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From: Philanthropy Today
Subject: How Will Warren Buffett’s Children Distribute Billions?
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A nonprofit developer was key to California’s hopes for quickly building housing for homeless people, until its projects went into foreclosure, leaving $114 million in state grants in limbo. Step Up On Second Street inspired the state program for turning hotels and motels, emptied out by the Covid-era tourism crash, into apartments for homeless people. But it partnered with a for-profit company, Shangri-La Industries, that took out private loans, alongside state grants, and then defaulted. The state is suing both entities to get back its grant money, and Step Up projects in California, Colorado, and North Carolina have been aborted. (Los Angeles Times)
Tech billionaire Emmet Stephenson Jr. and his daughter, Tessa Stephenson Brand, are putting $150 million into research on pancreatic cancer four years after their wife and mother, Toni, died of the disease. The gift will go to California’s City of Hope, where Toni Stephenson was treated. To be spread out over 10 years, the money will fund an annual $1 million prize to a leading innovator as well as grants, an annual symposium, and a facility that collects tissues, blood, and other materials needed for pancreatic cancer research. (Los Angeles Times)
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