WOONSOCKET, R.I., Feb. 23, 2021 /PRNewswire/ -- To address housing
insecurities and promote community health improvement in vulnerable
populations, CVS Health (NYSE: CVS) invested over $114
million in affordable housing in 2020. The company's
investments over the past year will lead to the construction and
rehabilitation of more than 2,800 affordable housing units in 30
cities, across 12 states.
Throughout 2020, CVS Health worked closely with community
organizations to provide affordable housing options and services to
people facing significant challenges. As a result of the company's
affordable housing investment strategy, over 460 permanent
supportive housing (PSH) units will be constructed to provide
stable homes for 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. In addition to affordable
housing, these PSH residents will also receive access to a wide
range of services to stabilize and improve their health including
social, behavioral health and addiction recovery services.
Additionally, of the 2,800 affordable housing units being
constructed or rehabilitated through CVS Health investments, 560 of
the 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. "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."
The company's 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.
Addressing Racial Inequality and Health Disparities in Black
Communities
CVS Health's increase in investments in affordable housing with
supportive services during 2020 is part of the company's larger
commitment to address racial inequity and the social determinants
of health in Black communities. Under this commitment, CVS Health
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.
As the company invests in local affordable housing developments,
it is also exploring opportunities to bring other social justice
and equity initiatives to those same local communities to amplify
the impact of the programs. These expansions include bringing the
company's Project Health program to new markets. Project Health
offers free biometric screenings to help identify chronic
conditions before they become life-threatening illnesses. CVS
Health's workforce initiatives programs, focused on empowerment,
education and training, are also being introduced to new markets to
help residents achieve meaningful employment
opportunities.
In September 2020, 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.
In November 2020, the company
invested $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 onsite
management offices. All residents will have access to on-site
supportive services including adult literacy, employment assistance
and financial management programs.
Creating Healthier Communities Through Affordable
Housing
In 2020, CVS Health invested in affordable housing projects and
programs in different locations throughout the country including
Alaska, Ohio, Massachusetts, Texas, Georgia, Florida, Wisconsin, Hawaii, California, New
York, Maryland, and
Colorado.
Examples of these investments include:
- $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, NY, 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.
- $4.3 million for Bridgeway
Community Housing in Wasilla, AK,
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, 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 looks forward to announcing additional affordable
housing initiatives throughout 2021.
About CVS Health
CVS Health is a different kind of health care company. We are a
diversified health services company with nearly 300,000 employees
united around a common purpose of helping people on their path to
better health. In an increasingly connected and digital world, we
are meeting people wherever they are and changing health care to
meet their needs. Built on a foundation of unmatched community
presence, our diversified model engages one in three Americans each
year. From our innovative new services at HealthHUB® locations, to
transformative programs that help manage chronic conditions, we are
making health care more accessible, more affordable and simply
better. Learn more about how we're transforming health
at www.cvshealth.com
Media Contact
Ethan
Slavin
860-273-6095
SlavinE@aetna.com
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SOURCE CVS Health