WOONSOCKET, R.I., April 6, 2021 /PRNewswire/ -- CVS Health
(NYSE: CVS) has surpassed $200
million in affordable housing investments in California as part of an ongoing commitment to
address housing insecurity throughout the country. Over the past
years, the company and its subsidiaries have invested in over 130
affordable housing communities across California, facilitating the construction or
rehabilitation of more than 12,500 affordable homes.
This milestone was achieved with CVS Health's recent closing of
a $12.1 million investment to help
finance LINC Housing's new development in Los Angeles County's Avocado Heights. Equa
(named for LINC Housing's dedication to equality, as well as the
neighborhood's equestrian history) will provide 80 homes for
families with low incomes and individuals who have experienced
homelessness. The development will feature a community room,
computer room, private offices for supportive services staff, an
after-school program room, and community kitchen. LINC Housing will
provide a wide range of social and supportive services to help
residents maintain housing stability.
The most recent project was part of more than $43 million in affordable housing investments
made by CVS Health in California
over the past year, which will lead to the construction or
rehabilitation of more than 850 affordable homes in 10 cities
across the state. 265 are dedicated to housing seniors, and close
to 100 are reserved specifically for veterans and their families.
More than 350 consist of Permanent Supportive Housing (PSH)
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 and addiction
treatment. In addition to affordable housing, these 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.
"Our affordable housing investment strategy remains focused on
funding the development of permanent housing where it is needed
most," said Kristen Miranda, Senior
Vice President of Markets for Aetna, a CVS Health company. "Our
investments in California and
collaboration with regional affordable housing organizations over
the past year have enabled us to provide quality housing, economic
support, and educational training opportunities that are based on
the unique needs of the state's residents."
Tackling Housing Insecurity in the Bay
State
California has been a key focus
of CVS Health's recent investment strategy due the state's extended
shortage of affordable housing for low-income families and
individuals, which has been exacerbated by the impact of the
COVID-19 pandemic. In addition to making housing investments, CVS
Health is working with developers and community-based organizations
to expand the reach of its COVID vaccine, Project Health®,
Workforce Initiatives and HealthHUB® offerings, among other
programs and services, to improve health outcomes and further
promote housing stability. More affordable housing investments CVS
Health made in California during
the past year in collaboration with housing groups include:
- $8.1 million in Rosa de Castilla, for 85 new PSH homes in
Los Angeles' Eastside, by East LA
Community Corporation (ELACC) and New Directions for Veterans (New
Directions). 63 homes are reserved for people experiencing
homelessness, 44 specifically for veterans. ELACC and New
Directions will provide residents access to services such as after
school tutoring, employment services, substance use treatment,
legal assistance, peer support, advocacy and medication
management.
- A $2.1 million investment in the
Villages at Broadway, the Fresno Housing Authority's (FHA)
substantial rehab of a vacant motel property to provide 26 new PSH
homes for those experiencing homelessness in west Fresno. In 2019, CVS Health invested
$4.6 million in a similar FHA
development known as the Villages at Paragon. Residents at both
communities will be receive extensive supportive services provided
by FHA and the Fresno County Department of Behavioral Health.
- $2 million in North Harbor
Village by Jamboree Housing Corp. (JHC) who will transform an
existing motel in Santa Ana into
89 new PSH homes for formerly homeless veterans and those living
with a mental health diagnosis. Resident services will be provided
by Housing with Heart, JHC's in-house service provider. JHC
recently completed Heroes Landing, a similar sized PSH community
exclusively for Veteran's experiencing homelessness and estimates
the new homes will save Orange
County $3.9 million per year
in emergency services, unnecessary hospitalizations and other
related expenses annually.
- A $2.4 million investment in The
Lake House by Community Development Partners will provide 63 PSH
for the formerly homeless and offer supportive services in the
Westlake neighborhood of Los
Angeles. It was estimated in the 2019 Point-in-Time Count
that over 1,875 individuals were homeless in Westlake.
- $3.7 million toward NOVA, a PSH
community with 56 homes in Oakland, by Affirmed Housing to provide new
homes to formerly homeless individuals and families earning 20% (or
less) of the area median income. Extensive on-site services will be
provided by Life Long Medical Care.
CVS Health's efforts to address housing insecurity are a core
part of Destination: Health, a series of company programs
focused on helping people improve their health outside of a
clinical setting. CVS Health will announce 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
Rebecca Ferrick
212-457-0688
FerrickR@aetna.com
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SOURCE CVS Health