CVS Health invests $8.4 Million in Portland affordable housing

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Very Positive)

Tags

06/20/2023 - 10:00 AM

Investment will provide Portland, Maine seniors with 52 affordable housing units

WOONSOCKET, R.I., June 20, 2023 /PRNewswire/ -- CVS Health® (NYSE: CVS) today announced an $8.4 million investment with Community Housing of Maine ("CHOM"), the Portland Housing Authority and Boston Financial that will lead to the construction of 52 affordable housing units for older adults as part of the company's commitment to advancing health equity by addressing social determinants of health at the local level.

The new four-story building, called Winter Landing, is part of the historic redevelopment of the former Northern Light Mercy Hospital's State Street building and parking lots in the West End neighborhood of Portland. When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments including these 52 affordable new homes for adults aged 62 and older. The walkable location and on-site amenities will allow for Winter Landing residents to comfortably age in place in an area where might otherwise not be able to afford to live.

"The transformation of this historical hospital underscores our commitment to investing in the revitalization of communities and helping seniors in need," said Dan Dyer, New England Chief Medicare Officer for Aetna®, a CVS Health company. "Through the construction of Winter Landing, we're providing members of Portland's aging population with a safe and affordable housing option that has been designed to serve their unique needs. We are excited to partner with Community Housing of Maine and Portland Housing Development Corporation and will continue working alongside our regional and local partners to find additional opportunities that help to support and uplift the residents as they begin this exciting new chapter of their lives."

Fifteen of the units will have a preference for older adults who are known as "Long-Term Stayers" in the City of Portland's homeless shelters, people who have remained homeless for more than 180 days in a calendar year. Providing permanent supportive housing for long-term stayers is part of the City of Portland's plan to effectively end long-term homelessness. A resident service coordinator will be onsite to provide life-enhancing services to all residents, and additional support services will be provided by local community agencies to the long-term stayer population to ensure their success in the housing.

The development of Winter Landing comes at a much-needed time for the community. Per the U.S. Census Bureau, Maine has one of the highest percentages of seniors (21.1%) in the U.S. and according to the National Low Income Housing Coalition, 33% of low-income renters in Maine are senior households at or below the poverty guidelines or 30% of the area median income. Recent reports indicate the largest housing shortage in the state of Maine is in Portland, and its residents are often dual-eligible for both Medicare and Medicaid health plans.

"We are thrilled to partner with CVS Health to create much needed affordable housing and to end homelessness for a significant number of people," said Cullen Ryan, Executive Director of Community Housing of Maine. "Permanent supportive housing works, and in this case, people will be able to live right in the heart of the community close to everything they need. We are really pleased to have the support of CVS Health to make all of this possible. Our community will be far better because of this housing."

About CVS Health
CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that's managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Media contacts
Tara Burke
203-212-1059
Tara.Burke@CVSHealth.com

Rebecca Ferrick
Rebecca.Ferrick@CVSHealth.com