CVS Health (NYSE: CVS) announced it will invest $25 million with R4 Capital to build 224 affordable housing units for families and seniors in Louisiana.
This investment is part of CVS’ commitment to address racial inequity and social determinants of health in underserved communities. R4 is a national affordable housing tax credit syndicator, lender, and asset manager.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, senior vice president and chief diversity officer, CVS Health. “As part of our commitment to address social justice and racial inequity, we're addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact.”
The company is working with Gulf Coast Housing Partnership (GCHP) and its partner Alembic Community Development to build a 192-unit affordable housing development in New Orleans. The new development in Central City neighborhood will offer one-, two-, and three-bedroom housing units at a reduced rent to families and seniors with demonstrated need. All residents will have access to on-site supportive services, including a Federally Qualified Health Center to help increase access to primary care and behavioral health.
“We are grateful for the support of CVS Health and Aetna,” said Kathy Laborde, GCHP president and CEO. “Many organizations recognize the impact that quality affordable housing and access to health care have on someone’s health and well-being, but it takes the financial investment of partners like CVS Health and Aetna to help provide those services to communities in need.”
In addition to the New Orleans investment, CVS Health will work with GCHP to build a new 32-unit development, Country Ridge Estates, in Opelousas. The apartments will offer one-, two-, and three-bedroom apartments at a reduced rate. Plans call for eight units to be set aside for single parents and two units set aside for those experiencing homelessness.
