Google invests in low-income housing

Google has spent some more of its profits on low-income US housing.

Google has invested $28 million to build 240 housing units at the Charlesview Residences in Allston, a Boston neighbourhood.

Speaking to the Boston Globe, Axel Martinez, Google's assistant treasurer, said that the search engine company’s decision to invest in the units has the twin aims of helping the community and receiving a financial benefit.

"We want to be responsible corporate citizens, and that's what drove us to invest, but the returns are also quite good considering the risk," Martinez told the Globe.

Google first turned to low-income housing developments to invest its cash in January, when The New York Times reported it invested in the Melbourne Apartments complex in Des Moines, Iowa.

One of the key drivers for doing so was to reduce its corporate tax liability as every year, the U.S. government gives out billions of dollars in low-income tax credits to investors that put up the funds to build projects for low-income housing.

Google did not immediately respond to CNET News' request for comment.