Facebook to subsidize Menlo Park apartments

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Facebook CEO Mark Zuckerberg speaks at the company's headquarters in Menlo Park, Calif. (AP Photo/Jeff Chiu)

Facebook CEO Mark Zuckerberg speaks at the company’s headquarters in Menlo Park, Calif. (AP Photo/Jeff Chiu)

 

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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Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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