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'sAvocado 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:
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 Ferrick212-457-0688FerrickR@aetna.com
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SOURCE CVS Health