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Putting Corporate Money to Work in California!

We have a housing crisis in California and as we know, the Bay Area and Monterey Peninsula are no exceptions. It's a difficult challenge for fire fighters, nurses, teachers, hotel workers and many others to find affordable housing and they often have to commute long distances to get to their jobs. With average home prices ranging from $660,000 to $1,200,000 most people can not afford to buy or sometimes even rent.

The good news is that there have been some efforts by local and Bay Area corporations to bring about change.

Last year, the Pebble Beach Corporation completed a 24 unit affordable housing development in the Del Monte forest that provides rentals to some of their employees. The apartments have 2 bedrooms and are located less than 1/2 mile from both the Lodge and Spanish Bay. What a great incentive for employees!

On a larger scale, Apple Corporation is committing $250 billion to hep combat the housing crisis in the Bay Area. Here's a breakdown of their fund allotment:

  • $1 billion in affordable housing investment fund

  • $1 billion first time home buyer mortgage assistance

  • $300 million, Apple owned land for affordable housing development

  • $150 million Bay Area housing fund

  • $50 million to support vulnerable populations

Let's hope more corporations join the movement. It's money well spent!

Source: C.A.R. Newsline

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