CVS Health Invests $ 7.7 Million in Equity of Uptown Sky Affordable 61 Home Development Tax Credit in Tampa, Florida

TAMPA, FL – CVS Health has announced that it will invest $ 7.7 million with Raymond James tax credit funds to build a 61 multi-family apartment development called Uptown Sky for families in Tampa. This investment is part of the company’s commitment to address racial inequalities and the social determinants of health in underserved communities.

“When people have access to affordable, high-quality housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, executive vice president and director of diversity, CVS Health. “As part of our commitment to tackle social justice and racial inequalities, we are addressing the social determinants of health at the community level in Tampa, where we can have a meaningful and lasting impact. ”

The new Uptown Sky development will be located at 13603 North 12th Street in Tampa. Data compiled from the census indicates that about 75% of residents identify as black or Latino, and 60% live below the poverty line. What’s more, according to a recent report by the National Low-Income Housing Coalition, nearly half of working Americans don’t earn enough to afford a one-bedroom apartment, and Tampa is hitting its highest rates yet, with rents increasing by more than 20%. % in the last year.

CVS Health is working with co-developers Blue Sky Communities and University Area Community Development Corporation, a Tampa-area nonprofit, to develop Uptown Sky and provide comprehensive support to residents. Blue Sky Communities is a leading advocate for helping nonprofits and local governments achieve their affordable housing goals by developing state-of-the-art affordable housing that respects the environment. . University Area Community Development Corporation is focused on promoting positive change in the economic, educational and social levels of the Tampa community through youth programs, adult education, affordable housing, support for workforce and resources; and community engagement.

“This investment from CVS Health establishes 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 has on an individual’s health and well-being, but it takes the financial commitment of partners like CVS Health and Aetna to help provide these services to communities in need. ”

Uptown Sky will provide two and three bedroom units at reduced rent to families with demonstrated need. In addition, all residents will have access to on-site support services in the neighborhood center located on the ground floor of the building. It will serve as a hub for residents and offer computer training, homeownership programs, workforce training, and financial management programs. It will also include a multi-purpose classroom where individuals will have access to classes to encourage healthy habits, including art, dance, yoga and karate.

“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 affordable, quality housing.”