CVS Health is planning to invest $8.7 million in 116 units of affordable housing in Orlando, Florida, as part of its efforts to address racial inequality.
The healthcare company that owns retail pharmacy chain CVS Pharmacy also mulls 2021 expansion of its no-cost preventive screening program, Project Health, to Orlando. The program offers free biometric screenings at CVS Pharmacy locations to help identify chronic conditions.
The company has committed to nearly $600 million over five years to address racial inequity and social determinants of health in Black communities.
With the latest investment, CVS Health will help build a new 116-unit affordable housing complex in Orlando’s Mercy Drive neighborhood, where around 83% residents identify as African American.
Almost half of the area’s households are below the poverty income mark, with a median household income of $17,846. About 55% of area households pay greater than 30% of their income on housing.
The housing complex will include three buildings, a community center, playgrounds, on-site laundry facilities and onsite management offices. On-site supportive services including adult literacy, employment assistance and financial management programs will be accessible to all residents.
Among the total 116 units, 20 will be designated as permanent supportive housing with casework services for people experiencing homelessness, survivors of domestic violence, people with a disability or youth aging out of foster care.
CVS noted that local nonprofit Community Assisted and Supported Living, Inc., or CASL, will provide support to formerly homeless residents who move in to the supportive housing units.
CVS Health in February said it invested $67 million in affordable housing in 2019 that led to 2,200 affordable homes across 24 cities in six states.
In similar initiatives, in July, Apple Inc. said it was allocating more than $400 million for affordable housing projects in California this year.
In June, Unitedhealth Group, Inc. also announced an additional investment of $100 million in affordable housing.
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