Facebook has shared an update about its Catalyst Housing Fund which aims to build affordable housing around Silicon Valley. The update comes just weeks after Apple updated us on the progress it has been making on funding affordable housing programs around California.
Facebook said that since its initial $20 million investment in 2016 the fund has produced and preserved 600 affordable homes near its headquarters in Menlo Park. The social network said around 70% of those are reserved for those on extremely low and very low incomes to help them continue living in the area. By 2022, the firm says it will have created around 750 affordable homes in the area.
Projects that have received funding from Facebook’s fund include Light Tree Apartments, Casa de Sobrato, 965 Weeks, and Walnut Street.
- Light Tree Apartments is set to offer 200 affordable homes for the homeless, youth leaving foster care, and households with a disabled family member
- Casa de Sobrato has purchased and renovated 50 apartments for local residents facing homelessness
- 965 Weeks will offer 130 affordable homes for those struggling with the high cost of rent and will offer a vocational center, after-school and summer programs for kids, leadership development for youth, financial literary programs, and additional services for special needs residents
- Walnut Street will offer 24 affordable apartments with support services to low-income residents just south of Downtown San Carlos
Facebook says the work it has done has increased its understanding of how to improve the housing crisis in the Bay Area. It said that over the next decade it plans to ramp up investments to $1 billion to increase the supply of affordable homes.