Apple is allocating more than $400 million for affordable housing projects and homeowner assistance programs in California towards the company’s multiyear $2.5 billion commitment to combat the housing crisis.
Apple is also supporting construction of affordable housing units through its partnership with Destination: Home, which supports Silicon Valley’s most vulnerable populations.
Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities said, “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. 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”.
Apple and Housing Trust Silicon Valley are excited to move forward with the first four projects, supporting affordable housing developments that span the North, East, and South Bay regions. In partnership with CalHFA, Apple has provided mortgage and down payment assistance to many of first-time home buyers. CalHFA’s assistance program supports low and moderate-income first-time home buyers.
Jennifer Loving, Destination: Home’s CEO said, “Apple’s contribution could not have come at a more crucial time, as the COVID-19 pandemic has only made our work to end homelessness that much more urgent. We were able to immediately invest their funding into several new housing developments that will provide a permanent home to vulnerable residents across the region and reinforce our Homelessness Prevention System at a time when we’re seeing an unprecedented number of at-risk families in need”.
Apple committed $2.5 billion to combat the housing crisis in California for 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 home-buyer 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 public-private partnership with Housing Trust Silicon Valley.
- $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.
Yoy can read more details here.