Sacramento – September 15, 2026 -- Health Net, a Medi-Cal managed care plan and Centene Corporation (NYSE: CNC) subsidiary, has invested $2 million in Stanislaus Equity Partners (STEP) to provide gap financing for 50 shovel-ready affordable housing developments in Stanislaus County.
Multi-year grant targets funding shortfalls blocking ready-to-build projects
The multi-year grant will be deployed by STEP through a mix of grants, forgivable loans and low-interest loans, structured to unlock additional public and private capital for developments that are otherwise stalled by financing gaps. STEP said the flexible tools are intended to accelerate delivery of affordable units and reduce displacement risk for residents across the county.
County data shows 12,700 low-income households lack affordable housing access
According to the California Housing Partnership, more than 12,700 low-income households in Stanislaus County have no access to an affordable home, and 81% of extremely low-income households spend more than half their income on housing costs, placing them at severe risk of instability and homelessness.
Health Net frames housing investment as extension of health coverage strategy
"Stable housing is inseparable from good health," said Dorothy Seleski, Medi-Cal Plan President at Health Net. "By partnering with Stanislaus Equity Partners, we're helping to fill the funding gap, create pathways to safe, affordable housing."
STEP CEO Jessica Filbrun said the investment demonstrates how the health care sector can act as a financing partner for community housing infrastructure, supporting working families, seniors and vulnerable residents. Assemblymember Juan Alanis echoed the assessment of the county's housing crisis and the role of health sector capital in addressing it.
Deal extends Health Net's broader community investment strategy in California
The STEP grant builds on Health Net's existing programs directing capital toward housing stability and community resources across its California service area, where the plan serves more than three million members through a network of over 117,000 providers.