Google Invests $86 Million In Low-Income Housing

Google is partnering with U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank; to create an $86 million Low-Income Housing Tax Credit (LIHTC) fund. According to a release issued today, the funding will be used towards the construction and operation of 480 affordable rental housing units for low income families and senior citizens in seven communities throughout the West and Midwest. It’s unusual for a technology company to get involved with these types of loans; banks and insurance companies usually help fund these credits. While the money doesn’t cover the total cost of these developments, these tax credits help them complete a project. Image: artistlink.org. More…

News selected by Covalence | Country: USA | Company: Google | Source: TechCrunch