Of the 41 units that will comprise Arthur @ Blackstone, 20 will be set aside for at-risk youth and the remainder for low-income families. Rendering contributed by CVS

published on March 29, 2022 - 10:43 AM
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An $18 million investment from pharmacy giant CVS Health will help bring 41 new affordable housing units to Fresno — with a focus on youth.

The Rhode Island-based company partnered with Fresno Housing to develop the Arthur @ Blackstone near Manchester Center, according to a press release. They plan to break ground on the project at 3039 N. Blackstone Ave. this spring.

This is the third housing project CVS has undertaken as a partner with Fresno Housing.

The Arthur @ Blackstone is expected to break ground this spring at 3039 N. Blackstone Ave. Photo via Fresno Housing

 

The Arthur @ Blackstone will be divided into 20 units for special needs tenants — specifically youth who are chronically homeless, aging out of foster care, transitioning from institutions or who have a history with the justice system. The remaining 21 units will be for low-income families.

Along with real estate investment firm New York-based Red Stone Equity Partners, which specializes in securing Low Income Housing Tax Credits, CVS invested $18.4 million.

The project cost per unit is $595,560, according to an application filed with the California Tax Credit Allocation Committee.

“We know that when families have access to affordable housing, they are better able to improve their physical, mental, and emotional health. That’s why our partnership with CVS Health is exciting and innovative for the families we serve in our community. We are honored to be selected by CVS Health again to further our mission to provide affordable, healthy housing throughout Fresno County,” said Tyrone Roderick Williams, CEO for Fresno Housing.

In 2019, CVS invested $4.6 million in the Villages at Paragon and $2.1 million in the Villages at Broadway.

CVS commits $300K to Fresno organizations as part of ‘Health Zones’ initiative


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