Facebook to Subsidize 15 Units in Menlo Park

By ASSOCIATED PRESS
|  Tuesday, Oct 1, 2013  |  Updated 7:06 AM PDT
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Facebook to Subsidize 15 Units in Menlo Park

MENLO PARK, Calif. (AP) - Facebook will subsidize 15 units in an upscale 400-unit apartment complex in Menlo Park so they can be rented at below-market rates.
 
The San Jose Mercury News reports the move brings the social media giant in compliance with the city's affordable housing law as it proceeds with the development of a second campus near its headquarters.

  City Attorney Bill McClure tells the newspaper that Menlo Park requires commercial developers to contribute to its affordable housing stock because ``they create jobs and a demand for housing.''
 
The amount Facebook is paying the developer was not disclosed. But officials say the company would have been charged about $4.5 million if it had opted to pay a fee instead.
 
The 15 units will be priced for households with incomes that do not exceed 80 percent of San Mateo County's median income.

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