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CVS Health investing $25M in Louisiana affordable housing

New development planned for Opelousas
Earns CVS Caremark
Posted at 10:17 AM, Sep 30, 2021
and last updated 2021-09-30 13:29:29-04

CVS Health announced it will invest $25 million to build 224 affordable housing units for families and seniors in Louisiana.

That will include affordable housing in Opelousas and New Orleans, Louisiana.

This investment, they say, is part of the company’s commitment to address racial inequity and social determinants of health in underserved communities.

“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, SVP and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial inequity, we're addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact.”

CVS Health says it will work to build a new 32-unit development, Country Ridge Estates in Opelousas. The apartments will offer one-, two- and three-bedroom apartments at a reduced rate with eight units set-aside for single-parent families and two units for those experiencing homelessness

CVS Health will also be working with Gulf Coast Housing Partnership (GCHP) and its partner Alembic Community Development to build a 192-unit affordable housing development located at 1300 Oretha Castle Haley Boulevard and 1801 Thalia Street in New Orleans.

GCHP is a regional real estate development company based in New Orleans that focuses on producing affordable and mixed-income communities and developing complementary commercial and community space.

According to a recent report from the National Low-Income Housing Coalition in July, rent is out of reach for most low-wage workers in every state. In Louisiana, data compiled from the Louisiana Housing Corporation indicate that 45% of renters devote more than 35% of their household income to rent – the fifth highest in the country.

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