WOONSOCKET, R.I. — CVS Health today announced it will invest $12.7 million with R4 Capital to build 204 new affordable housing units for individuals and families in the Chestnut Hill neighborhood in Nashville. The investment is part of CVS Health's commitment to address racial inequity and social determinants of health in underserved communities.
The 2021 Affordable Housing Task Force Report issued by Mayor John Cooper's office found that an estimated 65,000 households, nearly half of Nashville's renter population, is rent burdened, meaning they spend more than 30% of household income on rent. The housing development, which is named 101 Factory, will support individuals and families earning up to 30% to 70% of Area Median Income and provide them with the resources they need to live healthier and reach their full potential.
"I applaud CVS Health for making such a significant investment in our city's affordable housing portfolio," said Mayor Cooper. "Metro has directed unprecedented levels of funding more than $100 million to affordable housing over the past two years, but this work demands private sector partners, too. I hope this investment from CVS Health will spur more companies to join in because we must all work together to address Nashville's affordable housing challenges."
"101 Factory is a welcome addition to the Chestnut Hill neighborhood, and I thank CVS Health and all the partners who came together to make it a reality," said District 17 Councilmember Colby Sledge. "We need creative solutions to create affordable housing, and partnerships like these set a great example for others in the private sector. I will continue to advocate for increased and diverse Metro affordable housing investments, and hope to see more developments like 101 Factory."
CVS Health is working with Elmington Capital Group, LLC to build Factory 101. The new development consisting of three, four-story residential buildings will be located at 101 Factory Street and will provide studio, one-, two- and three-bedroom housing units at a reduced rent to families with demonstrated need. Planned amenities include a community room, a computer lab, fitness facility, on-site property management, a picnic area, a dog park and surface parking.
"CVS Health has been a wonderful partner on this project, and it wouldn't have been possible without them," said Hunter Nelson, Partner at Elmington Capital Group. "Not only were they instrumental in the creation of 101 Factory, but they will also provide invaluable resources for the people and residents who will soon call it home. As Elmington continues to focus on creating more affordable housing across Nashville, we couldn't be more excited about the future of Chestnut Hill."
CVS Health's commitment includes $110,000 to help provide comprehensive health and wellness resources and social services to 101 Factory's future residents based on their specific needs.
"CVS Health is dedicated to providing underserved communities in Nashville with opportunities that can help them live healthier lives," said Jim Bostian, Midsouth Market President, Aetna, a CVS Health company. "Through this affordable housing investment in Chestnut Hill, we're addressing housing insecurities and ensuring local residents have access to resources that can not only improve their overall health and well-being but can help their local community thrive."
In Tennessee, CVS Health has a longstanding commitment to supporting local organizations and initiatives that provide communities with access to health care services, affordable housing, food security, as well as education and economic opportunities. Since 2019, CVS Health has awarded nearly $500K to local organizations, including Cedar-Sinai Medical Center, United Way of Middle Tennessee, Nashville Food Project and the Vanderbilt University Medical Center.
As part of CVS Health's overall commitment to advance health equity in America, it invested $185 million in affordable housing nationwide in 2021 and $1.3 billion over the past 20 years, including $31.4 million dollars in Tennessee. Through these investments, CVS Health has been able to provide underserved communities with quality housing, economic support, and educational training opportunities based on the unique needs of the population.
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 approximately 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.