Facebook announced that it is allocating $1 billion over the next 10 years for the creation of up to 20,000 affordable housing units in California.
The social media giant plans to offer $250 million in a partnership with the State of California for mixed-income housing on excess state-owned land in communities where affordable housing opportunities are scant. Another $150 million is being set aside for the production of affordable housing, including housing for the homeless, in the San Francisco Bay Area.
The $1 billion will also incorporate previously announced endeavors, including $25 million to build housing for teachers and school staff workers in Palo Alto and $225 million to build 1,500 units of mixed-income housing on property owned by the company in Menlo Park. According to Facebook Chief Financial Officer David Wehner, $350 million in funds will be used “for additional commitments based on the rollout and effectiveness of the initiatives” along with support for “more affordable housing in other communities where Facebook has offices.”
Wehner added that Facebook has “learned that the production of affordable housing across the income spectrum is a problem throughout California and must be addressed through partnerships that bring companies, communities, non-profit organizations and policy makers statewide together to find creative solutions.”