Palo Alto Online-
Facebook announced today that it will be dedicating $150 million to affordable housing for low-income residents in the Bay Area. Destination: Home, a nonprofit organization focused on alleviating homelessness in Santa Clara County, will contribute an additional $5 million.
In a company press statement, David Wehner, chief financial officer of Facebook, said the money will support the development of at least 2,000 affordable homes for families making less than 30% of the Bay Area’s median income.
Starting today, projects from Santa Clara, San Francisco, San Mateo, Alameda and Contra Costa counties will be eligible to have access to the fund. But one-third of the investment will be dedicated to Santa Clara County with the partnership the social media company has with Destination: Home, the company said.