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.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024