Tech giant Apple announced on Monday that it is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year.
This is a part of the company’s $2.5 billion commitment to combat the housing crisis in the Golden State in a series of initiatives over the next several years.
Apple’s commitment includes $1 billion in an affordable housing investment fund, $1 billion to a first-time homebuyer mortgage assistance fund, $300 million in Apple-owned and available land for affordable housing, $150 million for a Bay Area housing fund, and $50 million to support vulnerable populations.
After extensively studying the issue and listening to different perspectives, 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.
“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,” Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities said in a statement.
“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,” Raspe said.
Apple and Housing Trust Silicon Valley will soon be creating a 250-unit project as part of its first four projects funded through their public-private partnership.
This month, Apple also said it plans to launch an affordable housing investment support program that will increase the availability of funding and help build new “very low- to moderate-income housing at a lower cost.”