CVS Health investing $12.4M in Phoenix affordable housing development

Posted at 11:30 AM, Mar 04, 2021
and last updated 2021-03-04 13:30:53-05

CVS Health is helping the nonprofit UMOM New Day Centers by investing $12.4 million in an affordable housing development in south Phoenix.

UMOM, which helps provide housing and shelter for families, single women and youth experiencing homelessness, is developing Newsom Village, a 60-unit affordable housing village at 4020-4032 S. 9th St. in south Phoenix.

The community's two- and three-bedroom units will be offered at a reduced rent, according to a statement from CVS Health (NYSE: CVS).

Construction has started on the project, which is solely funded CVS Health and Aetna, and is scheduled to be complete by the end of the year, according to UMOM.

Read more from the Phoenix Business Journal.