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Google Funding 20K Bay Area Homes with $1B Commitment
Google plans to invest $1 billion in housing across the Bay Area, with a goal of adding 20,000 new homes.
Google CEO Sundar Pichai wrote in a blog post about the investment, “As we work to build a more helpful Google, we know our responsibility to help starts at home. For us, that means being a good neighbor in the place where it all began over 20 years ago: the San Francisco Bay Area.”
The search giant committed to repurpose at least $750 million of land it owns for residential over the next 10 years. Most of that land is currently zoned for office or commercial space. That will enable Google to support the development of at least 15,000 new homes at all income levels, including housing options for middle and low-income families.
Second, Google will establish a $250 million investment fund to provide development incentives to build at least 5,000 affordable housing units. Google will also give $50 million in grants through Google.org to nonprofits focused on the issues of homelessness and displacement.
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