CVS Health to Invest $11.6 Million in Affordable Housing in Austin

Rhea-AI Summary

CVS Health announced an investment of $11.6 million in affordable housing in Austin, Texas, aimed at providing 171 units of permanent supportive housing. This initiative aligns with CVS Health's commitment to address racial inequity and social determinants of health in underserved communities. The project, Espero Austin at Rutland, will support individuals experiencing homelessness, those with disabilities, and youth aging out of foster care. CVS collaborates with local organizations to enhance the well-being and health of residents through various support services.

Positive

• Investment of $11.6 million to provide 171 supportive housing units.
• Focus on addressing racial inequity and social determinants of health.
• Collaboration with local organizations for community support.
• Direct access to healthcare services for residents.

Negative

• None.

WOONSOCKET, R.I., Dec. 14, 2021 /PRNewswire/ -- CVS Health (NYSE: CVS) announced it will invest $11.6 million with Boston Financial Investment Management to provide 171 units of much-needed permanent supportive housing in Austin, Texas. This investment is part of CVS Health's commitment to address racial inequity and social determinants of health in underserved communities.  

"When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease," said David Casey, Senior Vice President and Chief Diversity Officer, CVS Health. "As part of our commitment to address social justice and racial inequity, we're addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact."  

Homelessness is a critical and urgent problem in Austin. The development of Espero Austin at Rutland will help to address this by providing housing to those who are homeless or at risk of becoming homeless, persons with physical, intellectual, and/or developmental disabilities, and youth aging out of foster care.

CVS Health is working with the Caritas of Austin, The Vecino Group, and Austin Housing Finance Corporation to build the apartment complex, known as Espero Austin at Rutland. The new development which will be located at 1934 Rutland Drive in Austin is intended to house 171 people in studio apartments. Other funding partners include the City of Austin and the Texas Department of Housing and Community Affairs.

"Caritas of Austin is thrilled to partner with CVS Health on this project as we work together to enhance the well-being of more people in Austin and help them reach their full potential," said Jo Kathryn Quinn, President and CEO of Caritas of Austin.

Caritas of Austin will provide evidence-based support to all residents of Espero at no cost to residents. People living at Espero Austin at Rutland will be supported by social service professionals, including peer support specialists who share the life experiences of residents. In addition to this personalized approach, services provided will also include education, employment assistance, food, and connection to mental and physical health resources. Planned amenities include secured entry, fitness center, interior resident courtyard, community room and bicycle parking.

"Our investment in the Texas community will provide safe housing with direct access to care — a commitment that will have a direct impact on the Texas Medicaid community for years to come," said Stephanie Rogers, CEO Aetna Better Health of Texas, a CVS Health company.

As CVS Health works to address social determinants of health in Texas, the company is also exploring opportunities to expand its national workforce initiatives program in the area to help break the cycle of poverty by providing employment services and training to the community.

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. Learn more at www.cvshealth.com.

Media contact
Eva Pereira
781-686-4200
PereiraE1@cvshealth.com 

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SOURCE CVS Health

FAQ

What is CVS's recent investment in Austin regarding housing?

CVS announced an investment of $11.6 million for 171 units of affordable housing in Austin, Texas.

How does CVS Health's investment address social issues?

The investment aims to tackle racial inequity and provide support for the homeless and vulnerable populations.

How many housing units will CVS Health's investment create?

The investment will create 171 permanent supportive housing units.

What community needs does CVS Health's investment address?

It addresses homelessness and supports individuals with disabilities and youth aging out of foster care.