You are here: Home » International » News » Companies
Business Standard

Facebook builds 600 affordable homes to address housing crisis in US

The company said it is on track to creating approximately 750 affordable homes by 2022

Topics
Facebook | affordable homes | America's housing crisis

IANS  |  San Francisco 

Photo: Shutterstock
Facebook has created the Catalyst Housing Fund with $18.5 million that aims to raise a total of $75 million for the cause.

has produced and preserved approximately 600 near its headquarters in Menlo Park, California, of which roughly 70 per cent are reserved for extremely low and very low-income residents.

 

 

The company said it is on track to creating approximately 750 by 2022.

"The Bay Area is Facebook's headquarters and our home, which is why we're committed to addressing its housing crisis," said Menka Sethi, Director, Location Strategy and Site Optimization at

has created the Catalyst Housing Fund with $18.5 million that aims to raise a total of $75 million for the cause.

"We have make an additional $1-billion commitment to affordable housing in California over the next decade," Sethi said.

Apple last month said it will spend more than $400 million toward affordable housing projects and homeowner assistance programmes in California this year, marking a major milestone in the company's multi-year $2.5 billion commitment to combat the housing crisis in the state.

Nearly 30,000 people left San Francisco between April and June last year, and homeownership in the Bay Area is at a seven-year low.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, August 08 2020. 11:38 IST
RECOMMENDED FOR YOU
.