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03/02/2022

CVS Health reports $185M affordable housing investments in 2021

CVS Health’s investments support the development and rehabilitation of more than 6,570 affordable housing units in 64 cities across 28 states and Washington, D.C.
Sandra Levy
Senior Editor
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CVS Health wrapped up 2021 with a long list of accomplishments and commitments to address housing insecurities and increase access to healthcare services in underserved communities.

The company shared that in 2021, it invested $185 million in affordable housing. These investments are part of its efforts to advance health equity nationwide and will support the development and rehabilitation of more than 6,570 affordable housing units in 64 cities across 28 states and Washington, D.C.

[Read more: CVS Health investing $6.5M in Denver's affordable housing community]

As a result of the company's affordable housing investment strategy in 2021, CVS Health will help provide underserved communities with quality housing, economic support and educational training opportunities based on the unique needs of the population.

The investments include funding to help build 736 permanent supportive housing units, providing stable homes for individuals and families who may be experiencing homelessness, individuals with physical, intellectual and/or developmental disabilities, youth aging out of foster care, victims of domestic violence, people in need of behavioral health or addiction treatment and individuals 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, the company said.

[Read more: CVS Health pledges $7.7M investment in affordable housing for Tampa, Fla.]

“Our longstanding commitment to addressing housing insecurities in our communities is grounded in our purpose to bring our heart to every moment of health,” David Casey, senior vice president and chief diversity officer of CVS Health said. “Through our affordable housing investments and our work with local organizations to provide supportive services, we’re advancing health equity at the community level, helping people live healthier and creating positive change all around them.”

In 2021, CVS Health invested in affordable housing properties and programs across the country, including Florida, Louisiana, Texas and Washington, D.C. Examples of these investments include:

  • $7.7 million for Uptown Sky, a new multifamily apartment home development in Tampa, Fla. that will provide 61 homes to local families and individuals with demonstrated need. Residents will have access to on-site supportive services, including computer training, homeownership programs, workforce training and financial management programs;
  • $9.2 million for 17 Mississippi, a 41-unit affordable housing community in Washington, D.C. Residents will be provided with health and well-being resources, including counseling and housing insecurity services, recovery and treatment programs, family and youth services and employment resources;
  • $11.7 million for Espero Austin at Rutland, a development in Austin, Texas that will provide 171 units of much-needed permanent supportive housing to people experiencing homelessness or are at risk of becoming homeless, people with physical, intellectual, and/or developmental disabilities and youth aging out of foster care; 
  • $24.3 million to build 192 affordable housing units for families and seniors along with a federally qualified health care center in New Orleans, La.; and
  • $16.7 million to build Alberta Alive in Portland, Ore. which will include 21 units for families and 31 units for veterans and also provide supportive services to residents.

[Read More: CVS Health’s Michelle Peluso is tasked with integrating the healthcare experience around the consumer]

In addition, the company noted its current, ongoing efforts in exploring opportunities to bring other health equity initiatives to those same local communities to make an even greater impact. This includes expanding the reach of its Project Health program in cities across the country. Project Health offers free biometric screenings to help identify chronic conditions before they become life-threatening illnesses.

Affordable housing investments also are part of CVS Health’s new Health Zones initiative which provides concentrated local investments designed to reduce health disparities and advance health equity in high-risk communities. Health Zones address six key social determinants of health — housing, education, access to food, labor, transportation and healthcare access.

[Read More: CVS Health, Uber to provide transportation for individuals in underserved communities]

CVS Health's workforce initiatives programs which focus on empowerment, education and training also are being introduced to new markets to help residents achieve meaningful employment opportunities. 

Lastly, the company shared that it will continue to look for opportunities to make an impact in communities nationwide through affordable housing initiatives in 2022.

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