CVS Health to invest $10.5 million in affordable housing in Cleveland

CVS Health celebrates Cuyahoga TAY groundbreaking with CHN Housing Partners and Emerald Development and Economic Network, Inc.

Collaboration with CHN Housing Partners and Emerald Development and Economic Network, Inc. will help provide stable housing and supportive services to young adults experiencing homelessness

WOONSOCKET, R.I., Aug. 25, 2022 — CVS Health (NYSE: CVS) today announced it will invest $10.5 million to build 50 supportive housing units for young adults in Cleveland, Ohio, as part of the company’s commitment to advancing health equity by addressing social determinants of health at the local level. 

“When young people have stable housing, it puts them in a better position to take care of their health and well-being,” said Tracey Izzard, CEO of Aetna Better Health of Ohio, a CVS Health company. “Through our investment in Cleveland, we're addressing social determinants of health and providing these young adults with the resources they need to succeed in life.”

The new three-story development, Cuyahoga TAY (Transitioning Aged Youth), will be located at 1415-1430 East 45th Street in Cuyahoga County. It will offer one and two-bedroom fully furnished units that include central air conditioning, a refrigerator, electric range, window blinds and extra storage. The development will also offer on-site management, onsite supportive services, a community room with a learning kitchen, laundry facilities, on-site parking and a basketball court.  

The U.S. Department of Housing and Urban Development estimates that 15,763 people between 18 to 25 experienced homelessness on a single night. While there has been a decrease in young adult homelessness, a few groups did experience increases. This includes a 29 percent increase in the number of people who identify as transgender and a 26 percent increase in individuals who were gender non-conforming.

CVS Health is working with CHN Housing Partners and Emerald Development and Economic Network, Inc. (EDEN) on this development. CHN is a nonprofit affordable housing developer, housing service provider and residential lender that works with its partners to solve major housing challenges for low-income people and underserved communities. EDEN is a Cleveland-based provider of scattered site properties, permanent supportive housing buildings and rental voucher programs.

“We’re incredibly grateful to CVS Health for seeing the importance of this development to our young adults and our community,” said, Kevin Nowak, executive director of CHN Housing Partners. “As the first of its kind in Cleveland, it is truly a collaboration with youth with lived expertise.”

CVS Health will also offer its Project Health mobile events, the company's free, community-based health screening program to the Cleveland community through December. The company hosts these events at CVS Pharmacy locations and community organizations, offering free biometric screenings including blood pressure, cholesterol, glucose level and body mass index to detect early risks of chronic conditions such as diabetes, hypertension, and heart disease.

As the company works to address social determinants of health in the Cleveland area, it will also continue exploring opportunities to expand its national workforce initiatives program to help break the cycle of poverty by providing meaningful employment services and training. This includes offering residents of the TAY development the opportunity to learn more about CVS Health Workforce Innovation and Talent Center in Cleveland. The center is located at the headquarters of the Centers for Families and Children and offers training for individuals seeking employment as pharmacy technicians and retail associates.

Since 2020 CVS Health has invested more than $65 million in affordable housing in Ohio, creating or preserving more than 1,750 housing units for local individuals and families with the greatest need.

About CVS Health

CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues – including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health – whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system – and their personal health care – by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Media contact

Charlie Rice-Minoso
224-213-1135 
Rice-MinosoC@cvshealth.com.