CVS Health (NYSE: CVS) announced the allocation nearly $35 million in equity investments towards the creation of two new affordable housing developments in Hawaii.
In collaboration with Urban Housing Communities, Ikaika ‘Ohana and Hunt Capital Partners, CVS Health invested $17.5 million to help build 200 new affordable housing units at Kaiāulu o Kūku’ia in Lahaina, Maui. This development will bring critically needed affordable housing for families in the area, much of which was devastated by the 2023 Maui wildfires. Ikaika ‘Ohana, co-developer and Hawai’i-based nonprofit, will be coordinating services to residents including immunizations and health screenings, childcare, GED and ESL classes, occupational certification courses, resume preparation and job referrals, and financial counseling. In addition, the Bezos Academy will be operating a Montessori preschool onsite free of charge for the pre-school aged children living at Kaiāulu o Kūku’ia.
CVS Health also invested $17.3 million with The Kobayashi Group, The Ahe Group and CREA LLC to build 169 new affordable housing units in Parkway Village at Kapolei, on the Island of Oahu. Horizon Housing Foundation, a St. Louis-based nonprofit, will be providing no-cost services to residents, including education and building community, health, and wellness programs Kamehameha Schools, a Hawaii-based, nationally recognized education group, will operate a tuition free preschool on the ground floor of one of the five residential buildings, along with the Board of Education and Partners in Development Foundation.
“These investments and collaborations echo our longstanding commitment to supporting and uplifting the people of Hawaii,” said Scott Sutton, regional director at CVS Health. “We’re providing community members with access to meaningful affordable housing, health care, and educational and workforce opportunities to ensure that they have the resources they need to improve their overall wellbeing.”
Photo by Mike Mozart / Flickr Creative Commons
;
