Facebook To Pay $20M In Concessions For Affordable Housing, Job Training
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Facebook just promised one of the largest concessions from a tech company as it works to get the approval it needs for its latest expansion. Facebook is handing over $20M to help fund affordable housing, tenant legal assistance and local job training in East Palo Alto and Menlo Park, reports the San Francisco Business Times.
The deal was part of negotiations with various community groups collectively known as Envision Transform Build East Palo Alto. The concessions will help ease the burden of housing shortages and rent increases, especially in East Palo Alto, where 16% of residents live in poverty.
The $20M concessions is in addition to Facebook’s agreement with Menlo Park, which resulted in $15M for fees for two office buildings totaling 1M SF.