Pamela Cruz. Pen sula 360 Press [P360P].
Facebook to invest $150 million to build housing for low-income residents in the Bay Area , making it the largest private fund in California dedicated to creating homes for families earning less than 30 percent of the region's median income.
Through a statement, the financial director of the technology giant, David Wehner, said that this new Community Housing Fund to support the development of at least two thousand affordable housing units in Santa Clara, San Francisco, San Mateo, Alameda and Contra Costa counties.
The money will be available for low-interest loans to local government developers and nonprofit organizations to purchase hundreds of units and create permanent housing, he said.