Cupertino-based Apple Inc. has announced a $2.5 billion commitment to address the housing crisis in California, where skyrocketing rents and home prices are making housing increasingly unaffordable for teachers, firefighters, first responders, and other service providers.
Based on input from key stakeholders, the plan announced by the company is designed to expand and accelerate new housing production, jump-start longer-term housing projects, and support programs to reduce homelessness. It includes the creation of a $1 billion affordable housing investment fund, a $1 billion mortgage assistance fund for first-time homebuyers, and $300 million in land owned by the company that will be made available for affordable housing. The company will also provide $200 million to support lower-income housing in the Bay Area, including $150 million for a public-private Bay Area housing fund and $50 million in support of Destination: Home, which works to address homelessness in Silicon Valley.
"We have worked closely with leading experts to put together a plan that confronts this challenge on all fronts, from the critical need to increase housing supply, to support for first-time homebuyers and young families, to essential philanthropy to assist those at greatest risk," said Lisa Jackson, the company's vice president of environment, policy, and social initiatives. "Apple is committed to being a good neighbor and helping to write the next chapter of the region that has been a great home of innovation and creativity for generations."