Facebook to subsidize Menlo Park apartments
MENLO PARK, Calif. (AP) — Facebook will subsidize 15 units in an upscale 400-unit apartment complex in Menlo Park so they can be rented at below-market rates.
The San Jose Mercury News reports the move brings the social media giant in compliance with the city’s affordable housing law as it proceeds with the development of a second campus near its headquarters.
City Attorney Bill McClure tells the newspaper that Menlo Park requires commercial developers to contribute to its affordable housing stock because “they create jobs and a demand for housing.”
The amount Facebook is paying the developer was not disclosed. But officials say the company would have been charged about $4.5 million if it had opted to pay a fee instead.
The 15 units will be priced for households with incomes that do not exceed 80 percent of San Mateo County’s median income.
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