In 2021, Allied Housing received a $1.5 million loan from Meta's affordable housing initiative, intended to support a new apartment complex for low-income residents. However, within a year, Allied returned the funds, revealing that loans were not gifts. A recent investigation shows that Meta has only spent $193 million of its $1 billion housing commitment, having abandoned most of its original plans, including a second $250 million loan fund. While some funds were allocated for land and grants, the lack of significant development raises questions about Meta's commitment to housing goals.
Meta's commitment to affordable housing has largely fallen short, with only $193 million spent of the pledged $1 billion, raising concerns about its follow-through.
Despite initial funding successes, Meta's recent cuts to housing initiatives and lack of development progress suggest a shift in priorities away from affordable housing.
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