CVS Health to Invest $7.7 Million in Affordable Housing in Tampa

Rhea-AI Summary

CVS Health will invest $7.7 million in the Uptown Sky project, a 61-unit multifamily apartment development in Tampa. This initiative aims to address racial inequity and improve social determinants of health in underserved communities. Approximately 75% of Tampa residents identify as Black or Latino, with 60% living below the poverty line. The project will provide reduced rent units and on-site supportive services, including workforce training and health programs. CVS collaborates with Blue Sky Communities and the University Area Community Development Corporation for this undertaking.

Positive

• Investment of $7.7 million in affordable housing development.
• The Uptown Sky project will provide reduced rent housing for families in need.
• Collaboration with local nonprofits to enhance community support services.

Negative

• None.

WOONSOCKET, R.I., Nov. 22, 2021 /PRNewswire/ -- CVS Health (NYSE: CVS) announced it will invest $7.7 million with Raymond James Tax Credits Funds to build a 61-unit multifamily apartment home development called Uptown Sky for families in Tampa. This investment is part of the company'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, SVP 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 in Tampa, which is where we can make a meaningful and lasting impact."  

The new Uptown Sky development will be located at 13603 North 12^th Street in Tampa. Data compiled from the Census indicates that approximately 75% of residents identify as Black or Latino, and 60% live below the poverty line. Additionally, according to a recent report from the National Low-Income Housing Coalition, nearly half of American workers don't earn enough to afford a one-bedroom apartment, and Tampa is reaching its highest rates to date, with rent increasing more than 20% in the last year.

CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments reach their affordable housing goals by developing state of the art, environmentally-sound affordable housing units. University Area Community Development Corporation is focused on championing positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, workforce and resource assistance, and community engagement.

"This investment by CVS Health provides a vital link between big business and urban redevelopment," said Shawn Wilson, President of Blue Sky Communities. "Many organizations recognize the impact that quality affordable housing and access to health care have on someone's health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need."  

Uptown Sky will provide two and three-bedroom housing units at a reduced rent to families with demonstrated need. Additionally, all residents will have access to on-site supportive services in the neighborhood center located on the bottom floor of the building. It will serve as a hub for residents and will offer computer training, homeownership programs, workforce training and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate.

"We know that housing insecurity can have a major impact on a person's health and well-being," said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company. "Our investment in the Florida community will ensure that individuals and families have access to quality, affordable 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. 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 Tampa?

CVS is investing $7.7 million in the Uptown Sky project to develop affordable housing.

How many units will Uptown Sky have?

Uptown Sky will have a total of 61 multifamily apartment units.

What is the purpose of CVS's investment?

The investment aims to address racial inequity and improve health in underserved communities.

What percentage of Tampa residents live below the poverty line?

Approximately 60% of Tampa residents live below the poverty line.

Which organizations is CVS partnering with for this project?

CVS is partnering with Blue Sky Communities and the University Area Community Development Corporation.