A few months back, SHN reported on Google getting involved with affordable senior housing and low income housing tax credits and Google continues to build its efforts in the area of affordable housing. U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, announced that it has arranged and will manage an $86 million Low-Income Housing Tax Credit (LIHTC) fund for Google. The fund will provide a major source of funding for the construction and operation of 480 affordable rental housing units for low income families and senior citizens in seven communities throughout the West and Midwest. USBCDC originated the LIHTC investments with experienced LIHTC housing developers to oversee the completion and lease-up of housing developments in Waukegan, Illinois; Apple Valley, Minnesota; Des Moines, Iowa; Milwaukee, Wisconsin; and Fontana, Palm Springs and Salinas, California.
Brent Callinicos, Google vice president and treasurer said, "In recent years there has been a void in affordable housing investment. Our investment with USBCDC allows us to further our goal of providing relief to people who otherwise may not have access to quality housing."
"We’re proud to align with Google in a shared commitment to affordable housing," said Larry Baerveldt, director of tax credit syndications for USBCDC. "The expansion of the affordable housing investor base beyond traditional investors is an exciting development for the industry and comes at an important time. This investment by Google, together with the efforts of our strong developer partners, will result in completion of nearly 500 new affordable rental housing units for low income families and senior citizens."