Facebook on Wednesday announced it is designating $150 million of its $1 billion affordable housing commitment to build housing for the Bay Area’s lowest income residents, and a South Bay project is among the first recipients.
The Menlo Park company's Community Housing Fund has set a goal of establishing at least 2,000 affordable homes, and the initial allocation will go to the First Community Housing project in San Jose for 123 affordable apartments, including extremely low-income units, the company said.
Facebook said the fund is California’s largest private fund dedicated to creating housing for families that are making less than 30% of regional median income.
The fund, managed by the Local Initiative Support Corporation, is getting help from Santa Clara County nonprofit Destination: Home, which is contributing an additional $5 million, the company said.
Facebook said the work to end the Bay Area housing crisis has become even more critical because of the challenges posed by the coronavirus pandemic.
In addition to the San Jose project, Facebook announced an investment in Factory_OS, a company that builds multifamily affordable housing 20% to 40% cheaper and 50% faster than traditional housing construction.
Another $1.5 million is being contributed to All Home to help disrupt the cycles of poverty and homelessness and to create more opportunities for extremely low-income people, Facebook said.