Ioshackz.com Apple Allocating More Than $400 Million To Combat Housing Crisis In California Apple announced today that it is allocating more than $400 million toward affordable housing projects and homeowner assistance programs in California this year, making a major milestone in the company’s multiyear $2.5 billion commitment to combat the housing crisis in the state.
“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.”
In November of last year, Apple committed $2.5 billion to combat the housing crisis in California across a series of initiatives over several years, including:
- A first-of-its-kind $1 billion affordable housing investment fund with the state of California.
- A $1 billion first-time homebuyer mortgage assistance fund, with increased funding opportunities for essential services personnel, school employees, and veterans.
- $300 million in Apple-owned land made available for affordable housing.
- A $150 million Bay Area housing fund, in a public-private partnership with Housing Trust Silicon Valley.
- $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley.