{"id":442023,"date":"2021-02-23T09:03:46","date_gmt":"2021-02-23T14:03:46","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=442023"},"modified":"2021-02-23T09:03:46","modified_gmt":"2021-02-23T14:03:46","slug":"cvs-health-invests-114-million-in-affordable-housing-across-the-country-in-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cvs-health-invests-114-million-in-affordable-housing-across-the-country-in-2020\/","title":{"rendered":"CVS Health Invests $114 Million in Affordable Housing Across the Country in 2020"},"content":{"rendered":"
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The Company’s Investments Address Housing Insecurities and Promote Community Health Improvement in Underserved Communities<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n WOONSOCKET, R.I.<\/span>, Feb. 23, 2021<\/span> \/PRNewswire\/ — To address housing insecurities and promote community health improvement in vulnerable populations, CVS Health (NYSE: CVS) invested over\u00a0$114 million\u00a0in 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.<\/p>\n

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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. <\/p>\n

“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<\/span>, 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.” <\/p>\n

The company’s efforts to address housing insecurity are a core part of\u00a0Destination: Health<\/i><\/a>, a series of CVS Health business programs focused on helping people improve their health outside of a clinical setting.<\/p>\n

\n Addressing Racial Inequality and Health Disparities in Black Communities<\/b>\n <\/p>\n

CVS Health’s increase in investments in affordable housing with supportive services during 2020 is part of the company’s larger commitment<\/a> to address racial inequity and the social determinants of health in Black communities. Under this commitment, CVS Health will invest nearly $600 million<\/span> over five years to advance employee, community and public policy initiatives that address inequity faced by Black people and other disenfranchised communities. <\/p>\n

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.\u00a0 <\/p>\n

In September 2020<\/span>, CVS Health announced<\/a> its investment of $13.7 million<\/span> to\u00a0 renovate 230 low-income housing units at the Rosewind Apartments in Columbus, Ohio<\/span>. 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.<\/p>\n

In November 2020<\/span>, the company invested<\/a>$8.7 million<\/span> to help build a new 116-unit affordable housing complex in the Mercy Drive neighborhood of Orlando<\/span>, Florida.\u00a0The 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.<\/p>\n

\n Creating Healthier Communities Through Affordable Housing<\/b>\n <\/p>\n

In 2020, CVS Health invested in affordable housing projects and programs in different locations throughout the country including Alaska<\/span>, Ohio<\/span>, Massachusetts<\/span>, Texas<\/span>, Georgia<\/span>, Florida<\/span>, Wisconsin<\/span>, Hawaii<\/span>, California<\/span>, New York<\/span>, Maryland<\/span>, and Colorado<\/span>. <\/p>\n

Examples of these investments include:<\/p>\n