Google expands Bay Area affordable housing investments

Google has expanded on its commitment to affordable housing,
announcing Thursday an additional $50 million investment to Housing
Trust Silicon Valley for new residential projects in the Bay
Area.

The funds are expected to support 4,000 new affordable homes
over the next decade in San Jose and Newark. The company also
announced an update of its efforts to address the Bay Area housing
crisis on the one-year anniversary of its first, $50 million
investment in the housing trust’s TECH Fund.

Major tech companies last year ramped-up commitments to Bay Area
housing. Google pledged $1 billion toward residential development,
including $750 million of its own real estate to build about 20,000
homes and� $250 million toward grants and loans for affordable
units.

Google donated $50 million last year to the Housing Trust
Silicon Valley as part of a comprehensive effort to address the
housing crisis. The initial investment has helped start the
development of nearly 500 affordable units across the Bay Area, the
nonprofit said. Related Articles

“This remarkable new partnership builds on the strengths of
both organizations and has the potential to grow well beyond its
initial scope,†Julie Mahowald, interim CEO of the housing trust,
said in a statement. “We are grateful for Google’s steadfast
commitment to find creative ways to inject the capital needed for
more affordable housing.â€

Google also said it has allocated $115 million of its $250
million investment fund, and expects to help create 24,000 new
affordable units. The company has granted $7.75 million to Bay Area
nonprofits fighting homelessness and providing social services and
food assistance for poor residents.

This is a developing story. Check back for updates.

Source: FS – All – Real Estate News 1
Google expands Bay Area affordable housing
investments