Apple announced this morning a significant $2.5 billion commitment toward easing the California housing availability and affordability crisis. The investment includes a $1 billion commitment to an affordable housing investment fund, $1 billion toward a first-time homebuyer mortgage assistance fund and $300 million in Apple-owned land, which will be made available for affordable housing.
Another $200 million will go to support new, lower-income housing in the Bay Area, including by way of a $150 million Bay Area housing fund, with partners like Housing Trust Silicon Valley. This will consist of long-term forgivable loans and grants. Another $50 million will be directed toward vulnerable populations, specifically to address homelessness in the Silicon Valley area.
Apple says it also will look into similar efforts across both Northern and Southern California that are designed to prevent homelessness.
