Fill the Gap: More Affordable Homes on the Way for Stanislaus County Residents thanks to Health Net's $2 Million Investment

Health Net is providing a $2 million multi-year grant to STEP to close funding gaps on 50 shovel-ready affordable housing projects in Stanislaus County.

Rhea-AI Summary

Centene (CNC) subsidiary Health Net will invest $2 million in Stanislaus Equity Partners (STEP) to expand access to safe, stable and affordable housing in Stanislaus County, California.

The multi-year grant will provide flexible gap financing for 50 affordable housing projects that are already in the local pipeline but face funding shortfalls, aiming to move shovel-ready developments closer to completion. STEP will deploy the funds via grants, forgivable loans and low-interest loans, prioritizing projects ready to advance and seeking to unlock additional public and private capital. The initiative is positioned as part of Health Net’s broader commitment to address social drivers of health, particularly housing stability for low-income households, seniors and other vulnerable residents in the county.

Market Context

$900,000 Health Net grant on Aug 25 supported California community-health infrastructure, providing ...

Analysis

$900,000 Health Net grant on Aug 25 supported California community-health infrastructure, providing a comparable prior grant record for this new housing-focused investment. Historical reactions to similar community grants were mixed.

Key Figures

Investment: $2 million Housing projects: 50 projects Households without affordable housing: More than 12,700 households +1 more

Investment

$2 million

Multi-year Health Net investment in STEP

Housing projects

50 projects

Affordable housing projects receiving flexible gap financing

Households without affordable housing

More than 12,700 households

Low-income households in Stanislaus County

Housing-cost burden

81%

Extremely low-income households spending more than half of income on housing

Historical Context

2 past events · Latest: Sep 01

2 events

1. Sep 01

   Community grant

   24h Move

   +1.3%

   Centene subsidiaries awarded $750,000 to Missouri community organizations

2. Aug 25

   Community grant

   24h Move

   -1.0%

   Health Net granted $900,000 to expand California community health services

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

Key Terms

gap financing, forgivable loans

2 terms

gap financing financial

"The multi-year grant will provide flexible gap financing for 50 affordable housing projects"

A short-term loan or credit facility used to cover a temporary cash shortfall between a known obligation and the arrival of longer-term financing or proceeds from a planned transaction. Think of it as a bridge that keeps a deal or project moving until permanent funds arrive; for investors it matters because such temporary borrowing can affect a company’s immediate liquidity, financing costs, risk profile, and sometimes ownership or repayment priority.

forgivable loans financial

"STEP will deploy the funding through grants, forgivable loans and low-interest loans"

Forgivable loans are loans that may be partially or fully cancelled if the borrower meets specified conditions, such as spending the money on certain activities or maintaining jobs for a set period. For investors, they matter because forgiven portions become non-repayable funding that can improve a company's cash position and reduce future liabilities, similar to receiving a conditional grant once the terms are satisfied.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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The investment will help advance shovel-ready housing projects, bringing safe, stable housing within reach for more local families.

SACRAMENTO, Calif., Sept. 9, 2026 /PRNewswire/ -- Health Net, one of California's most experienced Medi-Cal managed care health plans and company of Centene Corporation (NYSE: CNC), today announced a $2 million investment in Stanislaus Equity Partners, Inc. (STEP) to help more residents access safe, stable, affordable housing. The multi-year grant will provide flexible gap financing for 50 affordable housing projects already in the local pipeline, helping move shovel-ready developments closer to completion.

STEP will use the grant to support affordable housing projects across Stanislaus County, prioritizing developments that are ready to move forward but face funding shortfalls. By filling these gaps, the investment aims to unlock additional public and private resources, helping bring more affordable units online faster and strengthen housing stability in the region.

"Stable housing is inseparable from good health," said Dorothy Seleski, Medi-Cal Plan President at Health Net.  "When families have a safe and affordable place to call home, they have a stronger foundation for their health, their future and their ability to thrive. By partnering with Stanislaus Equity Partners, we're helping to fill the funding gap, create pathways to safe, affordable housing—so individuals and families can thrive, not just survive."

Recognizing that access to safe, affordable housing is foundational to long-term health and well-being. Stanislaus Equity Partners will deploy the funding through grants, forgivable loans and low-interest loans. These flexible financing tools will accelerate affordable housing development and help reduce displacement risks for Stanislaus County residents.

"Stanislaus County has experienced the real and lasting impacts of California's housing crisis," said Jessica Filbrun, CEO of Stanislaus Equity Partners. "This investment from Health Net is a powerful example of how the health care sector can be a partner in building healthier communities. By supporting affordable housing, we're investing in the well-being of working families, seniors, and vulnerable neighbors throughout our county."

According to the California Housing Partnership, more than 12,700 low-income households in Stanislaus County do not have access to an affordable home, and 81% of extremely low-income households spend more than half of their income on housing costs, placing them at severe risk of housing instability and homelessness.

"Stanislaus County has experienced the real and lasting impacts of California's housing crisis," said Assemblymember Juan Alanis. "This investment from Health Net is a powerful example of how the health care sector can be a partner in building healthier communities. By supporting affordable housing, we're investing in the well-being of working families, seniors, and vulnerable neighbors throughout our county."

This investment builds on Health Net's broader commitment to supporting the conditions people need to live healthier lives, including access to stable housing and essential community resources. Through strategic investments and trusted local partnerships, Health Net continues working to help California communities become stronger, healthier and more resilient.

About Health Net
Founded in California more than 45 years ago, Health Net, LLC ("Health Net"), a company of Centene Corporation, believes that every person deserves a safety net for their health, regardless of age, income, employment status or current state of health. Today, we provide health plans for individuals, families, businesses of every size and people who qualify for Medi-Cal or Medicare. With more than 117,000 of our network providers, Health Net serves more than three million members across the state. We also offer access to substance abuse programs, behavioral health services and managed healthcare products related to prescription drugs. We make these health plans and services available through Health Net and its subsidiaries: Health Net of California, Inc., Health Net Life Insurance Company and Health Net Community Solutions, Inc. These entities are wholly owned subsidiaries of Centene Corporation (NYSE: CNC), a leading healthcare enterprise committed to transforming the health of the communities we serve, one person at a time. Health Net and Centene Corporation employ more than 5,700 people in California who work at one of five regional Talent Hub offices. For more information, visit www.HealthNet.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fill-the-gap-more-affordable-homes-on-the-way-for-stanislaus-county-residents-thanks-to-health-nets-2-million-investment-302874229.html

SOURCE Health Net, LLC

FAQ

How will Stanislaus Equity Partners use the $2 million from Health Net?

Stanislaus Equity Partners will deploy the $2 million through grants, forgivable loans and low-interest loans. The organization will prioritize affordable housing developments in Stanislaus County that are shovel-ready but face funding gaps, with the aim of accelerating project completion, bringing more affordable units online faster, and reducing displacement risks for local residents.

What housing need in Stanislaus County does this investment address?

Data from the California Housing Partnership cited in the announcement indicate that more than 12,700 low-income households in Stanislaus County lack access to an affordable home. In addition, 81% of extremely low-income households spend more than half of their income on housing costs, which places them at high risk of housing instability and homelessness. The investment is intended to help address these conditions by expanding affordable housing options.

How does this housing initiative fit into Health Net’s broader priorities?

Health Net presents this investment as part of a broader commitment to support the conditions people need to live healthier lives, including access to stable housing and essential community resources. Through this and similar strategic investments and partnerships with local organizations, the company aims to help California communities become stronger, healthier and more resilient.