• June 13, 2021

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 Facebook Invests $150 million in Bay Area Affordable Housing

Today, for the lowest-income residents of the Bay Area, Facebook is designating $150 million of our $1 billion affordable housing pledge to construct housing. This new Community Housing Fund would finance the growth of at least 2,000 affordable homes, making it the largest private fund in California committed to providing housing for extremely low-income families, families who make up less than 30% of the median income of our area.

After Facebook pledged $1 billion one year ago to help solve the affordable housing crisis, this work has only become more imperative as the pandemic has escalated the problems for people who are already struggling with housing costs.

Investing in extremely low-income housing is vital to solving homelessness, because the most vulnerable to falling into homelessness are individuals who identify as extremely low-income. Many main staff, on whom we all depended during this pandemic, often rely on extremely low-income housing so that they can live and attend school in the communities they work in.

This fund will help fill a critical gap in California, where there is an immense shortage of extremely low-income housing and very few dedicated funding streams to build it.

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