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Google’s $1B Housing Initiative Funds $115M in Projects So Far
On the one-year anniversary of Google’s announced $1-billion affordable housing pledge, the tech giant reported so far it had allocated $115 million out of a $250 million investment fund for projects in the Bay Area. The Mountain View-based company says it “focused our efforts on two areas: grants to assist people experiencing homelessness and investments to produce more affordable housing.”
Google’s investment fund provided early and reliable capital to affordable housing projects, such as The Kelsey Ayer Station in San Jose (pictured). The development will offer 115 homes for people with a range of incomes with 25% of the community specifically reserved for people with disabilities.
It also committed $50 million to Housing Trust Silicon Valley’s TECH Fund to help build more affordable units quickly, which has gone to six projects throughout the Bay Area.
Two additional commitments are receiving allocations from the investment fund including another $50 million to Housing Trust to establish the Launch Initiative, and modular housing options.
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