CVS Health, Diocese of Camden, and The Walters Group Unite to Bring Senior Affordable Housing to Williamstown, New Jersey

CVS Health (NYSE:CVS) joined partners to open The Mews at St.

Rhea-AI Summary

CVS Health (NYSE:CVS) joined partners to open The Mews at St. Mary, a 75-unit senior affordable housing community in Williamstown, New Jersey.

The project is funded by a $9 million CVS investment plus HUD and NJHMFA support, and offers on-site medical, wellness, and social services for older adults.

CVS Health reports over $40 million invested in New Jersey affordable housing to date and an estimated $12.5 billion economic impact in the state in fiscal 2024.

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Details

News Market Reaction – CVS

On May 21, the day this news came out, CVS closed 0.04% above the previous close.

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Key Figures

CVS investment: $9 million HUD Capital Advance: $8 million NJHMFA construction financing: $14 million +5 more

CVS investment

$9 million

Investment in Mews at St. Mary senior housing via R4 Capital

HUD Capital Advance

$8 million

HUD 202 Capital Advance funding for Mews at St. Mary

NJHMFA construction financing

$14 million

Construction financing for Mews at St. Mary

NJHMFA housing fund

$7 million

Affordable Housing Production Fund contribution to Mews at St. Mary

Senior units

75 units

New senior affordable housing units at Mews at St. Mary

Cost-burdened seniors

60%

NJ renters 65+ spending >30% of income on housing

Housing investment NJ

More than $40 million

Total CVS affordable housing investment across New Jersey to date

Economic impact NJ 2024

$12.5 billion

Estimated CVS Health economic impact in New Jersey, FY 2024

Historical Context

5 past events · Latest: May 20

5 events

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24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

njhmfa, mltss

2 terms

njhmfa regulatory

"the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and community leaders"

NJHMFA is the New Jersey Housing and Mortgage Finance Agency, a state-run organization that acts like a bank for affordable housing by providing mortgages, financing programs and issuing bonds to fund home construction and lower-cost loans. For investors, its bond offerings and loan-backed investments function like lending to a public borrower—usually providing steady, relatively lower-risk income tied to housing demand, interest rates and government policy.

mltss medical

"activities of daily living through Managed Long-Term Services and Supports (MLTSS) and"

MLTSS stands for Managed Long-Term Services and Supports, a way governments buy and manage long-term care (home help, nursing, therapy and other daily living supports) through private health plans instead of paying providers directly. Investors watch MLTSS because it shifts who gets paid, how reliably payments flow, and what services are covered—similar to a city hiring a single manager to coordinate many contractors—so changes in enrollment rules, payment rates or contracts can materially affect providers’, insurers’ and service suppliers’ revenues and margins.

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CVS Health's collaboration with Diocesan Housing Services Corporation and The Walters Group supports the new construction of Mews at St. Mary

WOONSOCKET, R.I., May 21, 2026 /PRNewswire/ -- CVS Health^® (NYSE: CVS) today joined The Diocesan Housing Services Corporation (DHSC) of the Diocese of Camden, The Walters Group, The United States Department of Housing and Urban Development (HUD), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and community leaders to celebrate the grand opening and building dedication of The Mews at St. Mary, a new 75-unit senior affordable housing property located in Williamstown, New Jersey.

DHSC Executive Director Jamie Reynolds stated, "We are so excited to be able work with our many partners and Our Lady of Peace Parish to re-purpose surplus church property to meet the affordable housing needs of older adults. Blessed Saint Teresa of Calcutta once said, 'Love Begins at Home' and we remain mindful that first and foremost we are creating warm and safe spaces for our residents to call home."  

Made possible through the development partnership between DHSC and Walters, together with CVS Health's $9 million investment through R4 Capital, $8 million in HUD 202 Capital Advance funding, $14 million in NJHMFA construction financing and $7 million from NJHMFA's Affordable Housing Production Fund, the Mews at St. Mary reflects a shared vision of creating sustainable housing for older adults and builds on CVS Health's long‑standing commitment to creating healthier communities across New Jersey.

"Access to stable, affordable housing is a key driver of health, particularly for older adults," said Joseph Manger, Chief Executive Officer, Aetna Better Health of New Jersey, a CVS Health company. "Through our investment in Mews at St. Mary and collaboration with developers and service providers who put their communities first, we are helping expand affordable housing options in New Jersey and ensuring residents have the resources they need to live safely, independently, and with dignity."

Offering 75 affordable homes serving older adults, Mews at St. Mary will enable its residents to thrive by offering personalized medical, social, and wellness services and support including:

• On‑site wellness nurses staffed by Vitality Catholic Healthcare Services.
• Health education, prevention, and screenings offered by DHSC service coordinators, as well as mental health and social‑emotional support through counseling services from Catholic Charities Diocese of Camden.  
• Access to New Jersey's PACE Program through Inspira Health Network's InspiraLife program and assistance with activities of daily living through Managed Long-Term Services and Supports (MLTSS) and collaboration Our Lady of Peace Parish's parish nursing program.
• Quality‑of‑life support, including resident‑assessment‑driven programming, food insecurity interventions, township‑sponsored bus services, and basic needs assistance.

"We are extremely grateful for our partnership with the Diocesan Housing Services Corporation of the Diocese of Camden," said Joseph Del Duca, Principal with the Walters Group. "Together with our funding partners, we are proud to open this wonderful new community for local seniors. We look forward to continuing our collaboration with the Diocese to build quality housing for seniors who need it the most."

Sixty percent of New Jersey renters aged 65 and older are housing cost-burdened — spending more than 30% of their fixed incomes on housing — making senior affordable housing not just a need, but an urgent necessity. CVS Health's investment in Mews at St. Mary is the latest example of the company's on-going commitment to addressing housing insecurity throughout the state

To date, CVS Health has invested more than $40 million in affordable housing across New Jersey, helping to create, preserve and renovate nearly 2,500 affordable housing units. This includes the company's recent investment of over $12million in the new construction of Bayfront Promenade in Jersey City, New Jersey. Expected to be completed in the next two years, the property will be home to 74 affordable units for families, alongside 136 market rate units, and is the first phase of a major redevelopment of a former industrial site along the Hackensack River, known as the Bayfront Master Plan.

Additionally, Aetna Better Health of New Jersey, a CVS Health company, is participating in a collaboration with the State of New Jersey to develop a network of providers addressing housing insecurity as part of the NJ FamilyCare Housing Supports program. The initiative, led by the Division of Medical Assistance and Health Services (DMAHS), aims to address the critical need for safe, healthy and affordable housing for under-resourced New Jersey residents.

CVS Health's holistic approach to improving individual and community health outcomes throughout New Jersey extends beyond its housing initiatives. In fiscal year 2024, CVS Health's operations generated an estimated $12.5 billion in economic impact in New Jersey, supporting more than 39,000 jobs statewide through direct employment, supply chain activity, and related economic effects. The company also supported approximately $882.1 billion in state and local taxes, helping fund essential public services and infrastructure. In 2024, CVS Health also delivered $10.2 million in community support, complemented by colleagues dedicating over 1,500 volunteer hours.

About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of March 31, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 88 million plan members. The Company also serves an estimated more than 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

Media contact
Rebecca Ferrick
FerrickR@CVSHealth.com

 

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SOURCE CVS Health

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the Mews at St. Mary senior affordable housing project supported by CVS (NYSE:CVS) in Williamstown, New Jersey?

The Mews at St. Mary is a 75-unit senior affordable housing community in Williamstown, New Jersey. According to CVS Health, it provides on-site wellness nurses, health education, counseling, transportation support, and other services to help older adults live safely and independently.

How much did CVS Health invest in the Mews at St. Mary senior housing project in New Jersey?

CVS Health invested $9 million in the Mews at St. Mary through R4 Capital. According to CVS Health, this funding complements HUD and NJHMFA financing to create affordable homes with integrated health, wellness, and social support services for older residents.

How many affordable housing units has CVS Health helped create in New Jersey as of 2024?

CVS Health has invested more than $40 million in affordable housing across New Jersey. According to CVS Health, these investments have helped create, preserve, and renovate nearly 2,500 affordable housing units statewide, including senior and family housing developments in multiple communities.

What is the Bayfront Promenade affordable housing investment by CVS Health in Jersey City, New Jersey?

Bayfront Promenade is a new construction project in Jersey City supported by over $12 million from CVS Health. According to CVS Health, it will include 74 affordable family units and 136 market-rate units as part of the Bayfront Master Plan redevelopment.

What economic impact did CVS Health report generating in New Jersey in fiscal year 2024?

CVS Health estimated its New Jersey operations generated $12.5 billion in economic impact in fiscal 2024. According to CVS Health, this activity supported more than 39,000 jobs statewide and contributed about $882.1 billion in state and local taxes, plus $10.2 million in community support.

How is Aetna Better Health of New Jersey, a CVS Health company, addressing housing insecurity in the state?

Aetna Better Health of New Jersey is collaborating in the NJ FamilyCare Housing Supports program. According to CVS Health, this state-led initiative builds a provider network focused on safe, healthy, and affordable housing for under-resourced New Jersey residents facing housing insecurity.