https://finance.yahoo.com/news/cvs-health-affordable-housing-investments-130000358.html
Tue, April 6, 2021, 9:00 AM·5 min read
Promoting community health in underserved communities is a focus of the company's investment strategy
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
Cision
Cision
View original content to download multimedia:http://www.prnewswire.com/news-releases/cvs-health-affordable-housing-investments-in-california-surpass-200-million-301262846.html
SOURCE CVS Health
Recent CVS News
- CVS Health invests $19.2 million in affordable housing in Arvada, Colorado • PR Newswire (US) • 04/24/2024 01:00:00 PM
- Baum Family Investments Embarks on Triple Net Lease Strategy with $250 Million Acquisition Goal • PR Newswire (US) • 04/23/2024 08:10:00 PM
- Aetna Better Health of Michigan recommended for CHCP contract • PR Newswire (US) • 04/09/2024 04:00:00 PM
- CVS Health® expands pharmacy tuition assistance and scholarship programs • PR Newswire (US) • 04/03/2024 12:00:00 PM
- CVS Health to hold first quarter 2024 earnings conference call • PR Newswire (US) • 04/01/2024 01:00:00 PM
- CVS Health® invests more than $3M in organizations improving health outcomes in Phoenix • PR Newswire (US) • 03/27/2024 06:00:00 PM
- CVS Health announces quarterly dividend • PR Newswire (US) • 03/21/2024 02:55:00 PM
- AM Best Affirms Credit Ratings of Most of CVS Health Corporation’s Aetna Inc. Subsidiaries; Withdraws Credit Ratings of Members of Texas Health Aetna • Business Wire • 03/13/2024 09:03:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 11:09:28 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 10:21:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 10:20:02 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 10:18:58 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 09:37:48 PM
- CVS Health invests nearly $35 million in affordable housing in Hawai'i • PR Newswire (US) • 02/22/2024 01:45:00 AM
- CVS Health to participate at the 45nd Annual Raymond James Institutional Investors Conference • PR Newswire (US) • 02/21/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 11:46:48 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/16/2024 09:12:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:15:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:14:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:13:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:12:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 10:08:19 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 10:02:40 PM
- Form 13F-HR - Quarterly report filed by institutional managers, Holdings • Edgar (US Regulatory) • 02/09/2024 10:14:24 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/07/2024 11:52:35 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • BLO • Apr 22, 2024 8:49 AM