Billionaire MacKenzie Scott Is Donating Two of Her Homes to Fund Affordable Housing Initiatives
MacKenzie Scott, formerly married to Jeff Bezos, recently donated two of her Beverly Hills homes to the California Community Foundation (CCF), which provides grants to mission-based nonprofits in Los Angeles.
The organization plans to sell both homes and use 90% of the earnings to fund affordable housing initiatives. The homes are worth a combined $55 million, CNBC reports.
It’ll take a while before the mansions turn into usable money: CCF needs to market and sell the homes before deciding which organizations will receive annual grants from the proceeds, [Jarrett] Barrios says. The organization’s eventual goal is to build and maintain affordable housing units for low-income people in Los Angeles, and fund housing justice programs that help tenants access information and apply for rental assistance programs, he adds.