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Facebook announced on Tuesday that it will give $1 billion in grants, loans and land to help ease the affordable housing crisis in California.
The social media giant said the donation will help create 20,000 new housing units to help 'essential workers', like teachers and first responders, have less commute time.
Deal - Partnership - California - Governor - Gavin
The deal is done in partnership with California Governor Gavin Newsom and the State of California.
The statement said, Newsom said: 'Access to more affordable housing for all families is key to addressing economic inequality and restoring social mobility in California and beyond.'
Government - Housing - Affordability - Others - Facebook
'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.'
The $1 billion will be distributed over a decade and will be divided six different verticals.
Partnership - California - Housing - Land - Areas
In partnership with California, $250 million will go towards mixed-income housing on excess state-owned land in areas where housing is 'scarce.'
Some $150 million will go to the production of affordable housing and housing for homeless individuals in San Francisco.
Facebook - Bay - Future - Fund - Housing
Facebook will contribute to the Bay's Future Fund, an affordable housing investment fund.
Around $225 million in land at Menlo Park, a property recently purchased by Facebook, will potentially hold 1,500 units.
San - Mateo - Santa - Clara - Counties
San Mateo and Santa Clara counties will receive $25 million to build teachers and essential workers housing on public land in school districts.
An additional $350 million will go towards other commitments based on effectiveness of the five other initiatives.
David - Wehner - Chief - Financial - Officer
David Wehner, Chief Financial Officer of Facebook, said: Based on this work and feedback from our employees and neighbors, we’ve learned that the production of affordable housing across the income spectrum is a problem throughout California.'
Other companies have also promised large investments to...
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