CVS Health will invest $8.7 million to build a 116-unit affordable housing project in the Mercy Drive submarket of Orlando.
The Fairlawn Village development is part of the City of Orlando's Mercy Drive Vision Plan, which has found that almost half of the area's households are below the poverty income threshold, with a median household income of $17,846. About 55% of area households pay greater than 30% of their income on housing.
The development will include three buildings, a community center, playgrounds, on-site laundry facilities and onsite management offices. Residents will have access to on-site supportive services including adult literacy, employment assistance and financial management programs. Of the 116 units, 20 will be designated as permanent supportive housing with casework services for people experiencing homelessness, survivors of domestic violence, people with a disability or youth aging out of foster care.
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CVS Health invested $67 million in affordable housing last year, creating more than 2,200 affordable homes across 24 cities in six states.
Since 1997, CVS Health and Aetna have invested a combined $1 billion plus in 93,000 affordable housing units.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
