WOONSOCKET, R.I., Feb. 11, 2020 /PRNewswire/ -- To help provide
support to underserved populations across the country, CVS Health
(NYSE: CVS) invested $67 million in
affordable housing in 2019. The investments helped to create more
than 2,200 affordable homes with supportive services for
individuals and families across 24 cities in six states.
CVS Health's investments in affordable housing – as well as
collaborations with community groups in these areas – help provide
support for at-risk individuals. Through the 2019 investments,
nearly 300 Permanent Supportive Housing (PSH) units will be made
available for residents who are victims of domestic violence,
experiencing homelessness, affected by chronic illness, requiring
behavioral health and addiction treatment or are challenged by
similar life and health situations. There are 450 additional units
dedicated to housing seniors, 59 units reserved specifically
for veterans and their families, and 38 units dedicated to housing
American Indian individuals and their families.
"Providing affordable housing options to people who are facing
significant challenges can be their first step on a path to better
health," said Karen S. Lynch,
Executive Vice President, CVS Health and President, Aetna Business
Unit. "However, we understand that more support is often needed -
that is why we work with community organizations to provide access
to services such as independent living skills, cooking and
nutrition, financial literacy, health information classes, resident
outreach and engagement, client centered treatment plans and social
support."
Efforts to address housing insecurity are a core part
of Destination: Health, a series of CVS Health
business programs focused on helping people improve their health
outside of a clinical setting.
Since 1997, CVS Health and Aetna, a CVS Health company, have
combined to invest more than $1
billion in affordable housing and community investments.
These investments have led to the building and renovation of over
93,000 affordable rental units, positively impacting hundreds of
thousands of low-income individuals, families, and seniors.
Commitment to California
While CVS Health has
invested in affordable housing in different locations across the
country, California is a specific
focus of the investment strategy.
"We have made more than $160
million of affordable housing investments in California over the past twenty years,
including nearly $50 million in the
past two years alone," said Kristen
Miranda, California Market President for Aetna, a CVS Health
company. "These investments are helping to address the unique needs
of residents in California,
helping to improve health at both the individual and community
level. We will continue to look for opportunities where we can
invest to support those who need it the most throughout the
state."
Recent examples of investments in California include:
- In February 2020, in partnership
with CREA, LLC, CVS Health is closing an $8.1M commitment to finance the development of 85
affordable housing units in collaboration with the East LA
Community Corporation (ELACC) and New Directions for Veterans (New
Directions). 63 units are reserved for people experiencing
homelessness (44 specifically for veterans). Through our work
with ELACC and New Directions, residents will have access to
services such as after school tutoring, employment services,
substance use treatment, legal assistance, peer support and
advocacy and medication management.
- On February 14, 2020, CVS Health
is sponsoring the grand opening of Sequoia Commons in Goshen, CA, a 66-unit low-income community
made possible by funding support from CVS Health, the California
Department of Housing and Community Development, the Federal Home
Loan Bank of San Francisco, Red
Stone Equity Partners and Pacific Western Bank. CVS Health is
collaborating with the developer, Self Help Enterprises, to help
provide a robust program of on-site resident services, including
job training, health and medical services, financial training and
homebuyer education.
- In December 2019, CVS Health
closed on a $25 million commitment to
Red Stone Equity – 2019 CA Regional Fund, L.P., an investment fund
designed to construct and/or rehabilitate over 500 units of
affordable housing in five cities throughout California. These units will be offered to a
wide range of individuals, including those requiring mental health
services, seniors, as well as veterans and their families.
- In November 2019, CVS Health
sponsored the grand opening of Bishop Street Studios in
San Luis Obispo, CA, an abandoned
orphanage that was transformed into 33 affordable Permanent
Supportive Housing units for individuals with mental health issues
through funding support from CVS Health, the Transitions-Mental
Health Association (THMA) and the Housing Authority of San Luis Obispo.
Investments Across the Country
In addition to
California, CVS Health's 2019
affordable housing investments were spread across the country to
locations in Georgia, Hawaii, New
Hampshire, Oregon and
Texas. In 2020, CVS Health expects
to surpass 2019 investment totals and the number of states
impacted, with $25 million committed
to investments in Ohio and another
$50 million in investments currently
being underwritten coast to coast.
Some of these investments will have grand openings during 2020,
helping local community members with access to new affordable
housing options. Examples include the following investments
made in partnership with Hunt Capital Partners, LLC:
- Mistletoe Station in Fort Worth,
TX, a new 74-unit affordable housing development including
units set aside for veterans, farm workers, women experiencing
violence, persons with disabilities, HIV/AIDS diagnoses or who are
experiencing homeless.
- Union Landing Apartments in Union
City, GA, a new 240-unit development helping Fulton County's low to moderate income
individuals and families access affordable housing and
services.
"We recognize the strong connection between housing and health,"
said Keli Savage, Head of Impact
Investment Strategy, CVS Health. "We are focused on cultivating the
right relationships with community organizations across the country
and combining strategic investments in housing with services to
address the specific needs of our communities."
About CVS Health
CVS Health is the nation's premier
health innovation company helping people on their path to better
health. Whether in one of its pharmacies or through its health
services and plans, CVS Health is pioneering a bold new approach to
total health by making quality care more affordable, accessible,
simple and seamless. CVS Health is community-based and locally
focused, engaging consumers with the care they need when and where
they need it. The Company has approximately 9,900 retail locations,
approximately 1,100 walk-in medical clinics, a leading pharmacy
benefits manager with approximately 102 million plan members, a
dedicated senior pharmacy care business serving more than one
million patients per year and expanding specialty pharmacy
services. CVS Health also serves an estimated 38 million people
through traditional, voluntary and consumer-directed health
insurance products and related services, including rapidly
expanding Medicare Advantage offerings and a leading standalone
Medicare Part D prescription drug plan. The Company believes its
innovative health care model increases access to quality care,
delivers better health outcomes and lowers overall health care
costs. Find more information about how CVS Health is shaping the
future of health at https://www.cvshealth.com.
Contact: Ethan Slavin, (860)
273-6095, SlavinE@aetna.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cvs-health-invests-67-million-in-affordable-housing-across-the-country-in-2019-301002311.html
SOURCE CVS Health