One year later: where is Google on its affordable housing plans?
On Thursday, Google marked the one-year anniversary of its Bay Area housing commitment with an update on its progress.
So far, Google said that its Housing Trust has invested these funds in six projects throughout the Bay Area, and plans to break ground on more developments in 2021.
Last year, Google announced a $50 million investment in Housing Trust Silicon Valley‘s TECH Fund. Another $50 million has now been committed to Housing Trust Silicon Valley to establish the Launch Initiative, funded 90% by Google, with a goal of investing in more affordable housing projects.
Housing Trust Silicon Valley launched the TECH (Tech + Equity + Community + Housing) Fund in March 2017, with the goal of providing flexible financing to affordable housing developers so they can compete for sites on the open market.
Part of the $50 million pledge is supporting more than 33,000 people with services such as food distribution, job training, case management and housing 9,000 people over the span of four years, Google said.
Google said it has been working with modular housing companies, like Factory_OS, with a goal of creating tens of thousands of affordable housing units over the next decade, including around 700 multi-family modular homes in Oakland and San Francisco by early 2021.
According to Google, it has allocated a total of $115 million from its $250 million investment fund to help create around 24,000 new affordable housing units by 2029. Google.org has also granted $7.75 million to nonprofits on the front lines of homelessness.
Over the last year, Google has provided capital to affordable housing projects, like the Kelsey Ayer Station, from its $250 million investment fund. This San Jose-based project will offer 115 homes for those with a range of incomes while 25% of the community is specifically reserved for people with disabilities.
Fellow Silicon Valley tech giant, Apple, also recently allocated more than $400 million toward affordable housing projects and homeowner assistance programs in California this year. This is a part of the company’s $2.5 billion commitment to combat the housing crisis in California.
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