October 23, 2019 Comments Off on Facebook Commits $1B to Help Address California’s Affordable Housing Crisis Views: 1004 California News, Top California

Menlo Park-based Facebook says it will contribute $1 billion to help address the affordable housing crisis in California, and in other communities where it operates that face similar challenges. The tech company’s investment will go toward creating up to 20,000 new housing units.

The social media company is also partnering with California Gov. Gavin Newsom and the state to help accelerate progress on this issue. Gov. Newsom says, “State government cannot solve housing affordability alone, we need others to join Facebook in stepping up – progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing.”

Over the next decade plans include:

– $250 million to a partnership with the state for mixed-income housing on excess state-owned land in communities where housing is scarce.

– $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area.

– $225 million in land in Menlo Park that Facebook previously purchased and is now zoned for housing.

– $25 million to build teacher and essential worker housing on public land for school districts in San Mateo and Santa Clara Counties

– $350 million in funds for additional commitments based on the rollout and effectiveness of the initiatives described above.

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Tags: Apartments & Multifamily, Development, Financing, Housing

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Facebook Commits $1B to Help Address California’s Affordable Housing Crisis

Dennis Kaiser