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
$1 billion commitment to an affordable housing investment fund,
$1 billion toward a first-time homebuyer mortgage assistance fund
$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.
TechCrunch