Apple announced Monday that it will allocate over $400 million toward affordable housing projects and homeowner assistance programs in California during 2020. The projects launching this year will include affordable housing developments funded in partnership with Housing Trust Silicon Valley.
Apple Supports New Affordable Housing Units in Bay Area
Apple’s partnership with Housing Trust Silicon Valley is moving forward with its first four projects, supporting affordable housing developments in the North, East, and South Bay areas. This will create 250 new affordable housing units across the Bay area.
Furthermore, working alongside the California Housing Finance Agency (CalHFA), Apple has launched a new housing investment support program. The aim is to increase the availability of funding for new, very low to moderate-income housing. This partnership has already supported hundreds of first-time buyers from a diverse range of communities via a mortgage and down payment assistance fund. Apple said the scheme has also provided additional benefits to teachers, veterans, and firefighters.
Kristina Raspe, Apple’s vice president for Global Real Estate and Facilities, said:
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. 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.
Joining the Fight Against Homelessness
Apple is also supporting a project called Destination: Home. It has helped fund the construction of 1,000 new units of affordable and supportive housing for vulnerable Silicon Valley residents and expand the organization’s Homeless Prevention System. The new units include an 80-unit development in Santa Clara for homeless or at-risk seniors. The expansion of the Homelessness Prevention System has seen a 67 percent annual increase so in families protected from homelessness, totaling 1,500. It is all part of Apple’s $2.5 billion commitment to help ease the housing crisis in California made in November 2019.