By Jake Rodriguez, Hoodline

Health Net is putting $10 million on the table to try to speed up Los Angeles County’s deeply sluggish housing pipeline, backing LA4LA’s new Guarantee Fund to move affordable and mixed-income projects from paperwork to construction faster. The money will underwrite guarantees intended to give lenders more confidence in rent streams backed by subsidies, so shovel-ready developments are not left waiting on the sidelines. Company leaders are pitching the move as part of a broader bet that stable housing can improve health outcomes for Medi-Cal members.

The insurer confirmed the contribution in a company press release, saying the Guarantee Fund will be available to projects across the country and that the same dollars can be reused as individual deals wrap up. According to PR Newswire, Dorothy Seleski, Health Net’s Medi-Cal president, said, “Safe, stable housing is one of the most powerful prescriptions for better health.”