CVS invested $114M in affordable housing last year. Here's where those funds went

The front entrance of a CVS Pharmacy
CVS invested millions in affordable housing in 2020, the healthcare giant said. (Eric Glenn/Shutterstock.com)

CVS Health invested more than $114 million in affordable housing last year.

The healthcare giant said those investments will lead to the construction or rehabilitation of over 2,800 affordable housing units in 30 cities and 12 states. That includes more than 460 permanent supportive housing units for the homeless, which are in construction.

In addition, 560 units are set aside for seniors, CVS said, and more than 100 units are reserved for veterans and their families.

“We recognize that equitable access to stable and supportive housing serves as one of the greatest barriers to better health for many people,” said Karen Lynch, CEO of CVS Health, in a statement. “Through our investments and collaboration with local partners, we’ve been able to provide underserved communities across the country with quality housing, economic support, and educational training opportunities based on the unique needs of the population.”

RELATED: CVS announces new initiatives targeting the social determinants of health

The investments are part of the company's Destination: Health initiative, a series of programs that target the social determinants of health.

Specific investments include:

  • $15.3 million toward building 144 new homes and offering services to seniors in two affordable housing communities in Findlay, Ohio, and Columbus, Ohio.
  • $6.2 million to a supportive housing community in Canandaigua, New York, that provides 30 homes to seniors and families who may be struggling to find stable housing.
  • $4.2 million for a 24-unit permanent supportive housing community in Wasilla, Alaska, with the units set aside for the homeless, people with mental disabilities, people with substance abuse disorders and those seeking to avoid recidivism.

CVS' housing investments also fall in part under its broader work to address racial inequality, the company said. CVS has pledged $600 million in investments over the next five years to back employee, community and public policy efforts to address inequality faced by the Black community and other disenfranchised groups.

Under this initiative, for example, CVS invested in $13.7 million to renovate 230 low-income housing units in Columbus. In partnership with community organizations, the investment will also assist in improving the local community center and offering supports to families and individuals in need.

“Our investments in housing and work with regional organizations this past year have enabled us to help improve individual and community health outcomes during a particularly challenging time,” said Keli Savage, head of impact investment strategy at CVS Health, in a statement. “By focusing our investment strategy on providing affordable, service-enriched housing for low-income regions and communities of color, we’re able to help those most impacted by the burden of housing instability."