've been able to provide underserved communities across the country with quality housing, economic support, and educational training opportunities based on the unique needs of the population."
In September, CVS Health announced its investment of $13.7 million to renovate 230 low-income housing units at the Rosewind Apartments in Columbus, Ohio. In collaboration with the Columbus Metropolitan Housing Authority and the Ohio Capital Corporation for Housing, CVS Health's investment will provide comprehensive local support, including quality housing, significant improvements to the local community center, and support for new community programs for families and individuals facing challenges in the North Linden neighborhood.
Additional examples of the firm’s investments include:
- $8.7 million to help build a new 116-unit affordable housing complex in the Mercy Drive neighborhood of Orlando, Florida. The development includes three buildings, a community center, playgrounds, on-site laundry facilities, and on-site management offices. All residents will have access to on-site supportive services, including adult literacy, employment assistance, and financial management programs;
- $15.3 million to build 144 new homes and services for Ohio seniors, including those with disabilities, in two affordable housing communities known as Eastern Woods Senior Apartments in Findlay and Northland Gate in Columbus;
- $6.2 million for Happiness House Apartments in Canandaigua, New York, a supportive housing community providing 30 new homes for families and seniors, including people who have been experiencing homelessness or struggling to find stable housing; and
- $4.3 million for Bridgeway Community Housing in Wasilla, Alaska, a 24-unit PSH project designed to meet the needs of Alaskans experiencing homelessness, living with mental disabilities, who may have substance abuse disorders or are working to avoid recidivism, and any other Alaskans whose histories present barriers to accessing mainstream housing.
"Our investments in housing and work with regional organizations this past year have enabled us to help improve individual and community health outcomes during a particularly challenging time," said Keli Savage, head of impact investment strategy at CVS Health. "By focusing our investment strategy on providing affordable, service-enriched housing for low-income regions and communities of color, we're able to help those most impacted by the burden of housing instability. We're proud to continue furthering our commitment to investing in opportunities that promote greater access to affordable housing and the essential services people need on their path to better health."
CVS Health added that its housing investments are part of the company's larger commitment to address racial inequity and the social determinants of health in Black communities. Under this commitment, the company will invest nearly $600 million over five years to advance employee, community, and public policy initiatives that address inequity faced by Black people and other disenfranchised communities, according to officials.