Scott is giving mansions to charity as part of her crusade to give away half of her wealth.
The California Community Foundation provides grants to mission-based nonprofits in Los Angeles. The organization plans to use the majority of the earnings from the sale of the homes to fund affordable housing initiatives, according to CCF senior vice president Jarrett Barrios.
He says that 10% of the money will be used for an immigrant integration program. There is a critical need for affordable housing that is linked to the homelessness crisis we are experiencing, and the cure for homelessness is homes.
Scott began the process of donating the mansions last month.
Scott, whose net worth was $38.2 billion as of Tuesday afternoon, bought a home with Jeff Bezos in 2007. The second home was purchased a decade later for $12.9 million. The homes have a swimming pool and tennis court.
CNBC made a request for comment from Scott, but he didn't reply immediately. She disclosed more than $4 billion in donations over the last nine months. The LA Arts endowment fund was established by the CCF with 20 million dollars.
Scott wrote on Medium that when the giving team focuses on any system in which people are struggling, they don't assume they can fix it. We look for organizations that support the ability of all people to participate in solutions. There needs to be a focus on the needs of those who have not been heard.
It will take a while before the mansions turn into usable money, as the CCF needs to market and sell the homes before deciding which organizations will receive annual grants from the proceeds. The organization wants 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.
The timing depends on the housing market in southern California. She says the hired realtors don't know how fast the homes will sell.
Castaon says that CCF will be able to grow its reach in the community thanks to the partnership between Scott and the organization. She thought our team was competent and that CCF was able to maintain and sell two multimillion-dollar homes.
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