Health Net Invests $3 Million to Develop Affordable Senior Housing in Stockton
Health Net, a Medi-Cal managed care health plan and subsidiary of Centene Corporation (NYSE: CNC), has committed $3 million to Mutual Housing California for the development of Fairview Terrace. This new affordable housing community will provide 76 homes for seniors aged 55 and older in Stockton, targeting households earning up to $58,380 annually based on 2026 income limits. The project aims to address a growing need for stable, affordable senior housing by transforming an underutilized site into a supportive living environment. Health Net's investment is intended to close a funding gap and support the completion of construction financing in 2026, with full occupancy expected by 2027. This initiative aligns with broader efforts by Health Net to invest over $284 million across California since 2019 into community-based programs addressing social determinants of health. In Sacramento and San Joaquin counties alone, the company has invested more than $11 million in affordable housing projects.
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Topics: grants and funding housing senior living