True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

UWM has a plan to win a war of mortgage attrition

UWM's margins will fall all the way down to 75 to 110 bps. Mat Ishbia says it's the perfect environment to prove that his mortgage firm is truly elite.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Real Estate

Apple announces $2.5 billion commitment to affordable housing in California

Apple is latest big Silicon Valley companies to invest in affordable housing

Tech giant Apple is planning to commit $2.5 billion to address affordable housing in California, adding to the list of tech companies that are putting up huge sums of money to deal with housing conditions in Silicon Valley and beyond.

Part of Apple’s commitment includes $1 billion into an affordable housing investment fund, $1 billion to a first-time homebuyer mortgage assistance fund, $300 million Apple-owned and available land for affordable housing, $150 million for a Bay Area housing fund, and $50 million to support vulnerable populations.

Apple said it designed this initiative to accelerate and expand new housing production; jump-start long-term developments that would otherwise not be possible; help first-time buyers purchase homes; and support new housing and programs to reduce homelessness, after extensively studying the issue and listening to different perspectives.

“Before the world knew the name Silicon Valley, and long before we carried technology in our pockets, Apple called this region home, and we feel a profound civic responsibility to ensure it remains a vibrant place where people can live, have a family and contribute to the community,” said Tim Cook, Apple’s CEO, in a prepared release.

Apple isn’t the first Silicon Valley big tech company to contribute to solving affordable housing.

This summer, Google invested $50 million in Housing Trust Silicon Valley‘s TECH Fund. Google also announced in June that it would be investing $1 billion for housing construction in the San Francisco Bay Area, as well as creating a $250 million fund to build affordable housing units across the Bay Area. 

Google also announced it would be giving $50 million in grants through Google.org to nonprofits focused on the issues of homelessness and displacement.

Facebook also recently said it would commit $1 billion to affordable housing.

Meanwhile, Apple expects the funding commitment to take two years to complete, and any capital that is returned to Apple will be reinvested in other projects over the next five years.

According to the U.S. Census Bureau, homeownership in the Bay Area is at a seven-year low, with prices continuing to lead the pack among the most expensive in the country.

For example, although the median home price in Sacramento is $415,000, it’s one of the most affordable markets for homebuyers living in northern California.

“Affordable housing means stability and dignity, opportunity and pride. When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution,” Cook said.

Most Popular Articles

How appraisers value homes in a hot housing market

How do appraisers value a home in a market where prices are escalating rapidly – and where nearly two-thirds of listed homes faced bidding wars in March? HW+ Premium Content

May 13, 2021 By

Latest Articles

Foreclosures down in April as moratorium continues

RealtyTrac and ATTOM Data Solutions found the number of properties with foreclosure filings in April are down 1% month over month and 17% year over year.

May 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please