Apple announced today that it is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, making a major milestone in the company's multiyear $2.5 billion commitment to combat the housing crisis in the state.
The iPhone maker says that the funding will support thousands of Californians with first-time homebuyer assistance or new affordable housing units.
Projects that the company launching this year include the first affordable housing developments funded in partnership with Housing Trust Silicon Valley, as well as mortgage and down payment assistance fund and an affordable housing investment support program. Apple is also supporting additional construction of affordable housing units through its partnership with Destination: Home.
“At a time when so many members of our community are facing unprecedented challenges, we believe it’s critical to make sure that their hopes for the future are supported through tangible programs and results,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities. “As cities and states have been forced to pause many of their long-term affordable housing investments amidst the current public health crisis, Apple is proud to continue moving forward with our comprehensive plan to combat the housing crisis in California.”In November of last year, Apple committed $2.5 billion to combat the housing crisis in California across a series of initiatives over several years, including:
- A first-of-its-kind $1 billion affordable housing investment fund with the state of California.
- A $1 billion first-time homebuyer mortgage assistance fund, with increased funding opportunities for essential services personnel, school employees, and veterans.
- $300 million in Apple-owned land made available for affordable housing.
- A $150 million Bay Area housing fund, in a public-private partnership with Housing Trust Silicon Valley.
- $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.
To learn more about Apple's efforts to combat housing crisis in the State of California, please click here.
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