Apple today announced that it is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, following up on the company’s $2.5 billion commitment to help combat the stat’s housing crisis.
Apple’s new release says the funding will support thousands of Californians with first-time homebuyer assistance or new affordable housing units.
Apple announced in November 2019 that it would commit $2.5 billion to combat the housing crisis in California, over the next 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.
In partnership with CalHFA, Apple has provided mortgage and down payment assistance to hundreds of first-time homebuyers, providing 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.
“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,” said Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities.
Also in conjunction with CalHFA, Apple this month is launching a first-of-its-kind-in-California affordable housing investment support program that will increase the availability of funding to develop and build new, very low- to moderate-income housing at a lower cost. The program is expected to become a critical tool for the state of California to produce additional affordable housing units over the next five years.