Apple commits $2.5 billion to combat housing crisis in California


Developed by First Community Housing, North San Pedro is the type of project Apple funds will support, and when completed, will provide housing for extremely low-income adults, veterans and disabled formerly homeless individuals in San Jose. Cupertino, California — Apple today announced a comprehensive $2.5 billion plan to help […]

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Apple commits $2.5 billion to address California’s housing crisis and homelessness issues. 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. The company says the full commitment in the state — which is being done in partnership with Governor Gavin Newsom, the state of California and community-based organizations — will take approximately two years to be fully utilized, and will depend on the availability of projects. The capital returned to Apple will also be reinvested in future projects over the next five years. The investment comes at a time when the housing crunch in California has forced people from their homes, Apple explained in its announcement. Visit our site link in bio to read the full story.

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