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.
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