Health Net Invests $3 Million in Stockton Senior Housing
Health Net has awarded a $3 million grant to Mutual Housing California to support the construction of Fairview Terrace, a new development providing 76 affordable housing units for seniors in Stockton. The project addresses a growing need for stable housing.
Health Net has awarded a $3 million grant to Mutual Housing California to support the construction of Fairview Terrace, a new development in Stockton, California. The project will provide 76 affordable housing units for income-qualified adults aged 55 and older in San Joaquin County.
The development aims to address the increasing demand for stable and affordable housing for seniors in the area. Fairview Terrace will be built on a long-vacant parcel and is intended to help residents remain part of their established communities. Target households will have incomes up to $58,380, based on 2026 CTCAC income limits.
Health Net's funding will help bridge a gap in construction financing. The installation of the 76 housing modules at Fairview Terrace is anticipated to be completed by the end of 2026, with full project completion expected in 2027. San Joaquin County Supervisor Mario Gardea commended the project as a collaborative initiative.
Craig Adelman, CEO of Mutual Housing California, highlighted Health Net's investment as instrumental in creating the 76 affordable homes. He also noted an innovative construction approach that accelerates delivery, providing seniors with needed stability and community connection.