September 30, 2022

Unitranche

Supportive Business Potential

Google distributes $128 million in loans to create affordable housing

Three years after launching a $250 million fund to alleviate the Bay Area’s housing crisis, Google has awarded over half that amount to 23 affordable housing projects across the region.

The Mountain View tech giant this week announced it has so far distributed $128 million in loans to help 18 organizations create around 4,700 new homes for low- and middle-income residents.

The fund is part of a $1 billion effort Google launched in 2019 to put a dent in the Bay Area’s severe housing shortage by adding 20,000 homes. Google and other tech companies are often blamed for exacerbating the crisis over the past decade as they’ve flooded the region with high-paying jobs, in turn driving up rents and home prices as new housing construction hasn’t kept up with demand.

“The Bay Area is our home, and we’re helping our hometown communities solve challenging problems,” wrote Adrian Schurr, Bay Area giving manager for the company, in a blog post announcing the loan progress.