Google Creates $86 Million Fund for Low-income Housing

While the debate continues on whether or not it’s truly evil, Google is busy tipping the scales in favor of good. Google has created an $86 million Low-Income Housing Tax Credit fund. The monies will be a major source of funding for the construction of 480 rental housing units located in seven communities throughout the West and Midwest.

According to the press release, Google is injecting some much needing money into a sagging housing market. While the monies won’t cover the total cost of the project it’s a great start.

Brent Callinicos, Google vice president and treasurer said, “In recent years there has been a void in affordable housing investment. Our investment with USBCDC allows us to further our goal of providing relief to people who otherwise may not have access to quality housing.”

The housing will be earmarked for both low-income families and senior citizens. The housing complexes will consist of one to four bedroom units with shared laundry facilities and a community center. While Illinois and Iowa should expect to see some of the new construct. Google is also making sure that some units will be built near its California headquarters. Senior centers have already been built in Sunnyvale and Inglewood, California.

As the projects are completed, maybe these communities will be some of the lucky few to be included in the Google Fiber project and receive free high-speed broadband. Since the housing is earmarked for low-income families and seniors, it would be a great entry way into two underserved markets.

The fund will be managed by U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank.

About the Author
Sherri is a freelance writer that has a love of all things fun and geeky including gadgets, gaming, anime, and comics. When she isn't writing or out on the town living it up, she loves doing 10-12 hour marathon sessions on her Xbox 360 or one of her older consoles. It's not an addiction, it's a way of life!
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