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The pharmacy chain CVS Health (NYSE: CVS) has expanded its focus into real estate with an $8.4 million investment into an endeavor by Community Housing of Maine (CHOM), the Portland Housing Authority and Boston Financial for the construction of 52 affordable housing units for older adults in Portland, Maine.

The project will result in the creation of a new four-story building called Winter Landing, which will be part of the historic redevelopment of the former Northern Light Mercy Hospital’s State Street building and parking lots in the West End neighborhood of Portland. When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments including these 52 affordable new homes for adults aged 62 and older. Fifteen of the units will have a preference for older adults who are known as “Long-Term Stayers” in the City of Portland’s homeless shelters, people who have remained homeless for more than 180 days in a calendar year.

“We are thrilled to partner with CVS Health to create much needed affordable housing and to end homelessness for a significant number of people,” said Cullen Ryan, Executive Director of Community Housing of Maine. “Permanent supportive housing works, and in this case, people will be able to live right in the heart of the community close to everything they need.  We are really pleased to have the support of CVS Health to make all of this possible. Our community will be far better because of this housing.”

Photo by Mike Mozart / Flickr Creative Commons