
Facebook is contributing $25 million to build up to 120 apartments for teachers in the San Francisco Bay Area, reports The Mercury News.
It's the social media giant's largest contribution yet to helping ease the region's affordable housing crisis.
"To solve the problem, Facebook has joined forces with several local public agencies to test an experimental plan. Santa Clara County donated the land for the project — a 1.5-acre parcel at 231 Grant Ave. that currently holds an aging county-owned office building and a large parking lot. The county also contributed $6 million, and the city of Palo Alto contributed $3 million. County officials have asked for another $600,000 each from five area school districts, but those commitments have not yet been finalized," reports Marisa Kendall.
Nonprofit affordable housing developers Mercy Housing and Abode Communities will develop the project, according to the article.
For more, click on the link to The Mercury News article.