Google To Invest In US Housing Fund

Search engine giant Google has invested in a $86 million Low-Income House Tax Credit (LIHTC) fund, which would allow families with low-income and senior citizens to live in affordable houses.

The fund is being created and managed by the U.S. Bancorp Community Development Corporation (USBCDC), a community development arm of US Bancorp (USB).

According to the banking firm, the fund will be responsible for constructing and offering 480 affordable rental based houses in the West and Midwest parts of US.

The investment from Google is a part of the company's plan to improve its image in the public and follows significant investments in environment friendly technologies.

Earlier, Google had invested $38.8 million on two wind energy farms located in North Dakota, US and had also purchased 20 years worth of wind energy from a wind farm in Iowa.

"In recent years there has been a void in affordable housing investment. Our investment with USBCDC allows us to further our goal of providing relief to people who otherwise may not have access to quality housing,” said Brent Callinicos, Google vice president and treasurer, in a statement.