Affordable Housing Investing

Goals

To determine the purpose of the affordable housing investments (i.e. actual buildings or capabilities) for Google, Ally Financial, Bank of America Merrill Lynch, Facebook, Wells Fargo, Bank of America, SunTrust Bank and BBT, AirBnB, Apple, Amazon and Accelerating Investments for Healthy Communities.

Early Findings

  • $250 million of the $1 billion pledged by Google for affordable housing, will be used for capabilities in the form of incentives for developers which would enable them to build 5,000 units.
  • Ally Financial, Bank of America Merrill Lynch, and Barings pledged $70 million dollars for affordable housing, of which $50 million will be used for below-market loans, $11 million will be allocated to the "newly proposed Housing Opportunity Investment Fund", $2.5 million will be used for economic mobility programming as well as grants and $7.25 million will be given the form of donated land in Uptown Charlotte.
  • Facebook's commitment is to invest $1 billion which will be used to build 20,000 housing units for essential workers including teachers, nurses as well as first responders. They have formed a partnership with "California Governor Gavin Newsom and the State of California" to ensure the progress of this initiative will be accelerated.
  • Wells Fargo's $1 billion investment is a philanthropic strategy that will be used for the purpose of addressing "housing affordability crisis, including homelessness, available and affordable rentals, transitional housing and home ownership".
  • Bank of America's $5 million investment will be used to help 20,000 individuals as well as families to attain "affordable and sustainable homeownership".
  • SunTrust Bank and BBT pledged $30 million to be used for "affordable housing in North Carolina's Mecklenburg County" and includes $10 million dollars for the Charlotte Housing Opportunity Investment Fund.
  • Airbnb's $25 million investment is to be used for both affordable housing as well as other community needs. This includes "financing “meaningful infrastructure initiatives” through municipal bonds and supporting small businesses through loans".
  • Apple's $2.5 billion investment is broken down as $1 billion for the affordable housing investment fund, $1 billion for "first-time homebuyer mortgage assistance fund", $300 million for "Apple-owned and available land for affordable housing", $150 million for the "Bay Area housing fund" and $50 million for supporting the vulnerable populations.
  • Information for the ten companies was updated in this spreadsheet.

Proposed next steps:

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