A new affordable housing complex opened today with an unusual backer: tech giant Google.
Franklin Street Family apartments are located at 135 Franklin Street in Mountain View, Calif., where Google is based. The units include one, two and three-bedroom apartments and are available to families with annual incomes of $50,650, half the county’s median.
The Silicon Valley heavyweight invested $6.5 million in the $23.4 million project, and provided $81,859 for free Internet access and computer equipment for residents. The backers covering the remaining costs include the city of Mountain View and Citi Community Capital.
The foray isn’t Google’s first into affordable housing projects. In 2010, the search bigwig put $100 million into eight projects.
One-bedroom homes in the complex go for $937, two bedrooms for $1,122 and three-bedrooms for $1,291 per month. The property, built by ROEM-ICON Contracting Group and designed by architect KTGY Group, is already 100 percent leased. [Upstart Business Journal] — Julie Strickland