CVS invested $2.1 million in the Villages at Broadway — a rehab of the former Econo Inn in Downtown Fresno bringing 26 new homes online. Rendering via Fresno Housing
Written by Edward Smith
Pharmacy chain CVS Health announced it has surpassed $200 million in affordable housing investments in California, with nearly $7 million invested in Fresno.
The $6.7 million invested in two projects led by Fresno Housing will help create 54 new affordable units for people experiencing homelessness, according to a press release from the company.
In 2019, CVS Health invested $4.6 million in the Villages at Paragon, located near Cedar and Belmont avenues. The 28-unit complex is 56% complete, according to the Fresno Housing website.
More recently, CVS invested $2.1 million in the Villages at Broadway — a rehab of the former Econo Inn in Downtown Fresno bringing 26 new homes online. The total cost was $15.5 million.
The company has focused on affordable housing in California because of the lack of available housing, the release stated.
In total, CVS Health and its subsidiaries have invested in over 130 affordable housing communities across the state, with more than 12,500 affordable homes or units built, according to the press release.