Member Spotlight: Facebook Invests $150 Million in Bay Area Low Income Housing
Facebook Inc. announced this week (Wednesday) that developments for the lowest-income tier in the Bay Area will get $150 million of its planned investment of $1 billion in affordable housing. The money will be distributed to fund projects for residents making 30% or less of each county’s median income. “This is extremely low-income housing, which is a particularly acute need during the Covid crisis and also an area which has suffered a lot from the underbuilding that we’ve had in California over the past several decades,” said David Wehner, Facebook’s chief financial officer said in this week’s announcement. Facebook’s Community Housing Fund will support the development of at least 2,000 affordable units and would be the state’s largest private fund specifically allotted for extremely low-income housing.