Facebook pledged to give the bay area $1 billion in affordable housing a year ago. It has now launched a $150 million housing fund for the Bay Area's low-income residents. This will help provide low-interest loans to developers for affordable housing in Santa Clara, San Francisco, San Mateo, Alameda, and Contra Costa counties.
Facebook's director, Juan Salazar said,
I think we’re at a time here in the Bay Area where we need new solutions to housing and I think this is one of the ways we decided to put our foot forward to figure out if we can take on that initial role, and then hoping that it then has a cascading effect if it is effective.
This new fund will provide at least 2,000 affordable homes with five more projects in the next year. All funds should be given by 2026.
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