News came this week that Google was putting $86 million into helping fund 480 low-income housing units across the Midwest and West Coast.
The money will go into a Low Income Housing Tax Credit (LIHTC) that will give tax credits to builders and developers of homes for low-income families and senior citizens. It will be managed by U.S. Bancorp Community Development Corporation (USBCDC), part of U.S. Bank.
Why would a search engine (that also happens to be the one of the world’s most powerful technology companies) start sloshing around in the murky waters of real estate investing? And what impact will it have on the real estate market at large?
The answer to the first question, as TechCrunch points out, may just be that they can afford to.