CVS Health To Invest in Affordable Housing


CVS Health to invest $11.6 million in affordable housing in Austin

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.

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. 

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. 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.

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.

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