Apple allocates more than $400m toward its $2.5bn commitment to combat California’s housing crisisChristian Fernsby ▼ | July 14, 2020
Apple is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, marking a major milestone in the company’s multiyear $2.5 billion commitment to combat the housing crisis in the state.
Affordable California home
Topics: Apple California
Projects launching this year include the first affordable housing developments funded in partnership with Housing Trust Silicon Valley, which will create more than 250 new units of affordable housing across the Bay Area, as well as a mortgage and down payment assistance fund and an affordable housing investment support program, both created in conjunction with the California Housing Finance Agency (CalHFA).
Apple is also supporting additional construction of affordable housing units through its partnership with Destination: Home, which supports Silicon Valley’s most vulnerable populations.
After soliciting proposals earlier this year, Apple and Housing Trust Silicon Valley are excited to move forward with the first four projects funded through their public-private partnership, supporting affordable housing developments that span the North, East, and South Bay regions.
The geographically diverse projects will create more than 250 new units of affordable housing, many of them reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities.
In partnership with CalHFA, Apple has provided mortgage and down payment assistance to hundreds of first-time home buyers to date, with additional benefits for teachers, veterans, and firefighters.
CalHFA’s assistance program supports low- and moderate-income first-time home buyers, and reflects the state’s diversity — historically, over 65 percent of borrowers identify as Hispanic, Black, Asian, Pacific Islander, or American Indian. ■