CVS Health Invests In Affordable Housing

 

CVS Health to invest $12.7 million in affordable housing in Nashville


CVS Health today announced it will invest $12.7 million with R4 Capital to build 204 new affordable housing units for individuals and families in the Chestnut Hill neighborhood in Nashville. The investment is part of CVS Health's commitment to address racial inequity and social determinants of health in underserved communities.

The 2021 Affordable Housing Task Force Report issued by Mayor John Cooper's office found that an estimated 65,000 households, nearly half of Nashville's renter population, is rent burdened, meaning they spend more than 30% of household income on rent. The housing development, which is named 101 Factory, will support individuals and families earning up to 30% to 70% of Area Median Income and provide them with the resources they need to live healthier and reach their full potential.

 

CVS Health is working with Elmington Capital Group, LLC to build Factory 101. The new development consisting of three, four-story residential buildings will be located at 101 Factory Street and will provide studio, one-, two- and three-bedroom housing units at a reduced rent to families with demonstrated need. Planned amenities include a community room, a computer lab, fitness facility, on-site property management, a picnic area, a dog park and surface parking.

CVS Health's commitment includes $110,000 to help provide comprehensive health and wellness resources and social services to 101 Factory's future residents based on their specific needs.

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 $31.4 million dollars in Tennessee. 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.


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