Facebook announced a $1 billion commitment over the next decade to help address the affordable housing crisis in California, which will go toward creating up to 20,000 new housing units to help essential workers such as teachers, nurses and first responders live closer to the communities that rely on them. The money will be used for:
- $250 million to a partnership with the State of California for mixed-income housing on excess state-owned land in communities where housing is scarce. This public-private partnership ensures that incremental new housing supply is brought to the market segments that need it most.
- $150 million for production of affordable housing, including housing for the homeless, in the San Francisco Bay Area. Facebook will contribute to the Bay’s Future Fund, the affordable housing investment fund of Partnership for the Bay’s Future, to work toward a more livable, equitable and racially and economically diverse Bay Area.
- $225 million in land in Menlo Park to produce more than 1,500 units of mixed-income housing. This is land Facebook previously purchased, that is now zoned for housing.
- $25 million to build teacher and essential worker housing on public land for school districts in San Mateo and Santa Clara Counties. This partnership with Santa Clara County and local school districts, announced October 17, will help fund construction of housing on county-owned land for teachers and other essential workers, enabling them to live near the communities where they work.
- $350 million in funds for additional commitments based on the rollout and effectiveness of the initiatives described above. These funds will also be used to support more affordable housing in other communities where Facebook has offices.