Modesto Residents Will Gain Access to More Affordable Homes Due to $4 Million Health Net Investment

Centene (NYSE:CNC) subsidiary Health Net committed a $4 million grant to Self-Help Enterprises to fund Morris Village, a 45-unit affordable housing community in Modesto, California.

Rhea-AI Summary

Centene (NYSE:CNC) subsidiary Health Net committed a $4 million grant to Self-Help Enterprises to fund Morris Village, a 45-unit affordable housing community in Modesto, California. The grant is intended to close the funding gap so construction can start in Q4 2026 and finish by spring 2028.

Since 2020, Health Net has committed $93 million to housing and homelessness initiatives across California.

Positive

• $4 million Health Net grant to fund Morris Village affordable housing in Modesto
• Project enables development of 45-unit long-term housing community in Stanislaus County
• Grant is designed to close Morris Village’s remaining funding gap before construction
• Construction expected to begin Q4 2026 with completion targeted for spring 2028
• Health Net has committed $93 million to California housing and homelessness since 2020

Negative

• $4 million grant represents a cash outflow for Health Net and Centene
• Housing project impact begins only after construction through spring 2028 timeline

Argus Jun 18 session

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Details

News Market Reaction – CNC

In the Jun 18 session, CNC gained 0.63%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement underscores CNC’s strategy of addressing social determinants via a $4 million Mode...

Analysis

This announcement underscores CNC’s strategy of addressing social determinants via a $4 million Modesto housing grant and part of $93 million in commitments. Investors may watch how such initiatives influence Medicaid relationships and future policy dynamics.

Key Figures

Morris Village grant: $4 million Morris Village units: 45 units Affordable homes supported: 44 homes +3 more

Morris Village grant

$4 million

Health Net grant to Self-Help Enterprises for Modesto affordable housing

Morris Village units

45 units

New affordable housing community in Modesto, California

Affordable homes supported

44 homes

Homes designated as affordable for residents below area median income

Construction start

Q4 2026

Anticipated construction start for Morris Village

Construction completion

Spring 2028

Anticipated completion for Morris Village

Housing initiatives commitment

$93 million

Health Net commitments to housing and homelessness initiatives since 2020

Historical Context

5 past events · Latest: Jun 16

5 events

1. Jun 16

   Workforce grant launch

   24h Move

   -3.2%

   Indiana workforce grants to help Medicaid members access job training and employment.

2. Jun 16

   Workplace recognition

   24h Move

   -3.2%

   Superior HealthPlan recognized as a Best Place for Working Parents for sixth year.

3. Jun 10

   Health grants program

   24h Move

   -2.8%

   $750,000 Missouri grants targeting social drivers of health for Medicaid populations.

4. Jun 10

   Campus expansion funding

   24h Move

   -1.3%

   $10 million Long Beach Community Care Campus expansion investment via Health Net and foundation.

5. May 26

   Customer service award

   24h Move

   +2.8%

   Health Net named top customer service performer by USA TODAY and partners.

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

Key Terms

medi-cal

1 terms

medi-cal medical

"one of California's most experienced Medi-Cal managed care health plans"

Medi‑Cal is California’s government-run health insurance program that pays for medical care for low-income individuals and families. It matters to investors because it acts like a very large customer with set payment rules and wide reach: changes in Medi‑Cal enrollment, reimbursement rates, or coverage rules can directly affect revenues and cash flow for hospitals, clinics, drugmakers and insurers that rely on its payments, much like a major client changing contract terms.

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Morris Village development will expand access to long-term housing stability for families and individuals in Stanislaus County

SACRAMENTO, Calif., June 18, 2026 /PRNewswire/ -- Health Net, one of California's most experienced Medi-Cal managed care health plans and company of Centene Corporation (NYSE: CNC), announced a $4 million grant award to Self-Help Enterprises to support the development of Morris Village, a new 45-unit affordable housing community located in Modesto, California.

This investment will help bring more affordable housing to Modesto residents facing housing instability and ongoing health issues.

"Safe, stable housing can make a lasting difference in a person's health and well-being," said Dorothy Seleski, President of Medi-Cal at Health Net. "Our $4 million investment in Morris Village reflects our commitment to addressing the root causes of poor health outcomes in the communities we serve. When people with serious health needs have a stable place to call home, they are better able to manage their conditions, stay connected to care, and build a more secure future. We're proud to partner with Self-Help Enterprises to help bring this community to life in Modesto."

Health Net's grant will help Self-Help Enterprises close the project's remaining funding gap so it can begin construction. The 44 affordable homes will support residents earning below the median income for the area.

"Affordable housing is one of the most urgent needs facing families across Stanislaus County, and Morris Village represents exactly the kind of investment our community deserves," said Stanislaus County Supervisor Mani Grewal. "Health Net's $4 million commitment, combined with the expertise and dedication of Self-Help Enterprises, will help Modesto residents build healthier lives, stronger neighborhoods, and a more resilient community. I am proud to support this project and grateful to Health Net and Self-Help Enterprises for their support."

Self-Health Enterprises anticipates construction to begin in the fourth quarter of 2026 and be completed in spring of 2028.

"Morris Village will bring 45 much-needed affordable homes to Modesto—homes that do more than provide shelter; they create a foundation for health, stability, and opportunity," said Tom Collishaw, President and CEO of Self-Help Enterprises. "We know that when families have safe, stable housing, their physical and mental health outcomes improve. Health Net's $4 million investment has been instrumental in turning this vision into reality. We're proud to be building in Stanislaus County and look forward to welcoming residents home."

Self-Health Enterprises will also explore partnerships with service providers and community based organizations to connect future Morris Village residents to care and support services needed to thrive long after they move to Morris Village.

"As a registered nurse, I know that housing is a component of care and when families have opportunities to secure affordable housing, it improves their overall wellbeing and helps them thrive in our community," said Sue Zwahlen, Mayor of Modesto. "We appreciate Health Net's investment and Self-Help Enterprises' leadership in making this possible."

Since 2020, Health Net has committed $93 million to housing and homelessness initiatives across California, advancing long-term stability and improved health outcomes for communities most in need. Morris Village represents the latest announced initiative in that ongoing commitment.

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/modesto-residents-will-gain-access-to-more-affordable-homes-due-to-4-million-health-net-investment-302804795.html

SOURCE Health Net, LLC

FAQ

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

What did Centene (CNC) announce about a $4 million housing investment in Modesto on June 18, 2026?

Centene’s subsidiary Health Net announced a $4 million grant to Self-Help Enterprises to support Morris Village, a 45-unit affordable housing community in Modesto. According to Health Net, the funding closes the project’s remaining gap so construction can begin and long-term housing stability can expand.

How many affordable homes will Morris Village in Modesto provide, and when will construction start?

Morris Village is planned as a 45-unit affordable housing community in Modesto, California. According to Health Net and Self-Help Enterprises, construction is anticipated to begin in the fourth quarter of 2026, with completion targeted for spring 2028, supporting residents below the area’s median income.

How does Health Net’s Morris Village grant fit into Centene (CNC) housing investments in California?

The $4 million Morris Village grant is part of Health Net’s broader housing strategy in California. According to Health Net, the company has committed $93 million to housing and homelessness initiatives statewide since 2020, aiming to advance long-term stability and improved health outcomes.

Who is Self-Help Enterprises in the Centene (CNC) Morris Village affordable housing project?

Self-Help Enterprises is the developer receiving Health Net’s $4 million grant for Morris Village. According to Self-Help Enterprises, it will develop the 45-unit affordable housing community, explore partnerships with service providers, and connect future residents to care and support services to enhance long-term stability.

How might the Morris Village affordable housing project affect Health Net and Centene (CNC) members?

Morris Village is intended to give Modesto residents facing housing instability access to stable homes. According to Health Net, safe, stable housing helps people manage serious health conditions, stay connected to care, and improve physical and mental health outcomes, supporting Medi-Cal members and local communities.

What income levels will Morris Village in Modesto serve, and how is affordability defined?

Morris Village is designed to support residents earning below the median income for the Modesto area. According to Health Net, its $4 million grant helps ensure these 45 units remain affordable for families and individuals who face both housing instability and ongoing health challenges.