CVS Health to invest $18.4M in Fresno Housing development
CVS Health and Fresno Housing are collaborating to build new affordable housing in Fresno, Calif. Through Red Stone Equity Partners, the Woonsocket, R.I.-based company will invest an estimated $18.4 million into the Arthur @ Blackstone, a new Fresno Housing development planning to break ground this spring.
Twenty of the units at the Arthur @ Blackstone will be reserved for special needs tenants, specifically transition-age youth considered to be chronically homeless, homeless or at risk of becoming chronically homeless. This includes youth who are aging out of the foster care system, transitioning from institutions, and youth with a history of involvement in the justice system. The remaining units will target low-income families, the companies said.
In addition, residents will benefit from comprehensive case management and full wrap-around supportive services coordinated by the Fresno County Department of Behavioral Health and various contracted service providers.
[Read more: CVS Health investing $6.5M in Denver's affordable housing]
The Arthur @ Blackstone is part of CVS Health’s commitment to addressing housing insecurities in the Fresno community and is one of three housing investments the company has made with Fresno Housing over the past three years. Through investment funds sponsored by Red Stone Equity Partners, in 2019, CVS Health made a $4.6 million investment in Villages at Paragon and in 2020, announced it was investing $2.1 million in the Villages at Broadway.
“To make a meaningful impact, we need to address social determinants of health at the local level and be intentional with our approach,” Jeff Hermosillo, California Market President, Aetna, a CVS Health company said. “We’re committed to investing in the Fresno community and meeting the needs of individuals and families by providing them with resources that enable equal opportunity for achieving good health.”
This investment will continue to deepen the successful collaboration between Fresno Housing and CVS Health to reduce health disparities and advance health equity through quality, affordable housing. The Arthur @ Blackstone will consist of 41 housing units near Manchester Center in Fresno and will include a space where supportive services will be provided that aim to improve health outcomes for the residents.
“We know that when families have access to affordable housing, they are better able to improve their physical, mental and emotional health. That’s why our partnership with CVS Health is exciting and innovative for the families we serve in our community. We are honored to be selected by CVS Health again to further our mission to provide affordable, healthy housing throughout Fresno County,” Tyrone Roderick Williams, CEO of Fresno Housing said.
[Read more: CVS Health reports $185M affordable housing investments in 2021]
Fresno Housing has been integrating the worlds of health and housing for the past 20 years by providing affordable housing and supportive services for more than 4,000 families in Fresno County.
The investment in Arthur @ Blackstone builds on CVS Health’s commitment to the Fresno community. Earlier this year, CVS Health introduced its new Health Zones initiative to Fresno. The initiative provides concentrated local investments to reduce health disparities and advance health equity in underserved communities across the country. In Fresno, CVS Health is working with Fresno Economic Opportunities Commission, Clinica Sierra Vista and the Central California Food Bank, to help improve health outcomes and build healthier communities in Fresno by addressing social determinants of health, including housing, education, access to food, labor, transportation and healthcare access.
As part of CVS Health’s overall commitment to advance health equity in America, it invested $185 million in affordable housing nationwide in 2021 and $1.3 billion over the past 20 years, including $37.2 million in affordable housing in Fresno. Through these investments, CVS Health has been able to provide underserved communities with quality housing based on the unique needs of the population.