Facebook funds high-schoolers’ concept for low-income housing

Twenty high school students walked into the corporate office of Facebook and delivered a plan to help bring affordable housing to their area.

Unexpectedly, the tech company listened and Facebook decided to start a small pilot program to fund four small granny flats for low-income residents in East Palo Alto and Melon Park, California.

The money will finance low-interest loans for low and moderate-income homeowners who couldn’t otherwise afford to build a granny flat and might struggle to get traditional financing.

When the granny flats, also known as accessory dwelling units, in-law units or casitas, are complete, they must be rented out at below-market-rate to low-income families — simultaneously creating new affordable housing and providing extra income to the homeowner who builds the unit.

It’s the latest attempt by Facebook, often blamed for driving up housing prices by flooding the area with highly paid tech workers, to tackle the region’s crippling affordable housing shortage.