Google Funds Housing For Low-Income Families, Senior Citizens
Google Inc. (GOOG) has invested $86 million in a tax-credit fund to finance the construction of 480 low-income housing units, a move that comes as the Internet search giant ramps up its engagement in the public sphere.
Google’s money will be managed by U.S. Bancorp Community Development Corp., or USBCDC, an arm of commercial bank U.S. Bancorp (USB) that invests in community projects. The fund will provide housing for low-income families and senior citizens, according to a press release posted on U.S. Bancorp’s website.
The developments will be spread among seven communities in the West and Midwest. The housing will include units with as many as four bedrooms, the release said.
“Our investment with USBCDC allows us to further our goal of providing relief to people who otherwise may not have access to quality housing,” said Brent Callinicos, a Google vice president.
Google’s investment comes as the Mountain View, Calif.-based company burnishes its profile in public issues, such as renewable energy and the environment. In May, the company said it was investing $38.8 million in two North Dakota wind farms. In July, Google also announced its purchase of 20 years’ worth of wind power from an energy facility in Iowa.