CVS Health will invest $9.2 million along with real estate investment company WNC & Associates in an affordable housing project under construction in D.C.’s Congress Heights.
The project, at 17 Mississippi Ave. SE, will include 41 affordable housing units.
Other funding partners include the D.C. Housing Finance Agency, Citi Community Capital and the D.C. Department of Housing and Community Development’s Housing Production Trust Fund.
CVS calls its investment part of its commitment to address racial inequality and social determinants of health in underserved communities.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, senior vice president and chief diversity officer for CVS.
The funding partners are working with The NHP Foundation and Legacy Real Estate Development to build the apartments. It will be called 17 Mississippi Apartments.
It will include studios, single-bedroom and three-bedroom apartments. Nine of the units will be for people experiencing homelessness or in need of mental health support. Another nine units will be set aside for income-qualified artists.
All units are reserved for residents who earn at or below 50% of the area’s median income.
Nonprofit mental health agency Community Connections will provide residents with case management support such as counseling and homeless services, treatment programs, family and youth services, and employment resources.
17 Mississippi Apartments is expected to be completed in mid-2023.