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Google puts $41.7M into affordable housing

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Posted at 11:07 AM, Jan 14, 2016
and last updated 2016-01-14 13:16:26-05

Google will help finance affordable housing for Boulder. The tech giant has invested $41.7 million in Colorado-issued bonds.

The Daily Camera reports that Google and Red Stone Tax Exempt Funding have invested in construction and permanent mortgage capital for more than 200 apartments for Boulder's affordable housing program by purchasing state issued tax-exempt bonds.

Boulder contributed $11 million toward the July purchase the Osage and Thunderbird apartments and the December 2014 acquisition of The Nest complex. National affordable housing developer The Michael's Organization and Boulder-based Element Properties and Allison Management bought the properties for a combined $63 million.

Google has invested in affordable housing bonds for 48 properties in 44 cities.

MORE | Boulder housing project draws some criticism from neighbors