Facebook announced the creation of a partnership focused on solving what it says is some of the Silicon Valley region’s most difficult issues, starting with the creation of more affordable housing. To start, the company is making an initial USD 20 million contribution to the partnership and said it hopes to attract more contributions and partners, including community groups, philanthropies and companies, over the next few months and years to grow its regional impact.
This coalition is comprised of initial partners that share Facebook's goals, including Youth United for Community Action, Faith in Action Bay Area, Community Legal Services in East Palo Alto, Comite de Vecinos del Lado Oeste – East Palo Alto, the local governments of East Palo Alto and Menlo Park, and other community groups. The partnership is built on three initial pillars, namely affordable housing, economic opportunity and legal support.
The partnership will establish a Catalyst Housing Fund with USD 18.5 million to pursue "innovative and scalable" ways to increase the production and protection of affordable housing. An additional USD 250,000 will go to Rebuilding Together Peninsula to support the building and upkeep of homes for low-income residents. In addition, the partnership will devote USD 625,000 to job training in the science, technology, engineering and mathematics (STEM) fields. Facebook is also establishing a dedicated local community liaison who will help connect local residents with open positions at Facebook.
