Facebook, under pressure for contributing to skyrocketing Silicon Valley housing prices, will help address the shortage of affordable homes in the Bay Area with donations to four different projects aimed at low-income residents.
The $38 million donation will help the projects provide almost 500 homes for formerly homeless people and people with low incomes, San Francisco Business Times reports.
“We know that the path to ending homelessness is by building more housing for extremely low-income households,” Ray Bramson, CEO of Destination: Home, which is working with Facebook, said in the article.
Villas at Buena Vista, San Jose, $9.75 million. Developed by Path Ventures, this project, located on West San Carlos Street, will include 94 homes. About half will house formerly homeless people and families. Facebook's funds are being used for preliminary development of the project, which will include on-site services for residents.
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