CVS Health is investing $12.4 million to build 60 units of affordable housing in south Phoenix, the healthcare giant announced this week.
The development will be built in a neighborhood where 79% of residents identify as Black or Latino, according to data from Arizona Health Services. The funding is part of CVS' commitment to invest $600 million over five years to address racial inequality and the social determinants of health in Black communities.
Phoenix housing data also show that in the south and west areas of the city, 50% of residents spend more than 30% of their incomes on housing.
"When people have access to high-quality, affordable housing and services like preventive screenings, it puts them in a better position to take care of their health and manage chronic disease," said David Casey, senior vice president and chief diversity officer at CVS Health, in a statement.
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"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," Casey said.
The new complex will include two- and three-bedroom apartments available at reduced rates to families in need. Units will be set aside for victims of domestic violence, CVS said.
CVS has made significant investments in housing of late, including $114 million in 2020 that went toward the rehabilitation and/or construction of 2,800 units in 30 cities across 20 states.
The funding will also assist in growing CVS' no-cost preventive health screening program, Project Health, in Phoenix, which uses an RV to bring the screenings to underserved communities. Traditionally, CVS offers such services at its pharmacies.
The screenings measure body mass index, blood pressure, glucose and cholesterol, which can detect early risk for diabetes, hypertension and heart disease. Following the screenings, patients can meet with a nurse practitioner to discuss the results and what the appropriate next steps are.
CVS will hold its first Project Health events in Phoenix in early summer, the company said.
"We anticipate being able to reach thousands of people locally and provide hundreds of thousands of dollars in free medical services in Phoenix in our first year," said Eileen Howard Boone, senior vice president of corporate social responsibility and philanthropy at CVS Health.