STOCKTON — November 12, 2026 -- Health Net, a Centene Corporation (NYSE: CNC) company, has committed $3 million to the San Joaquin Regional Housing Fund to support at least 75 affordable homes in Stockton, California. Spread across 75 homes, the sum equals at most $40,000 per home, by our calculation.
Grants and low-interest loans target households at 30% to 50% of area median income
The money will go out as grants and low-interest loans to speed up affordable housing developments. Health Net says the focus is on families facing the greatest barriers to affordable housing, including households earning between 30% and 50% of the area median income.
The release does not say how the $3 million divides between grants and loans. That split determines how much of the capital can be recycled into later projects.
Health Net's housing commitments in two counties reach $11 million
In Sacramento and San Joaquin counties, Health Net has invested a combined $11 million in affordable housing and related initiatives. That total includes $2 million to Stanislaus Equity Partners, Inc. (STEP) and $3 million to Fairview Terrace. The new Stockton commitment matches the Fairview Terrace amount and is 1.5 times the STEP amount, by our calculation. The release does not say whether the $11 million includes the new $3 million.
Health Net says it supports developments at every stage, from planning and financing to construction and occupancy.
Fund chair and county supervisor back the public-private structure
Gary Singh, board chair of the San Joaquin Regional Housing Fund, says the investment will help turn plans into homes for local families and encourage broader community participation. San Joaquin County Supervisor Robert Rickman says bringing public, private and community partners together can help more county families find stable housing.
Dorothy M. Seleski, Medi-Cal Plan President at Health Net, links the investment to health outcomes. She says stable housing lets families focus on their health and well-being. Health Net, which says it serves more than three million members across California, is a Medi-Cal managed care plan.
Eligible projects can draw on the funding through January 2029
The investment will support eligible projects from planning through construction until January 2029. That window runs about 26 months from the November 2026 announcement, by our calculation.