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CVS Health to Invest $13M in Affordable Housing in Nashville
Woonsocket, RI-based CVS Health will invest $12.7 million to build 204 affordable housing units in Nashville’s Chestnut Hill neighborhood. The company is working with Elmington Capital Group, LLC, on Factory 101, which will consist of three, four-story residential buildings.
101 Factory will support individuals and families earning up to 30% – 70% of Area Median Income. According to the 2021 Affordable Housing Task Force Report issued by Mayor John Cooper’s office, nearly half of Nashville’s renter population is rent burdened.
The investment is part of CVS Health’s commitment to address racial inequity and social determinants of health in underserved communities. Its commitment includes $110,000 for comprehensive health and wellness resources and social services to 101 Factory’s residents.
As part of the company’s objective to advance health equity in America, CVS Health invested $185 million in affordable housing nationwide in 2021 and $1.3 billion over the past 20 years, including $31.4 million in TN.
- ◦Development
