CVS Health is advancing health equity via affordable housing

Housing and Health

CVS Health is advancing health equity via affordable housing.

Through several recent announcements, CVS Health®

has signaled a commitment to increase access to health care services in underserved communities by investing in affordable housing. The company said it invested $185 million in affordable housing in 2021, and as of March 1 was supporting the development and rehabilitation of more than 6,570 affordable housing units in 64 cities across 28 states and Washington, DC.

The investments include funding to help build 736 permanent supportive housing (PSH) 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, CVS said.

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.

In early March, CVS Health announced it would invest more than $15.3 million with Pedcor Investments and WNC to build 312 new affordable housing units in the uptown area of San Antonio. According to the City of San Antonio Strategic Housing Implementation Plan, there are 95,000 households at risk for housing instability due to families spending more than 30% of their income on housing. More than half of these households are renters. The new development, named Crosswinds Apartment Homes, will support individuals and families earning from 30% to 60% of Area Median Income and provide them with homes and the resources they need to live healthier lives and reach their full potential.

“There is a direct correlation between stable affordable housing and the prospects for a family’s long term health outcomes, especially for families at lower incomes,” said Pete Alanis, Executive Director, San Antonio Housing Trust. “CVS Health’s commitment to invest the necessary tax credit equity to bring this community to life demonstrates what is possible with responsible social investment.”

In 2021, CVS Health invested in affordable housing properties and programs across the country, including Florida, Louisiana, Texas and Washington, DC. Examples of these investments include: ʯ $7.7 million for Uptown Sky, a new multifamily apartment home development in Tampa, Florida 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. ʯ $9.2 million for 17 Mississippi, a 41-unit affordable housing community in Washington, DC. 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. ʯ $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.

Affordable housing investments are also 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 health care access.