Wednesday, September 11, 2013
Google Helps Low-Income Residents of California By Investing in Affordable Housing
Yes, the very same company known for its expertise in technology is stepping into a new arena to help others. Google invested $6 million in a new 51-unit affordable apartment building in the Silicon Valley called Franklin Street Family Apartments. In an area where property values are high, the new housing is answering the prayers of many low-income residents and families.
Just to give you an idea of how much this new housing is needed, qualifying individuals and families can rent a 1-bedroom unit for $937, a 2-bedroom for $1,122, and a 3-bedroom for $1,291. Compare this to some of the other 2-bedroom apartments in the area which are renting for $5,500 a month. One mother of three who just moved into Franklin Street Family Apartments said she can actually now pay her rent and even save money every month.
The new building is very stylish, like a Mediterranean villa, and provides brand new, safe and affordable housing for low-income residents. It's a good addition to affordable housing that is much needed in the area. It's also a good investment for Google who will receive federal tax credits by investing their money in affordable housing projects.
But it's not just about the money for Google. They believe it's also their responsibility as a corporate citizen to help others. As Google Corporate Finance Senior Manager Kojo ako Asare stated, "We believe in affordable housing, everyone having an affordable home and we think this is a responsible way, both to our shareholders and the community, to actually put our money where our mouth is."