Pacaso, a service that helps people buy and co-own luxury second homes, has selected affordable housing developer Burbank Housing as its primary community partner in Napa and Sonoma counties, said a news release.
Pacaso will donate a minimum $100,000 to Burbank Housing through 2022, said the release.
The giving is connected to Pacaso sales activity in the region.
The company will donate $2,500 for each 1⁄8 ownership interest sold (i.e. $20,000 per home) in Napa and Sonoma counties to local nonprofit partners that support housing, economic and environmental sustainability.
Burbank Housing will receive 80% of Pacaso’s regional giving funds. The remaining 20% of funds will be distributed to other local organizations promoting sustainability, said the release.
Burbank Housing provides housing and resident services to nearly 10,000 residents across 68 housing communities.
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“Helping our residents build sustainable and economically-resilient futures is a critical part of our mission,” said Burbank Housing CEO Larry Florin.
“Pacaso provides an inherently sustainable alternative to empty second homes, which worsen workforce housing shortages and are a drag on local businesses,” said Pacaso director of government and community relations Ellen Haberle.
“In partnership with Burbank Housing, Pacaso is proud to grow our impact through intentional investments in long-term sustainability and resilience in the region.”
As of July, Pacaso paid an average of $4.1 million for the homes in Napa and Sonoma counties, said the release.
"Pacaso does not compete for lower or middle-tier inventory and in June announced it will only purchase homes in Napa and Sonoma counties valued at more than $2 million," said the release.
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