Google provides $128 million in loans for Bay Area affordable homes

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Sundar Pichai, CEO of Google and Alphabet, with a rendering of Meridian, a 90-unit affordable housing development, in Sunnyvale, Calif. (Steinberg Hart, Illustration by The Real deal with Getty)

Google has now spent more than half of its $250 million loan pledge to help build thousands of affordable homes in the Bay Area.

The Mountain View-based Alphabet division has allocated $128 million to 18 groups to build 23 projects across the region, the Silicon Valley Business Journal reportsquoting a Google blog post.

The loans, under contract since last month, will finance the construction of 3,200 homes, a company representative told the newspaper.

The $128 million is the first installment of the $250 million Google pledged to spend three years ago to support the construction of affordable housing in the area. The $250 million is part of a $1 billion pledge she made to build 20,000 new homes.

The largest sum includes the value of land the company donates for housing in San Jose as part of its Downtown West development and in Mountain View as part of its North Bayshore and Middlefield Park projects.

“The Bay Area is our home, and we help communities in our hometowns solve tough problems,” the company said in the blog post. “Over the past three years, we have made investments and allocated land to help developers create new affordable housing in every corner of the region.

The loans are for specific projects to help with pre-development expenses, a Google representative told the Business Journal. It is not known whether any projects have been completed.

They include a $6.9 million loan to fund Kelsey Ayer Station, a 115-unit affordable housing complex in San Jose for people with and without disabilities.

Google’s blog post listed 18 project loan recipients around South Bay, one in San Francisco, two in the Northeast Bay, one in Santa Rosa and one in Windsor.

In addition to the loans, Google also pledged three years ago to donate $50 million to area nonprofits that address homelessness.

The company announced this week that it has earmarked $10 million of that money to be spent over the next three years to support programs testing the use of direct cash transfers to homeless people at their discretion.

As part of this initiative, the company is working with Abdul Latif Jameel Poverty Action Lab, which partners with several homeless service providers in the Bay Area, in addition to several local pilot transfer programs. silver.

– Dana Barthelemy

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