The search engine giant Google is dabbling in real estate. A Google-backed affordable housing complex opened this week in Mountain View, Calif.
The building, featuring solar panels and energy efficient appliances, offers up to 51 one-, two, and three-bedroom apartments for families with annual incomes of $50,650 — which is half the median income in the county. Google is also providing free Internet access and computer equipment to residents of the complex.
Google has invested in real estate projects before. In 2010, Google invested $100 million in eight affordable housing projects, such as a senior housing complex in Sunnyvale, Calif.
Other big companies have also served as investors to help grow affordable housing projects nationwide, such as Verizon and insurance companies like Liberty Mutual and AllState.
Companies may be lured to such investments because the federal government offers tax credits that can help reduce the company’s federal income tax.
Source: “Check out Mountain View's new Google-backed affordable apartments,” Silicon Valley Business Journal (Sept. 4, 2013)