CVS Health to invest nearly $19 million in affordable housing as part of Ohio’s $40 million plan to build and preserve 150 homes in Columbus (Columbus Metropolitan Housing Authority)

Date Published: 
August 29th, 2022

From CVS Health's press release:

CVS Health (NYSE: CVS) today announced a $18.9 million investment to build and rehab 150 affordable housing units in Columbus, Ohio as part of the company’s commitment to advancing health equity by addressing social determinants of health at the local level. 

“We’re committed to addressing housing insecurities and other social determinants of health in communities across the country,” said Mike Avotins, East Mid-America Market President for Aetna, a CVS Health company. “We’re making investments that will provide Columbus seniors and families with equal opportunity to secure housing and access to resources that will help support their health and wellbeing." 

The 26 two-story development, called Post Oak Station, will be located at 1383 Vida Way in the Riverbend neighborhood. It will offer health services for residents and will include a childcare facility operated by local nonprofit Columbus Early Learning Center, that will provide year-round childcare services for children of low- and moderate-income parents. The launch of a new childcare center will help alleviate a daycare desert on the city’s west side.

According to a study by the Kirwan Institute, Franklin County has the second-highest population of seniors in Ohio. This population is projected to grow by 53% between 2015 – 2030, a rate five times higher than the overall population growth of Franklin County. Seniors in this area, including groups struggling against economic marginalization and those at higher risk of having one or more disabilities, face many challenges and are often dually eligible for both Medicare and Medicaid. Additionally, in December 2020, evictions in Columbus increased by 20%, exacerbating the eviction crisis in Ohio.  

CVS Health is working with the Columbus Metropolitan Housing Authority (CMHA), which for years has helped people access affordable housing through collaborative partnerships, neighborhood revitalization efforts and has increased access to supportive services. Through CVS Health’s investment, CMHA will build new units and provide existing units with new furnaces, air conditioning units, appliances, and water heaters and much-needed repairs to the bathrooms, kitchens, and electrical systems. 

“The current childcare market in Franklin County, unfortunately, fails too many families, children, and businesses,” said CMHA President and CEO Charles Hillman. “We know proximity to childcare is important, especially for parents in lower-wage jobs who often have less flexibility and control over their schedules and who may have to rely on public transportation to get to childcare and work. That is why CMHA is eager to get started on this new development at Post Oak Station in combination with CVS Health and our additional funding partners.”

Read CVS Health's press release.

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