{"id":61714,"date":"2020-12-09T23:13:58","date_gmt":"2020-12-09T21:13:58","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=61714"},"modified":"2020-12-09T23:13:58","modified_gmt":"2020-12-09T21:13:58","slug":"facebook-allocates-150m-for-building-affordable-houses-in-californias-bay-area","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/facebook-allocates-150m-for-building-affordable-houses-in-californias-bay-area\/","title":{"rendered":"Facebook allocates $150m for building affordable houses in California\u2019s Bay Area"},"content":{"rendered":"

Facebook<\/a> earmarked $150 million of its\u00a0$1 billion affordable housing commitment<\/a>\u00a0to build housing for the Bay Area\u2019s lowest-income residents.\u00a0<\/p>\n

This new Community Housing Fund will support the development of at least 2,000 affordable homes, making it California\u2019s largest private fund dedicated to creating housing for extremely low-income families \u2014 families that are making less than 30% of our region\u2019s median income.<\/p>\n

Since Facebook committed $1 billion to help address the affordable housing crisis one year ago, this work has only become more imperative as the pandemic has heightened the challenges for people already struggling with the cost of housing.<\/p>\n

\u201cHomekey has fundamentally changed the way California creates housing for the homeless \u2014 faster than ever before and at a significantly lower cost. Facebook has stepped up to invest in success, making up to $150 million available for low-interest loans to local governments and nonprofits to buy hundreds more units to create permanent housing. This investment is part of Facebook\u2019s $1 billion commitment they announced last year \u2014 and there is no better time to put this money to work. The COVID crisis demands we all step up and do more to protect the most vulnerable. I challenge other private sector corporations to follow suit and provide additional low-cost capital to create thousands more homeless housing units all across California.\u201d \u00a0said California Governor Gavin Newsom.<\/p>\n

Investing in extremely low-income housing is critical to addressing homelessness, as people who qualify as extremely low-income are the most vulnerable to slipping into homelessness. Many essential workers \u2014 who we\u2019ve all relied on through this pandemic \u2014 also depend on extremely low-income housing so they can live and attend school in the communities where they work.<\/p>\n

This fund will help fill a critical gap in California, where there is an immense shortage of extremely low-income housing and very few dedicated funding streams to build it.<\/p>\n

Facebook has the opportunity to help bridge this gap by working with partners in the community to\u00a0 support those most impacted by the housing crisis. The fund will be managed by the Local Initiative Support Corporation, the largest community development organization in the country. Destination: Home, a nonprofit organization leading efforts to end homelessness in Santa Clara County, is also contributing an additional $5 million to the fund.<\/p>\n

An advisory board of these core partners, and community members who have personal experience with homelessness, will oversee the fund\u2019s investments.<\/p>\n

Facebook will fund\u00a0a First Community Housing project in San Jose, California<\/a>, which will offer 123 deeply affordable apartments. The apartments will include onsite supportive services near public transit, where all residents will receive a free, annual VTA SmartPass providing free bus and light rail access throughout Santa Clara County.<\/p>\n

Facebook expects to fund at least five projects across the eligible counties in the next 12 months and plan to distribute all $150 million by 2026.<\/p>\n

This effort is the direct result of collaborations with key partners to fund effective, permanent supportive housing models, to increase the availability of affordable housing for extremely low-income families, and address the disproportionate number of people of color experiencing homelessness in the Bay Area.<\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook earmarked $150 million of its\u00a0$1 billion affordable housing commitment\u00a0to build housing for the Bay Area\u2019s lowest-income residents.\u00a0 This new Community Housing Fund will support the development of at least 2,000 affordable homes, making it California\u2019s largest private fund dedicated to creating housing for extremely low-income families \u2014 families that are making less than 30% […]<\/p>\n","protected":false},"author":410,"featured_media":61717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,984],"tags":[9778,8521],"yoast_head":"\nFacebook allocates $150m for building affordable houses in California\u2019s Bay Area - Csr Egypt<\/title>\n<meta name=\"description\" content=\"Facebook earmarked $150 million of its\u00a0$1 billion affordable housing commitment\u00a0to build housing for Bay Area\u2019s lowest-income residents.\u00a0\" \/>\n<meta name=\"robots\" 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