Social Pro Daily

Facebook Pledges $1 Billion Toward Affordable Housing Initiatives

The bulk of the funding is earmarked for California

ApartmentBuildingsUnderConstruction — A family of four making over $100,000 per year is considered low-income in the San Francisco Bay areaewg3D/iStock

Facebook said it will invest $1 billion over the next decade to address the affordable housing crisis in its headquarters state of California, as well as in other areas where the company operates.

Chief financial officer David Wehner broke down where the funds will go in a Newsroom post:

$250 million will go to a partnership with the state of California for mixed-income housing on excess state-owned land in communities with housing shortages.
$225 million worth of land in Menlo Park, Calif.,