CVS Health Affordable Housing Investments in California Surpass $200 Million


WOONSOCKET, R.I., April 6, 2021 /PRNewswire/ — CVS Well being (NYSE: CVS) has surpassed $200 million in inexpensive housing investments in California as a part of an ongoing dedication to deal with housing insecurity all through the nation. Over the previous years, the corporate and its subsidiaries have invested in over 130 inexpensive housing communities throughout California, facilitating the development or rehabilitation of greater than 12,500 inexpensive houses. 

This milestone was achieved with CVS Well being’s latest closing of a $12.1 million funding to assist finance LINC Housing’s new growth in Los Angeles County’s Avocado Heights. Equa (named for LINC Housing’s dedication to equality, in addition to the neighborhood’s equestrian historical past) will present 80 houses for households with low incomes and people who’ve skilled homelessness. The event will characteristic a neighborhood room, pc room, non-public places of work for supportive providers workers, an after-school program room, and neighborhood kitchen. LINC Housing will present a variety of social and supportive providers to assist residents keep housing stability.

The newest mission was a part of greater than $43 million in inexpensive housing investments made by CVS Well being in California over the previous yr, which is able to result in the development or rehabilitation of greater than 850 inexpensive houses in 10 cities throughout the state. 265 are devoted to housing seniors, and near 100 are reserved particularly for veterans and their households. Greater than 350 include Everlasting Supportive Housing (PSH) constructed to offer secure houses for individuals who could also be experiencing homelessness, affected by continual sickness, victims of home violence, in want of behavioral well being and habit remedy. Along with inexpensive housing, these residents can even obtain entry to a variety of providers to stabilize and enhance their well being together with social, behavioral well being and habit restoration providers.

“Our inexpensive housing funding technique stays targeted on funding the event of everlasting housing the place it’s wanted most,” mentioned Kristen Miranda, Senior Vice President of Markets for Aetna, a CVS Well being firm. “Our investments in California and collaboration with regional inexpensive housing organizations over the previous yr have enabled us to offer high quality housing, financial assist, and academic coaching alternatives which might be based mostly on the distinctive wants of the state’s residents.”

Tackling Housing Insecurity within the Bay State

California has been a key focus of CVS Well being’s latest funding technique due the state’s extended shortage of inexpensive housing for low-income households and people, which has been exacerbated by the impression of the COVID-19 pandemic. Along with making housing investments, CVS Well being is working with builders and community-based organizations to develop the attain of its COVID vaccine, Challenge Well being®, Workforce Initiatives and HealthHUB® choices, amongst different applications and providers, to enhance well being outcomes and additional promote housing stability. Extra inexpensive housing investments CVS Well being made in California through the previous yr in collaboration with housing teams embrace:

  • $8.1 million in Rosa de Castilla, for 85 new PSH houses in Los Angeles’ Eastside, by East LA Group Company (ELACC) and New Instructions for Veterans (New Instructions). 63 houses are reserved for individuals experiencing homelessness, 44 particularly for veterans. ELACC and New Instructions will present residents entry to providers corresponding to after college tutoring, employment providers, substance use remedy, authorized help, peer assist, advocacy and drugs administration.
  • A $2.1 million funding within the Villages at Broadway, the Fresno Housing Authority’s (FHA) substantial rehab of a vacant motel property to offer 26 new PSH houses for these experiencing homelessness in west Fresno. In 2019, CVS Well being invested $4.6 million in the same FHA growth referred to as the Villages at Paragon. Residents at each communities might be obtain in depth supportive providers supplied by FHA and the Fresno County Division of Behavioral Well being.
  • $2 million in North Harbor Village by Jamboree Housing Corp. (JHC) who will remodel an current motel in Santa Ana into 89 new PSH houses for previously homeless veterans and people residing with a psychological well being prognosis. Resident providers might be supplied by Housing with Coronary heart, JHC’s in-house service supplier. JHC just lately accomplished Heroes Touchdown, the same sized PSH neighborhood completely for Veteran’s experiencing homelessness and estimates the brand new houses will save Orange County $3.9 million per yr in emergency providers, pointless hospitalizations and different associated bills yearly.
  • A $2.4 million funding in The Lake Home by Group Improvement Companions will present 63 PSH for the previously homeless and provide supportive providers within the Westlake neighborhood of Los Angeles. It was estimated within the 2019 Level-in-Time Depend that over 1,875 people have been homeless in Westlake.
  • $3.7 million towards NOVA, a PSH neighborhood with 56 houses in Oakland, by Affirmed Housing to offer new houses to previously homeless people and households incomes 20% (or much less) of the world median earnings. In depth on-site providers might be supplied by Life Lengthy Medical Care.

CVS Well being’s efforts to deal with housing insecurity are a core a part of Destination: Health, a sequence of firm applications targeted on serving to individuals enhance their well being outdoors of a medical setting. CVS Well being will announce further inexpensive housing initiatives all through 2021.

About CVS Well being

CVS Well being is a distinct sort of well being care firm. We’re a diversified well being providers firm with almost 300,000 workers united round a typical function of serving to individuals on their path to raised well being. In an more and more linked and digital world, we’re assembly individuals wherever they’re and altering well being care to fulfill their wants. Constructed on a basis of unmatched neighborhood presence, our diversified mannequin engages one in three People every year. From our modern new providers at HealthHUB® places, to transformative applications that assist handle continual circumstances, we’re making well being care extra accessible, extra inexpensive and easily higher. Be taught extra about how we’re reworking well being at www.cvshealth.com.

Media Contact

Rebecca Ferrick
212-457-0688
[email protected]

SOURCE CVS Well being

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