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CVS Health invests $16.7 million in Houston affordable housing

January 18, 2023 |3 minute read time

A rendering of the affordable housing units being built in Houston

New investment will help provide safe, affordable housing and resident services to older adults

WOONSOCKET, R.I., Jan. 18, 2023 — CVS Health® (NYSE: CVS) today announced it will invest $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.”

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. The affordable housing units will be set aside for seniors aged 55+ who earn up to 30, 50, and 60 percent of the area median income. When completed in Spring of 2023, 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 501(c)3 Texas non-profit organization based in Houston, will develop Westheimer Garden Villas. Development amenities will include a community room, fitness center, pergolas, as well as covered porch and patio areas. Additionally, the location of Westheimer Garden Villas will provide ease of access to Houston’s network of bus and light rail lines which allows residents to reach local amenities within Harris County such as supermarkets, banks, and medical centers.

Portfolio Resident Services, a non-profit Inter-Faith Group alliance member, will provide supportive services designed to empower the lives of the residents through an array of diverse programs which promote connection, collaboration, and community enrichment. Provided at no cost to the resident, the suite of services will range from transportation assistance to computer classes and senior health activities.

“Inter-Faith has been positively impacting the lives of seniors in Harris County since the 1960s, and it is a tremendous honor to continue that mission with Westheimer Garden Villas in the Galleria of Houston,” said Russ Michaels, Executive Director of Texas Inter-Faith Housing Corporation. “In today’s market conditions, communities of this caliber take a collective effort to develop, build and operate, and we are blessed to have a great team of people and experts like Hunt, CVS Health, and Jervon Harris, who assisted greatly with navigating the closing and financing process. Westheimer Garden Villas is going to be an extraordinary addition to the senior housing stock of Houston, and we’re grateful to have had the continued support of the city and state to bring this attainable housing choice to the elderly of Harris County.”

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 seniors age 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.”

The Westheimer Garden Villas senior community will be developed by Texas Inter-Faith Development, LLC, and it will be managed by Texas Inter-Faith Management Corporation, a 501(c)3 Texas non-profit organization in Houston. Houston-based Nations Construction will be the general contractor. Texas-based Cross Architects, PLLC will serve as the architect. 

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

Shannon Dillon