CVS Health invests nearly $35M in affordable housing for Hawaii

CVS Health is making nearly $35 million in equity investments towards the creation of two new affordable housing developments in Hawaii. Located in Lahaina, Maui, and Kapolei, Oahu, the communities will also offer residents supportive social and educational programs tailored to address their specific needs. In addition to other multiple funding partners, these investments support the state of Hawaii's priorities in early childcare and affordable housing and exemplify the power of public and private collaborations.

In collaboration with Urban Housing Communities, Ikaika 'Ohana, and Hunt Capital Partners, CVS Health invested $17.5 million to help build 200 new affordable housing units at Kaiāulu o Kūku'ia in Lahaina, Maui. This development will bring critically needed affordable housing for families in the area, much of which was devastated by the 2023 Maui wildfires. Ikaika 'Ohana, co-developer and Hawaii-based nonprofit, will be coordinating services to residents including immunizations and health screenings, childcare, GED and ESL classes, occupational certification courses, resume preparation and job referrals and financial counseling. In addition, the Bezos Academy will be operating a Montessori preschool onsite free of charge for the pre-school aged children living at Kaiāulu o Kūku'ia. 

"Hunt Capital Partners is proud to be part of the rebuilding of Lahaina. The affordable rental homes at Kaiāulu o Kūku'ia will be the first permanent housing to be delivered in Lahaina since the devasting fires in August," said Steve Colón, executive vice president of Hunt Companies. "Our partners UHC and Ikaika 'Ohana are delivering a critically needed rental housing community that will enable 200 area families to move into homes starting this coming December."

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Colón continued, "All of us at Hunt are grateful to have collaborated with the community and organizations like UHC and Ikaika 'Ohana as we create affordable housing for local families statewide, but particularly now on Maui, which needs so much of our support. With this investment, CVS Health is changing lives and helping to put island residents into their own homes."

Furthering its investment in the state, CVS Health also invested $17.3 million with The Kobayashi Group, The Ahe Group and CREA to build 169 new affordable housing units in Parkway Village at Kapolei, on the island of Oahu. Horizon Housing Foundation, a St. Louis-based nonprofit, will be providing no-cost services to residents, including education and building community, health and wellness programs Kamehameha Schools, a Hawaii-based, nationally recognized education group, will operate a tuition free preschool on the ground floor of one of the five residential buildings, along with the Board of Education and Partners in Development Foundation.

"Parkway Village is an incredible project in Hawaii's fastest growing community that we are so proud of," said Alana Kobayashi Pakkala, executive vice president and managing partner of Kobayashi Group. "We know the importance of affordable housing and early childhood education, especially in West Oahu, so we're grateful for this public-private collaboration with CVS Health, City and County of Honolulu and HHFDC."

The integration of early childcare facilities into both developments aligns with the state's universal access to preschool initiative, Ready Keiki, spearheaded by Lt. Gov. Sylvia Luke. "Partnerships, such as the collaboration with CVS Health, play a pivotal role in fostering nurturing communities, where families receive comprehensive support, and our children are provided with the environment to thrive and realize their full potential," said Luke. "As we work to ensure all Hawaii children are ready for kindergarten and beyond, the support from CVS Health and community partners is invaluable."

With the addition of Kaiāulu o Kūku'ia and Parkway Village, CVS Health has invested $62.2 million in affordable housing across Hawaii to date, highlighting the company's efforts to advance health equity by addressing social determinants of health at the local level. Through these investments, CVS Health has provided historically underserved Hawaii communities with quality housing and increased access to childcare and healthcare services based on the unique needs of each local population.

Beyond its affordable housing investments, CVS Health's commitment to improving the health and well-being of Hawaii residents can be seen through its philanthropic efforts, workforce initiatives and expanded retail presence in the region.

Residents of Kaiāulu o Kūku'ia and Parkway Village will have access to educational opportunities and employment services and training through two new career skills labs in Kahului and Waimānalo. Funded in collaboration with CVS Health and the University of Hawaii Maui College and Hawaii Job Corps, respectively, the mock Longs Drugs pharmacy environments offer virtual and hands-on pharmacy technician skills training to help reduce employment barriers and provide the tools participants need to succeed in the workplace.

Recently, CVS Health opened a new Longs Drugs store in Kapolei on Oahu, marking the company's 60th Longs Drugs location in Hawaii. Given the significance of local relationship to Lahaina residents, financing a new affordable housing investment after the wildfires reinforces the importance of Longs as an anchor in the community. Following the 2023 Maui wildfires, the area pharmacy team provided daily deliveries to three community shelters to help ensure continued access to medication and hosted a three-week drive-thru donation clinic to provide preventative care and essential goods to residents while working to reopen the impacted store for the community as quickly as possible.

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Also, following the fires, the CVS Health Foundation committed $450,000 to several organizations providing direct relief, including the Hawaii Community Foundation's Maui Strong Fund, the American Red Cross and World Central Kitchen. CVS Health customers contributed over $2 million to our in-store fundraising campaign to support the Maui Strong Fund and the Maui United Way.

"These investments and collaborations echo our longstanding commitment to supporting and uplifting the people of Hawaii," said Scott Sutton, regional director of CVS Health. "We're providing community members with access to meaningful affordable housing, health care, and educational and workforce opportunities to ensure that they have the resources they need to improve their overall wellbeing."