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01/23/2023

CVS Health makes affordable housing investment in Texas, North Carolina

CVS Health will invest $16.7 million in Texas and $16 million in North Carolina.
Sandra Levy
Senior Editor
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cvs affordable housing

CVS Health is making investments in affordable housing in two states.

The company is investing $16.7 million with Hunt Capital Partners and Texas Inter-Faith Housing to build 82 new affordable housing units in Houston, Texas as part of the company’s commitment to advancing health equity by addressing social determinants of health at the local level.

“When people have access to high-quality, affordable housing, they can focus on taking care of their mental and physical health, including managing chronic illnesses,” said Stephanie Rogers, CEO of Aetna Better Health of Texas, a CVS Health company. “This is especially important for older adults, who often live on fixed incomes and feel the effects of the rising cost of living. That’s why we continue to find opportunities at the local level to address social determinants of health to help people live healthier lives.”

[Read more: CVS Health report highlights need for expanded role of retail pharmacists]

Located in Harris County, Texas, Westheimer Garden Villas will be comprised of two four-story, midrise, elevator-serviced buildings offering 82 affordable and three market-rate housing units for older adults. Each unit will offer wood plank vinyl flooring, nine-foot-high ceilings, washer and dryer connections, LED light fixtures, Energy Star-qualified kitchen appliances and premium countertops.

Texas Inter-Faith Housing Corporation, a non-profit developer, property manager and social services provider based in Houston, will develop Westheimer Garden Villas. Amenities will include a community room, fitness center, business center, pavilions and gazebos, a community garden and gated resident parking. Additionally, Texas Inter-Faith Housing Corporation will provide residents with transportation assistance and health and community support services to help them thrive. 

According to the National Low Income Housing Coalition, 21% of low-income renters in Texas are senior households at or below the poverty guidelines or 30% of the area median income. Harris county has the largest population of adults ages 55 and older in the state, and its residents are often dual-eligible for both Medicare and Medicaid health plans.

“We’re thrilled to offer new affordable housing options to older residents in Houston with the Westheimer Garden Villas development,” said Dana Mayo, executive managing director of Hunt Capital Partners. “With many low-income seniors living on fixed incomes and inflation higher than it’s been in 40 years, this population is acutely impacted in keeping up with the costs of living. We are excited to partner with Texas Inter-Faith Housing Corporation and CVS Health to support Houston older adults by creating this high-quality, affordable housing option that will lessen the rising cost of living.”

[Read more: CVS Health launches HERe, Healthier Happens Together]

CVS Health also is investing $16 million with Urban Atlantic, North Carolina’s INLIVIAN (formerly the Charlotte Housing Authority), and Red Stone Equity Partners to bring a new, unique housing concept to North Carolina. The investment will provide 106 new affordable housing units in Charlotte as part of the company’s commitment to advancing health equity by addressing social determinants of health at the local level.

“We recognize the need to address housing affordability for key city personnel and believe that every person should be able to live near where they work,” said Jim Bostian, North Carolina president of Aetna, a CVS Health Company. “Our investment in Charlotte will help improve health outcomes for individuals and families, allowing them to manage their mental and physical health better and thrive in a high-quality, safe and affordable environment.”

The development, called Trella Uptown, is a new, 353-unit mixed-income apartment community featuring top-flight amenities in the center of Charlotte’s Central Business District. The 106 affordable units will be dispersed throughout the building and will have the same features and amenities as the 247 market-rate units. The development will feature studio, one-, two- and three-bedroom units with high-quality finishes, air conditioning, balconies and patios and washer and dryers. Amenities will include a co-working café, dog park and pet spa, resort-style pool, fitness studio with yoga room and rooftop recreation deck with grills, lawn games and pickleball courts, available to all residents.

“This investment is a demonstration of a public-private partnership that will provide a solution that supports the city’s affordable housing strategy and will help to ensure more Charlotteans have access to the quality of life they desire,” said Charlotte Mayor Vi Lyles.

“The closing of the construction financing is a significant milestone in North Carolina’s mixed-income development of its kind,” said Fulton Meachem, Jr., president and CEO of Inlivian. “Trella Uptown is innovative and the first of its kind in the state. It brings us one step closer to realizing our bold vision to provide community-focused, luxury, mixed-income housing in one of Charlotte’s top employment, educational and cultural centers.”

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