Apple allocates $400 million of $2.5 billion commitment to housing

Apple allocates $400 million of $2.5 billion commitment to housing

Cupertino-based Apple, Inc. has announced an initial allocation of more than $400 million as part of a $2.5 billion commitment announced last year to help address the housing crisis in California.

The multiyear commitment announced by the foundation in November includes a $1 billion affordable housing investment fund; a $1 billion mortgage assistance fund for first-time homebuyers; $300 million in land owned by the company that will be made available for affordable housing; a $150 million Bay Area housing fund in partnership with the Housing Trust Silicon Valley (HTSV); and $50 million in support of Destination: Home's efforts to address homelessness in Silicon Valley.

Projects supported by the first $400 million in funding include four affordable housing developments funded in partnership with HTSV, which will create more than two hundred and fifty new units in the North, East, and South Bay, many of them reserved for veterans, the homeless or formerly homeless, and residents with developmental disabilities. In partnership with the California Housing Finance Agency (CalHFA), the company also launched a mortgage and down payment assistance fund that has provided assistance to hundreds of first-time home buyers — 65 percent of whom are people of color — and an affordable housing investment support program designed to increase the availability of funding for new low- to moderate-income housing. In addition, the commitment to Destination: Home has supported the construction of more than a thousand new units of affordable and supportive housing for vulnerable populations — including an eighty-unit project in Santa Clara for seniors who are homeless or at risk of becoming homeless — and an expansion of the organization's Homelessness Prevention System.

"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," said Kristina Raspe, Apple's vice president for global real estate and facilities. "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."

(Image credit: Apple and Housing Trust Silicon Valley)