CVS Health to Invest $15.3 Million in Affordable Housing in San Antonio

Rhea-AI Summary

CVS Health (NYSE: CVS) is investing over $15.3 million in a partnership with Pedcor Investments and WNC to develop 312 affordable housing units in San Antonio. This initiative addresses social determinants of health in underserved communities, particularly aiding families with incomes between 30% and 60% of the Area Median Income. The project, Crosswinds Apartment Homes, will feature a variety of amenities aimed at promoting healthier living. This investment is part of CVS Health's broader commitment, having allocated $185 million for affordable housing nationwide in 2021.

Positive

• Investment of over $15.3 million in affordable housing.
• Creation of 312 new affordable housing units to address housing insecurity.
• Support for families earning between 30% and 60% of Area Median Income.
• Partnership with local organizations to enhance community resources.

Negative

• None.

WOONSOCKET, R.I., March 7, 2022 /PRNewswire/ -- CVS Health (NYSE: CVS) today announced it will invest more than $15.3 million with Pedcor Investments and WNC to build 312 new affordable housing units in the uptown area of San Antonio. The investment is part of CVS Health's commitment to address social determinants of health in underserved communities.

"CVS Health is committed to addressing housing insecurities and other social determinants of health in local communities across the country," said LaMonte Thomas, South Central Market President, Aetna, a CVS Health company. "In San Antonio, we're focusing on addressing the affordable housing crisis by making investments that will provide people with equal opportunity for secure housing and access to resources that will help them create a brighter future for themselves and their families."

According to the City of San Antonio Strategic Housing Implementation Plan, there are 95,000 households at risk for housing instability due to families spending more than 30% of their income on housing.  More than half of these households are renters. The new development, named Crosswinds Apartment Homes, will support individuals and families earning from 30% to 60% of Area Median Income and provide them with homes and the resources they need to live healthier lives and reach their full potential.

"The Crosswind Apartments will create safe and stable affordable housing for San Antonio families who are most in need. This represents a major step toward our commitment to the House America initiative by creating new deeply affordable housing for our residents," said Mayor of San Antonio Ron Nirenberg.

Crosswinds Apartment Homes will be located at 4114 North Loop 1604 East. The new development will consist of 13, three-story residential buildings and will provide one-, two- and three-bedroom housing units at a reduced rent to individuals and families with demonstrated need. Planned amenities include a standalone community building with a management office, community room, business center and fitness center. Additionally, there will be a dog park, picnic area, playground, tot lot, swimming pool and ample parking. The development of Crosswinds Apartment Homes is made possible due to a public-private partnership between Pedcor Investments and the San Antonio Housing Trust.

"There is a direct correlation between stable affordable housing and the prospects for a family's long term health outcomes, especially for families at lower incomes," said Pete Alanis, Executive Director, San Antonio Housing Trust. "CVS Health's commitment to invest the necessary tax credit equity to bring this community to life demonstrates what is possible with responsible social investment."

"We're excited to welcome positive, affordable housing to this area, and this partnership is one that San Antonio and District 10 should be proud of. I look forward to welcoming our new neighbors to District 10, and I can't wait to see the finished development," said District 10 Councilman Clayton H. Perry. 

As part of CVS Health's overall commitment to advance health equity in America, it invested $185 million in affordable housing nationwide in 2021 and $1.3 billion over the past 20 years, including $93 million dollars in Texas. Through these investments, CVS Health has been able to provide underserved communities with quality housing, economic support, and educational training opportunities based on the unique needs of the population.

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 approximately 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 investing in San Antonio?

CVS is investing over $15.3 million to develop 312 affordable housing units in San Antonio.

How many affordable housing units are being built by CVS in San Antonio?

CVS is building 312 affordable housing units through its investment in Crosswinds Apartment Homes.

When was the CVS investment in affordable housing announced?

The investment was announced on March 7, 2022.

What is the target income range for residents of the new housing?

The housing will support individuals and families earning between 30% and 60% of the Area Median Income.

How much has CVS Health invested in affordable housing nationwide?

CVS Health invested $185 million in affordable housing across the U.S. in 2021.