The programs aim to support veterans, the homeless or formerly homeless and residents with developmental disabilities. In some cases, there will be additional support for teachers and firefighters. CalHFA’s assistance programs are meant to reflect the state’s diversity — historically over 65 percent of borrowers have identified as Hispanic, Black, Asian, Pacific Islander or American Indian.
Last year, Microsoft and Google made similar pledges. Microsoft committed $500 million to help Seattle’s housing crisis. Google’s plan includes repurposing $750 million worth of land for residential housing, setting up a $250 million fund for developers to build more than 5,000 affordable housing units and giving $50 million to nonprofits focused on homelessness and displacement. Amazon recently built a homeless shelter in its Seattle headquarters, but it also fought against a tax that would have provided affordable housing and services for Seattle’s homeless population.
While each company is taking a different approach, their efforts recognize the housing crises in Seattle and the Bay Area. They’ve pushed for state policy changes, as well, and it’s no secret that controlling housing prices will ultimately support a healthier labor pool, which they’ll likely benefit from.