On Thursday, CNBC reported that Amazon CEO Jeff Bezos’ Day One Fund dispersed $98.5 million to a host of regional charities. The billionaire’s foundation made the grants to address America’s homelessness problem at the local level. The organization is making 32 individual donations ranging from $1.25 million to $5.2 million across 22 states.
Jeff Bezos’ Day One Fund
The world’s second-richest man established his Day One charitable foundation in 2018 with a $2 billion endowment.
The organization has two segments: the Day One Families Fund and the Day One Academies Fund. The former is focused on supporting agencies that provide assistance to homeless individuals nationwide. Moreover, the latter’s mission is to create a “network of new, non-profit, tier-one preschools in low-income communities.”
Last November, the Day One Fund distributed $97.5 million to 24 charities across 16 states.
Catholic Charities of Eastern Washington, which received $5 million from Bezos’ foundation, has a plan of action regarding its new cash infusion. The organization will dedicate most of its grant to constructing an apartment complex called Gonzaga Family Haven in eastern Spokane. Once opened, the facility will provide 70 local homeless families with social services and housing. The Catholic organization also intends to use its grant to create a community space and to provide mental health counseling.
In April, Spokane news station KREM reported that the area’s homeless population has increased by 4.9 percent from 2018.
“There are so many things that we can now start to dream about doing that we wish we could have always done,” noted Catholic Charities CEO Rob McCann.
Big Tech’s Charitable Trend
Amazon isn’t the only Big Tech firm turning its attention to a worthy cause in recent months.
Earlier in November, Apple CEO Tim Cook announced that his corporation will dedicate $2.5 billion to provide more affordable housing in California. As part of the initiative, the company will spend $1 billion building new homes in the Golden State. Moreover, the firm is putting another $1 billion towards forgivable loans for first-time homebuyers.
Apple’s housing program has also earmarked $50 million for homelessness charities operating within the San Francisco Bay Area. California Governor Gavin Newsom remarked that the firm’s plan proves “Apple is serious about solving this issue.”
Furthermore, Google unveiled its own plan to create more affordable housing in California in June. The corporation intends to repurpose $750 million of real estate that it already owns within the next 10 years. In addition, the company will establish a $250 million investment fund to incentivize the development of cheaper living spaces within its home state.
In October, Facebook committed $1 billion to ease California’s housing crisis. The firm will provide an estimated 20,000 housing units to low-income locals via a land, loans, and grants program. Along with its announcement, the social media company said that only a combination of local government, the private sector, and charitable giving can resolve the state’s lack of affordable housing.