CVS Health to invest more than $15.3M in affordable housing in San Antonio
CVS Health is continuing to make investments in affordable housing units.
The Woonsocket, R.I.-based company announced plans to invest more than $15.3 million with Pedcor Investments and WNC to build 312 new affordable housing units in the uptown area of San Antonio.
This latest investment builds upon CVS Health’s mission to address social determinants of health in underserved communities, the company said.
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“CVS Health is committed to addressing housing insecurities and other social determinants of health in local communities across the country,” LaMonte Thomas, South Central Market president, Aetna, a CVS Health company, said. “In San Antonio, we’re focusing on addressing the affordable housing crisis by making investments that will provide people with equal opportunity for secure housing and access to resources that will help them create a brighter future for themselves and their families.”
According to the city’s Strategic Housing Implementation Plan, 95,000 households are at risk for housing instability due to families spending more than 30% of their income on housing, the company said.
Through this development, named Crosswinds Apartment Homes, the community will be supported by having individuals and families, earning from 30% to 60% of area median income, be provided with homes and resources needed to live healthier lives and reach full potentials.
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“The Crosswind Apartments will create safe and stable affordable housing for San Antonio families who are most in need,” San Antonio Mayor Ron Nirenberg said. “This represents a major step toward our commitment to the House America initiative by creating new deeply affordable housing for our residents.”
Located at 4114 North Loop 1604 East, the development will consist of 13 three-story residential buildings that will provide one-, two- and three-bedroom housing units at a reduced rent to families and individuals with demonstrated need.
“There is a direct correlation between stable affordable housing and the prospects for a family’s long-term health outcomes, especially for families at lower incomes,” Pete Alanis, executive director of San Antonio Housing Trust, said. “CVS Health’s commitment to invest the necessary tax credit equity to bring this community to life demonstrates what is possible with responsible social investment.”
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Planned amenities at the center will include a standalone community building with a management office, community room, business center and fitness center, as well as a dog park, picnic area, playground, tot lot, swimming pool and ample parking, the companies said.
“We’re excited to welcome positive, affordable housing to this area, and this partnership is one that San Antonio and District 10 should be proud of. I look forward to welcoming our new neighbors to District 10, and I can't wait to see the finished development,” District 10 Councilman Clayton H. Perry said.