Affordable housing in Tampa, Florida, is set to become more accessible following investment in a new community-based project.
The project, which will see a 61-unit multifamily apartment development built for families in Tampa, is being led by CVS Health and Raymond James Tax Credits Funds.
The former, an American health solutions company, has already committed $7.7m towards the development, which will be known as Uptown Sky.
More specifically, CVS Health see their investment in Uptown Sky’s affordable housing as fulfilling their commitment to better addressing racial inequality in the U.S. 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, Senior Vice President and Chief Diversity Officer for 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 in Tampa, which is where we can make a meaningful and lasting impact.”
CVS Health points out that census data shows the area in which Uptown Sky will be built is diverse, with around 75% of local residents identifying as Black or Latino, but also extremely poor, with 60% living below the poverty line.
According to a report from the National Low-Income Housing Coalition, nearly half of American workers don’t earn enough to afford a one-bedroom apartment.
Consequently, Tampa is reaching its highest rental rates to date, with prices increasing in excess of 20% over the last year. The new Uptown Sky development seeks to address this issue.
“We know that housing insecurity can have a major impact on a person’s health and well-being,” said Richard Weiss, President of the Florida Market for Aetna, a CVS Health company.
“Our investment in the Florida community will ensure that individuals and families have access to quality, affordable housing.”
CVS Health are partnering with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-based nonprofit, to develop affordable housing that also offers extensive support to families and residents, while at the same time championing positive economic and social changes by integrating community engagement.
“This investment by CVS Health provides a vital link between big business and urban redevelopment,” said Shawn Wilson, President of Blue Sky Communities.
“Many organizations recognize the impact that quality affordable housing and access to health care have on someone’s health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide those services to communities in need.”
Uptown Sky will offer two and three-bedroom units at a reduced rent to families in need. Residents will also have access to on-site support services, located within the building itself, which includes computer training, financial advice programs, and workforce training.
