Facebook Prepare Rp268 Billion for Low Income Housing

SILICON VALLEY – The price of homes in one neighborhood gathering place for the world’s giant technology company Silicon Valley, continues to rise rapidly. As a result, this area is no longer friendly to the pockets of middle-income people.

Quoted from page curbed, Saturday (17/12/2016), one of the technology giant Facebook is now attempting to help to depress home prices. The shape of the efforts they agreed with the city of Menlo Park, California to expand Facebook’s headquarters.

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social media giant put the funds of USD18,5 million or equivalent IDR248 billion (refers to Rp13.425 per USD exchange rate) into the Catalyst Housing fund, a new coalition of local community groups and government that is dedicated to creating affordable housing in the area.

more funds of USD250 thousand or Rp3,356 billion fund will be a non-profit Rebuilding Together Peninsula, whose duty to provide assistance in the form of renovation and repair homes for low-income people.

In addition to housing-related contributions, Facebook also contribute USD625 thousand or Rp8,391 billion for job training and placement programs and $ 500 thousand or Rp6,713 billion to fund legal support for tenants who are struggling to move, living conditions dangerous, or unfair treatment of landowners.

Meanwhile, a fund of $ 20 million or Rp268 billion will be budgeted for the period of the next five years and is the largest contribution to the company in order to combat the crisis of affordability in the area. These efforts will be concentrated in East Palo Alto and Belle Haven neighborhood in Menlo Park.

“We have not seen a tycoon-tech and low-income communities to come together in this way before. And we hope to be an example for other communities as we are facing the same problem,” said one of the speakers of the East Palo Alto and Executive Director of Youth United Community Action, Tameeka Bennett.

property.okezone.com

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