Courtesy / CVS Health
The CVS Health team is seen here at the Winter Landing construction site.
June 21, 2023
Rhode Island company invests $8.4M in Portland affordable housing
Courtesy / Aceto Landscape Architecture + Urban Design
In this rendering by Aceto Landscape Architecture + Urban Design, the four-story building will contain 52 affordable housing units for older adults.
A Woonsocket, R.I., health care company is investing $8.4 million to build a senior affordable housing development in Portland.
CVS Health (NYSE: CVS) said it was partnering with Community Housing of Maine, the Portland Housing Authority and Boston Financial on the construction of a four-story building that will contain 52 affordable housing units for older adults.
“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,” said Cullen Ryan, executive director of Community Housing of Maine, a housing developer established in 1993 with a mission to develop, own and maintain high-quality affordable housing for working families and older Mainers.
CVS Health Corp. is a health care company whose holdings include the retail pharmacy chain CVS and health insurance provider Aetna. Affordable housing investments are part of its “Health Zones” initiative, which “provides concentrated local investments designed to reduce health disparities and advance health equity in high-risk communities,” according to the company’s website.
In 2021, CVS Health invested $185 million to support the development and rehabilitation of more than 6,570 affordable housing units in 64 cities across 28 states and Washington, D.C.
The Portland project, called Winter Landing, is part of the historic redevelopment of the former Northern Light Mercy Hospital’s State Street building and parking lots in the West End neighborhood.
When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments, including 52 affordable new homes for adults aged 62 and older.
Fifteen of the units will have a preference for older adults who have been identified as “long-term stayers” in Portland’s homeless shelters, people who have remained homeless for more than 180 days in a calendar year. Providing permanent supportive housing for long-term stayers is part of the city’s plan to effectively end long-term homelessness. A resident service coordinator will be onsite to provide life-enhancing services to all residents, and additional support services will be provided by local community agencies to the long-term stayer population to ensure their success.
According to the U.S. Census Bureau, Maine has one of the highest percentages of seniors (21.1%) in the U.S.
According to the National Low Income Housing Coalition, 33% of low-income renters in Maine are senior households at or below the poverty guidelines or 30% of the area median income.
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