Multi-Million Dollar Fund Launched To Expand Housing As Healthcare
October 29, 2025
Central California Alliance for Health Kicks in $6.8 Million from the “Alliance Housing Fund” to Finance Affordable Housing Projects
SANTA CRUZ – Today, the San Francisco Housing Accelerator Fund (HAF) and the Central California Alliance for Health (the Alliance) announced a first-of-its-kind fund serving individuals at the intersection of health and housing. Backed by a $6.8 million grant from the Alliance, the revolving loan fund will help expand temporary and permanent housing opportunities for Medi-Cal members in one of the five counties in its Alliance service area, providing capital funds to build, purchase, renovate, and/or equip at least 170 units in deeply affordable permanent housing, recuperative care, and short-term post-hospitalization housing developments. In total, the program expects to invest over $40 million and finance more than 600 affordable homes across Santa Cruz County by pairing the Alliance’s grant with existing and future capital mobilized by HAF.
“Healthy communities start with stable housing, and this investment will advance economic stability and public health in Santa Cruz and beyond,” said Rebecca Foster, CEO of the Housing Accelerator Fund (HAF).
HAF is an innovative public-private partnership that delivers flexible financing to accelerate affordable housing production and preservation, enabling homes to be created faster and at lower cost. The Alliance selected the Housing Accelerator Fund (HAF), a certified Community Development Financial Institution (CDFI), to administer the Alliance Housing Fund and expand access to safe and stable housing for Medi-Cal members. The Alliance relies on community-based organizations as essential partners to address members’ social determinants of health and to coordinate health and health-related care.
“Housing is health care, and this pilot program will allow us to expand access to both for the Santa Cruz community,” said Michael Schrader, CEO of Central California Alliance for Health. “We are thrilled to be partnering with the Housing Accelerator Fund to invest in bold solutions that address the root causes that impact the health and well-being of the Santa Cruz community.”
In addition to this $6.8M agreement with HAF, the Alliance Housing Fund has also invested $8.4M in seven other housing developments in Santa Cruz County and a total of $44M in housing-related investments overall in Mariposa, Merced, Monterey, San Benito, and Santa Cruz counties. The Alliance’s investments in housing and housing services aim to improve Medi-Cal member health outcomes, reduce hospital admissions and emergency department utilization, and reduce the cost of health care for members experiencing homelessness.
“We are deeply grateful to HAF and the Alliance for their vision and leadership in supporting both the expansion of affordable housing and the preservation of existing homes,” said Linda Mandolini, President and CEO of Eden Housing. “This much-needed innovative source of funding will be invaluable in helping us rehabilitate homes for our community members and strengthen the well-being of our residents.”
HAF plans to make the first two loans through the program this month, committing $6.4 million to Eden Housing to preserve and rehabilitate 28 homes across two developments serving low-income families and Medi-Cal-eligible households in Watsonville. Pajaro Court and Tierra Linda will each undergo critical rehabilitation to improve energy efficiency, resident health, and long-term housing stability. Both projects exemplify the program’s goal of addressing health through housing—keeping existing residents stably housed in quality homes while strengthening community well-being across the region.
Gilberto Garcia has lived at Tierra Linda with his family for three years and enjoys that it is pet-friendly with green space and accessible parks.
“I think it’s important to support properties like Tierra Linda because they give people a better chance – a new life, a new beginning, and a new home where they can live comfortably with their children,” Garcia said.
The Housing Accelerator Fund is committed to the preservation and expansion of quality affordable housing for economically disadvantaged individuals and families throughout the greater San Francisco Bay Area. An innovative nonprofit public-private partnership and certified Community Development Financial Institution (CDFI), HAF works with community-based organizations, local governments, and private and philanthropic institutions to provide powerful new financing tools that accelerate housing solutions for the Bay Area’s most vulnerable residents. This includes the newly launched Industrialized Construction Catalyst Fund as well as the Bay Area Housing Innovation Fund and other tailored financing products. Visit us at www.sfhaf.org.
Central California Alliance for Health is a regional Medi-Cal managed care health plan established in 1996, dedicated to improving access to health care for over 440,000 members in Mariposa, Merced, Monterey, Santa Cruz, and San Benito counties. The organization has received full accreditation from the National Committee for Quality Assurance (NCQA) for both Health Plan Accreditation and Health Equity Accreditation. Operating under the state’s County Organized Health System (COHS) model, the Alliance connects members with providers to deliver timely services and care, emphasizing prevention, early detection and effective treatment. With a vision of “healthy people, healthy communities,” the Alliance remains committed to enhancing access to quality health care for its members. For more information, visit www.thealliance.health
Eden Housing is a nonprofit organization with 55 years of experience providing safe and affordable housing that helps families stay secure, allows communities to thrive, and solves many of the most pressing housing challenges facing California cities. Since its inception, the Bay Area-based organization has developed more than 10,000 affordable homes and is a leader in making its residential communities environmentally sustainable and efficient through integrating energy conservation. Eden is also known as a champion of housing policy advocacy at the local, state, and national level, supporting practices that both create and preserve affordable housing for diverse communities. Learn more at www.edenhousing.org.